Ideanomics invests $?1.3 million in California-based Solectrac and acquires a 15% stake. Solectrac develops, assembles and distributes 100% battery-powered electric tractors for agriculture and utility operations.
Solectrac offers 3 different electric tractors. The first is called Compact Electric Tractor (CET). This compact utility vehicle is designed for hauling, mowing and tilling and can perform tasks that don’t require a larger tractor.
A larger tractor is the eUtility Electric Tractor. According to Solectrac it offers all the power a farmer expects from a diesel tractor, and can perform any task. Latest development is the eFarmer Electric Tractor. This machine offers a minimalistic design to provide good visibility and control for row crop farms.
“With our zero-emission electric tractors, tractor operators don’t have to choose between power and environmentally friendly practices,” says Steve Heckeroth, CEO and founder of Solectrac.
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According to Research And Markets, the global agricultural tractor market is currently valued at $ 75 billion, with the North American agricultural tractor market expected to reach $ 20 billion by 2023. The largest segment for agricultural tractors is the below-40HP segment, where Solectrac’s initial 3 models aim to address the broad needs of the market. Its tractors are specifically designed to serve the needs of community-based farms, vineyards, orchards, equestrian arenas, greenhouses, and hobby farms.
Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. “We are very impressed with Steve and the Solectrac team and their deep knowledge of the agricultural sector. We have been interested in this industry for some time because we knew EVs could have an immediate impact without the need for extensive infrastructure,” says Alf Poor, CEO of Ideanomics. “Solectrac is a pioneer in the electric tractor market and shares our motivation and passion for a cleaner tomorrow.”
Also read: Solectrac raising funds for electric tractor development