Ideanomics has increased its stake in California-based Solectrac through a follow-on investment of an additional $?1.3 million. This recent investment increases Ideanomics ownership to 24%
In October 2020, Ideanomics announced that it acquired 14.7% of Solectrac, Inc. for the consideration of $ 1.3 million. Since this announcement, Solectrac experienced an increase in product and investment inquiries. Since this announcement, Solectrac experienced an increase in product and investment inquiries, according to the company.
“We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand,” said Alf Poor, CEO of Ideanomics. “We are excited to work with Ideanomics to accelerate progress toward a cleaner, healthier future,” said Steve Heckeroth, CEO/Founder of Solectrac.
Solectrac, which was founded in 2012, develops, assembles and distributes 100% battery-powered electric tractors for agriculture and utility operations.