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Benzinga
Benzinga
Business
Akanksha Bakshi

Ideanomics Pockets $5.5M Purchase Order From Global Environmental Products

  • Ideanomics Inc (NASDAQ:IDEX) subsidiary US Hybrid bagged a $5.5 million purchase order from Global Environmental Products (GEP) for additional battery powertrain kits for electric street sweepers for California and other state fleets.
  • The delivery of the order is expected to occur in 2022. Financial terms were not disclosed.
  • The battery-electric powertrain kits in this new purchase order will include the battery, powertrain, charger, economizer, and telematics.
  • In 2009, GEP partnered with US Hybrid to launch the first hybrid electric street sweepers in New York City and deployed an additional operation in Japan.
  • In 2021, GEP teamed with US Hybrid to deploy, fully electric, supercharged street sweeper operating in Brooklyn, New York.
  • Price Action: IDEX shares are trading lower by 1.09% at $1.36 on the last check Wednesday.
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