NEW YORK, Nov. 27, 2019 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), has today announced an additional 20bn RMB, as part of a follow-on tranche of 100Bn RMB, to be available to Qilu Transportation Group via Dasheng Licheng (Beijing) Financial Leasing Co., Ltd with participating capital from China Life, China Property Insurance, Pacific Insurance, Taiping Insurance, Ping An Insurance, and Urtrust Insurance.
As detailed in our previous announcement, the Electric Vehicle (EV) commercial sector differs from traditional vehicle lease financing, which has been built on 100-plus years of residual values of combustion engine vehicles. The battery and battery storage in electric vehicles comprise a much higher percentage of the vehicle's overall value, both new and used, requiring a new structure of financing to avoid imposing increased upfront deposits on fleet operators. The agreement has been designed with a consortium of insurance companies as investing partners in order to make financing programs flexible enough to meet the needs of the burgeoning EV market.
"We are extremely pleased to announce this additional tranche of financing, on the back of the earlier announcement of our initiative with Dasheng Licheng and the consortium of insurance company partners," said Alf Poor, CEO of Ideanomics. "Qilu Transportation is a very important group in terms of EV enablement, not only for EV buses, but also as a developer of infrastructure services, including smart roads as seen in their initiative in the city of Jinan [https://www.chinadailyhk.com/articles/133/159/141/1523527113405.html] . It has an A3 rating with Moody's, making it exactly the type of customer demographic we are targeting within our MEG division to support our Dasheng Licheng lease financing partnership."
Ideanomics' MEG division operates in 4 key segments of commercial EV, which are off-the-road Heavy Duty commercial (such as Mining, Steel Mills, Airports, and Seaports), Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.
Ideanomics is a global Financial Technology (Fintech) company for transformative industries. Ideanomics combines deal origination and enablement with the application of technologies such as artificial intelligence, blockchain, and others as part of the next- generation of smart financial services. Our projects in New Energy Vehicle markets, Fintech, and advisory services provide our customers and partners better efficiencies, technologies, and access to global markets. The Ideanomics Mobile Energy Global (MEG) its key EV operating segments are Heavy Duty commercial, for closed area environments, such as Mining, Steel Mills, Airports, and Seaports, Light commercial last-mile logistics vehicles, Buses and Coaches, and Taxis.
The company is headquartered in New York, NY, and has offices in Beijing, China. It also has a planned global center for Technology and Innovation in West Hartford, CT, named Fintech Village.
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