Shares of the Ideanomics, Inc. (IDEX) stock were rising in the pre-market today on September 29, 2021. The stock became bullish after the announcement of its subsidiary collaboration with Kenworth on Megawatt Wireless Charging pads. IDEX stock price saw a push of 3.43% to reach $2.11 a share at the time of this writing. The stock was gloomy in the previous trade and went low by 4.23% bringing per share price $2.04 at closing. Let’s take a closer look at this stock.
Ideanomics, Inc operates by the adoption of commercial electric vehicles and associated energy consumption. The stock also develops fintech products and provides financial services. It has a market cap of 977.211 million. It was founded in 2004 and its headquarters are in New York, New York.
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IDEX stock subsidiary WAVE collaboration with Kenworth:
WAVE, a subsidiary of IDEX stock, today announced that it is going to participate in the U.S. Department of Energy (DOE) electrified powertrain project. Under this project, WAVE will develop a 1-megawatt wireless charging system for class-8 electric trucks. Initially, this Kenworth won this cooperative agreement who will now collaborate with Utah State University and WAVE on system design. Each charging system will deliver a power of 1-megawatt for each end of the 400-mile delivery route between Seattle and Portland to the Kenworth T680 next-generation battery EV. This will enable the electric vehicle to complete a 400-mile route thus exceeding the standard 150-mile range. The system will charge the T680 batteries within 30 minutes. IDEX stock expects the installation to be complete in the first half of 2022.
Why was WAVE selected for this Project?
WAVE has been commercially successful in delivering high-power wireless charging solutions for medium as well as high duty vehicles. One example is the Antelope Valley Transit Authority who recently put an order worth $2.2 million. Its largest battery-electric bus fleet uses 12 WAVE wireless chargers over 100 square route miles.
Previous Development of IDEX stock:
WAVE by IDEX stock finalized the follow on a multi-million-dollar purchase order of 28 additional wireless charging systems from Antelope Valley Transit Authority. AVTA is currently serving over 450,000 residents in Palmdale and Lancaster as well as northern Los Angeles County, Calif. The relationship between AVTA and WAVE is quite strong as the latter has been the customer and strong supporter of the former for many years.
Investors are responding positively to the IDEX stock after the recent announcement by its subsidiary WAVE. It would be interesting to see how this stock plays out in the future with its focus on many fields at the same time.