WAVE Charging Sets Industry Milestone with First-Ever OEM-Approved Commercial Wireless Charging Integration in Kenworth's Class 6 Electric Trucks
WAVE Charging, a subsidiary of Ideanomics (NASDAQ: IDEX), achieves OEM approval for high-power wireless charging integration into Kenworth's Class 6 electric trucks. This groundbreaking achievement demonstrates practicality, strategic differentiation, warranty assurance, and potential for factory installation, setting a new standard in the commercial EV industry.
The integration of WAVE Charging's high-power wireless charging technology into Kenworth's electric trucks is a noteworthy advancement in the commercial EV sector. Such OEM-approved innovations can significantly impact the adoption rate of EVs in commercial fleets. The assurance of warranty retention and the possibility of factory installation may accelerate the transition from traditional fuel-based vehicles to electric, as fleet operators seek to mitigate risks associated with adopting new technologies.
Moreover, the strategic advantage for Kenworth and its dealers could result in increased market share as businesses look for convenient and advanced charging solutions. The differentiation factor here is substantial, as the industry moves towards more sustainable and efficient transportation methods. It is also indicative of an evolving supply chain where OEMs, technology developers and component suppliers like Dana Incorporated collaborate closely to deliver integrated solutions.
From a market perspective, the announcement could influence Ideanomics' stock performance positively, given the potential demand for wireless charging-enabled vehicles. Investors often react favorably to technological breakthroughs that promise operational efficiency and cost savings. The commercial proof of concept with a major logistics customer also provides tangible evidence of the technology's viability, which is critical for market confidence.
Should Kenworth decide to offer wireless charging as a factory option, this could set a precedent for the industry, possibly prompting competitors to seek similar partnerships or develop proprietary technologies. This could lead to a ripple effect of innovation and investment in the commercial EV space, with long-term implications for infrastructure development and energy management.
Wireless charging technology represents a significant leap in convenience and efficiency for EV operations. The technical aspect of integrating such a system into heavy-duty vehicles and achieving OEM approval indicates a high level of engineering sophistication. It is important to consider the implications of this technology on vehicle design, maintenance and energy consumption patterns.
Charging infrastructure is a critical component of EV adoption and wireless systems could potentially reduce installation costs and complexity. They also offer the possibility of dynamic charging, where vehicles are charged while in operation, which could drastically improve the uptime of commercial fleets. However, the efficiency of power transfer and the impact on the electric grid are factors that require further examination as this technology scales up.
01/24/2024 - 07:30 AM
Pioneering collaboration between Kenworth, Dana Incorporated, and WAVE Charging achieves OEM approval after 6 months of intensive engineering work
Salt Lake City, UT, Jan. 24, 2024 (GLOBE NEWSWIRE) -- WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles proudly announces a groundbreaking achievement in the commercial EV industry. The company has successfully integrated its high-power wireless charging technology into Kenworth's Class 6 electric trucks, specifically the K270E and K370E models, marking the first OEM-approved high-power wireless charging integration of its kind.
This milestone is the result of six months of collaborative engineering efforts between WAVE Charging, Kenworth, Dana Incorporated, and Inland Kenworth, showcasing the commitment to innovation and pushing the boundaries of electric vehicle technology.
WAVE Charging's OEM-approved wireless charging opens up new possibilities for the industry and businesses:Real-world Approved Integration : This integration is already in use with a major logistics customer in a commercial proof of concept project, demonstrating its practicality and effectiveness in real-world applications.Strategic Differentiator : At scale, Kenworth and its dealers could have the opportunity to differentiate themselves in the market by promoting trucks as "wireless-charging ready." This potentially creates a unique selling point, attracting customers interested in cutting-edge and convenient charging solutions and perpetual vehicle operations.Warranty Assurance : Unlike non-approved aftermarket additions that risk voiding warranties, WAVE Charging's integration is approved by both the OEM, Kenworth, and their systems provider, Dana. This ensures that customers can benefit from wireless charging without potentially compromising the warranty on their vehicles.Potential for Factory Installation : The integration paves the way for the possibility of Kenworth offering wireless charging as a factory option for their trucks. This could potentially revolutionize how electric trucks are configured and ordered.
"Our collaboration with Kenworth, Dana, and Inland Kenworth represents a significant leap forward in the commercial EV landscape. Being the first to receive OEM approval for high-power wireless charging integration is a testament to WAVE Charging's dedication to driving innovation. This achievement not only solidifies our position as market leaders but also sets a new standard for the industry. We are excited about the possibilities this opens up for OEMs, dealers, and logistics companies seeking cutting-edge solutions." – Robin Mackie, Chief Operating Officer of Ideanomics, WAVE Charging’s parent company.
WAVE Charging continues to lead the way in shaping the future of electric mobility, with a focus on sustainable and convenient charging solutions for commercial electric vehicles.
About WAVE Charging
Founded in 2011, with systems available from 125kW through to ultra-high power, WAVE delivers made-in-America wireless EV charging systems for the commercial fleet sector. With a global-leading number of high-power, rigorously proven inductive charging systems deployed, WAVE provides commercial fleet operators with a faster, easier, and future-proof way to extend the range of medium- and heavy-duty electric vehicles which avoid the hassle and inefficiency of operations experienced with cable and pantograph charging systems. Learn more at www.wavecharging.com.
About Ideanomics
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit www.ideanomics.com.
About Dana Incorporated
Dana (NYSE:DAN) is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe. The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions. Based in Maumee, Ohio, USA, the company reported sales of $10.2 billion in 2022 with 42,000 people in 31 countries across six continents. With a history dating to 1904, Dana was named among the "World's Most Ethical Companies" for 2023 by Ethisphere and as one of "America's Most Responsible Companies 2023" by Newsweek. The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer. Learn more at dana.com.
About Kenworth
Kenworth Truck Company, founded in 1923, is the manufacturer of The World’s Best® heavy and medium duty trucks. Throughout 2023, Kenworth is celebrating its historic 100th anniversary. To learn more about the 100th anniversary celebration visit www.Kenworth100.com. Kenworth is “Driving the Next 100 Years.” Kenworth’s Internet home page is at www.kenworth.com. Kenworth is a PACCAR company.
Safe Harbor Statement
This press release contains certain statements that may include "forward-looking statements". 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 statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. 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 continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; 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.
Contacts:
Ideanomics, Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
WAVE Charging achieved OEM approval for high-power wireless charging integration into Kenworth's Class 6 electric trucks.
The integration is already in use with a major logistics customer in a commercial proof of concept project, demonstrating its practicality and effectiveness in real-world applications.
Kenworth and its dealers could have the opportunity to differentiate themselves in the market by promoting trucks as 'wireless-charging ready,' potentially attracting customers interested in cutting-edge and convenient charging solutions and perpetual vehicle operations.
Unlike non-approved aftermarket additions that risk voiding warranties, WAVE Charging's integration is approved by both the OEM, Kenworth, and their systems provider, Dana, ensuring that customers can benefit from wireless charging without potentially compromising the warranty on their vehicles.
The integration paves the way for the possibility of Kenworth offering wireless charging as a factory option for their trucks, potentially revolutionizing how electric trucks are configured and ordered.
