Fenton Mobility Products selects Ideanomics as its partner to bring hydrogen-powered transit buses to New York

Rhea-AI Summary

Ideanomics (NASDAQ: IDEX) has partnered with Fenton Mobility Products to produce five hydrogen-powered transit vans for the Rochester-Genesee Regional Transportation Authority (RGRTA), with the order value exceeding $2.2 million. This initiative uses part of a $23 million grant from the U.S. Department of Transportation aimed at deploying hydrogen fuel cell buses. The first vehicle will undergo testing, with subsequent deliveries scheduled for Q1 2024. This collaboration reflects New York's goal to achieve a fully zero-emission bus fleet by 2035, emphasizing the importance of hydrogen as a clean energy solution.

Positive

• Partnership with Fenton Mobility to produce hydrogen-powered transit vans enhances technological capability.
• Order value exceeds $2.2 million, indicating significant revenue potential.
• Funding secured through a $23 million grant from the U.S. Department of Transportation.

Negative

• None.

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NEW YORK, March 16, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of zero-emission vehicles, today announced that the company has been selected by Fenton Mobility Products as its partner to build five hydrogen-powered, zero-emission transit vans for the Rochester-Genesee Regional Transportation Authority (RGRTA).

Fenton Mobility Products selects Ideanomics as its partner to bring hydrogen-powered transit buses to New York.

"Fenton Mobility and Ideanomics are the dream team for this project. Fenton is known for delivering the best solutions for public transportation, and Ideanomics has some of the best zero-emission products and technology," says Macy Neshati, Chief Commercial Officer at Ideanomics. "I would like to thank RGRTA for its bold climate leadership, and for putting their trust in Ideanomics and Fenton, two local companies, to provide zero-emission buses made right here in the U.S."

The value of RGRTA's order exceeds $2.2 million. The cost of the buses is covered with funds from a $23 million grant the RGRTA received from the U.S. Department of Transportation to deploy hydrogen fuel cell buses.

"We are proud to partner with the highly respected Rochester-Genesee Regional Transportation Authority. As an industry leader, Fenton continues to invest in low and no-emissions solutions. We believe hydrogen will play a key role as a future fuel," says Scott Fenton, President of Fenton Mobility.

Under the terms of the agreement, Fenton Mobility will deliver a pilot hydrogen fuel cell battery electric-powered high-headroom van to the RGRTA. Once the pilot vehicle completes the FTA-mandated Altoona durability testing period and is shown to meet all requirements, production will commence on five additional vehicles to be delivered by Q1 2024.

Ideanomics, through its subsidiary US Hybrid, will assemble the hydrogen fuel cell propulsion system and manufacture associated components at its engineering facility in Torrance, California. Fenton Mobility will install the hydrogen propulsion kit into the vans.

New York State has set a goal for several transit systems across the state – including RGRTA – to fully transition their fleets to zero-emission by 2035. The state and RGRTA see hydrogen as an important clean energy solution to achieve these goals.

"As we work to meet New York State's goal of having a fully zero-emission bus fleet by 2035, we are focused on identifying the zero-emission solution that meets our operational needs and provides the level of reliability that our customers expect," said RGRTA CEO Miguel Velázquez. "I thank the New York State Department of Transportation for the grant funds we received for this effort. We look forward to working with Ideanomics and Fenton Mobility to evaluate the effectiveness of hydrogen fuel-cell technology in our fleet and help New York achieve its climate change goals."

Ideanomics's subsidiary US Hybrid has a strong, proven track record when it comes to hydrogen-powered buses. The company is part of a coalition to build zero-emission, hydrogen-powered shuttle buses, and has supplied hydrogen-powered buses to the County of Hawai'i Mass Transit Agency.

Ideanomics views US Hybrid's expertise in designing fuel cell systems and electric power trains as a competitive advantage. and is committed to supporting the growth of US Hybrid. Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure, and financing solutions under one roof. 

About Ideanomics

Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide solutions needed for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.

Safe Harbor Statement

This press release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties, and include the statement regarding the completion of the business combination within a certain period of time, if ever. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to obtain necessary regulatory approvals and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact  
Ideanomics, Inc.  
Tony Sklar, SVP of Investor Relations  
1441 Broadway, Suite 5116 New York, NY 10018.  
Email: ir@ideanomics.com

Theodore Rolfvondenbaumen  
Communications Director  
Email: trolfvondenbaumen@ideanomics.com

 

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SOURCE Ideanomics

FAQ

What is the partnership between Ideanomics and Fenton Mobility Products?

Ideanomics has partnered with Fenton Mobility Products to build five hydrogen-powered transit vans for the Rochester-Genesee Regional Transportation Authority.

How much is the order value for the hydrogen-powered transit vans?

The order value exceeds $2.2 million.

What grant is funding the hydrogen-powered vans for the RGRTA?

The project is funded by a $23 million grant from the U.S. Department of Transportation.

When are the hydrogen vans expected to be delivered?

The delivery of the additional vans is scheduled for Q1 2024 after testing of the pilot vehicle.

What are New York's goals concerning zero-emission vehicles?

New York aims to have a fully zero-emission bus fleet by 2035.