Salt Lake City, UT, Jan. 18, 2024 (GLOBE NEWSWIRE) -- WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles has announced the receipt of a purchase order for a new commercial proof of concept project with a major retail and logistics company in the United States. After six months of dedicated efforts, WAVE is excited to embark on this groundbreaking collaboration with a new partner that holds a significant presence in the retail and logistics sector.
While the customer's name and some details of the project remain confidential at this time due to contractual obligations, WAVE is eager to share some key information about this impactful project. The commercial proof of concept project will involve the deployment of BYD yard tractors equipped with WAVE's cutting-edge wireless charging technology. The battery electric yard tractors will be employed at one of the customer’s distribution centers to facilitate the movement of containers as part of a project contributing to a reduction in the customer’s overall emissions footprint. WAVE's wireless charging technology enables seamless opportunity charging, allowing vehicles to recharge quickly during pauses in operations. This not only enhances operational efficiency but also aligns with sustainability goals.
One of the key advantages of WAVE's wireless charging solution is the simplified charging process. Compared to wired charging, WAVE's wireless charging system significantly reduces the risk of cables being damaged or run over, ensuring a robust and reliable charging experience for the customer.
Robin Mackie, Chief Operating Officer of Ideanomics, expressed his enthusiasm for this significant milestone, stating, "We are thrilled to announce this strategic partnership with another leading player in the U.S. retail and logistics industry. This purchase order is a testament to the hard work and dedication of the entire WAVE team and helps cement WAVE’s position as a leader in the wireless charging market. We believe that our wireless charging technology will play a pivotal role in transforming the way electric vehicles are charged and operated in distribution centers."
The value of the initial order represented by this purchase order is for approximately $500,000. Following the successful proof of concept, WAVE’s and the customer’s objectives are to scale the deployment to wider use within the customer's operations, both at distribution centers and other warehouse and middle-mile scenarios, showcasing the adaptability and versatility of the WAVE system.
WAVE is excited about the positive impact this collaboration will have on the customer's operations and looks forward to furthering the adoption of wireless charging solutions in the retail and logistics sector.
Further details of the purchase order can be found in the company's 8-K filing with the SEC.
About WAVE Charging
Founded in 2011, with systems available from 125kW through to ultra-high power, WAVE delivers made-in-America wireless EV charging systems for the commercial fleet sector. With a global-leading number of high-power, rigorously proven inductive charging systems deployed, WAVE provides commercial fleet operators with a faster, easier, and future-proof way to extend the range of medium- and heavy-duty electric vehicles without the hassle and inefficiency of operations experienced with cable and pantograph charging systems. Learn more at www.wavecharging.com.
Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit www.ideanomics.com.
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Tony Sklar, SVP of Investor Relations
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