Ideanomics, a New York-based fintech and electric mobility startup, has added commercial electric vehicle maker Via Motors to its list of acquisitions (in an all-stock deal valued at $450 million).
This year, Ideanomics has been aggressively buying mobility companies in order to expand its vertically integrated products for fleet operators and transit agencies making the switch to electric vehicles. Since the market opened, Ideanomics’ stock has risen 6% to $2.43, thanks to the Via Motors purchase announcement.
US Hybrid, a manufacturer of electric powertrain components and fuel cell engines; EV tractor maker Solectrac, which builds the only American-made electric tractor; Utah-based wireless charging company Wave; and Timios Holdings Corp., which provides title and escrow services, are among Ideanomics’ recent acquisitions. Ideanomics’ acquisition of Via Motors is by far the most significant in the company’s history. Via develops and manufactures electric vans and trucks for short- and middle-mile deliveries, with three vehicle variants built on a modular, “skateboard” architecture.
In a conference call with investors on Monday, CEO Alfred Poor remarked, “This purchase marks a transformational milestone for Ideanomics.” He also mentioned that the acquisition gives the firm “full OEM manufacturing capabilities,” implying that the company can now manufacture the electric vehicles it finances and maintains. The deal includes a potential $180 million earnout via investors, dependent on vehicle deliveries through 2026. Around 25% of the amalgamated business will be owned by the shareholders. Separately, Ideanomics announced that it will fund via operations with a $50 million financing note.
Currently, Ideanomics helps with everything from EV buying to charging management infrastructure setup. Ideanomics also offers financing, charging-as-a-service, and vehicle-as-a-service offerings through its fintech arm, which it claims will allow fleet firms to shift their investment strategy from capital expenditures to operating expenses.
In a recent second-quarter earnings call, Poor noted, “We believe the move from CapEx to OpEx will have a tremendous effect on fleet operators, speeding the adoption of zero-emission fleets by removing the obvious barrier to entry while having to invest in new goods and infrastructure.”
While the firm remained tight-lipped regarding Via’s financial projections until 2026, Poor stated that these data would be published in Ideanomics’ proxy statement submitted to authorities prior to the acquisition’s close.