Ideanomics (NASDAQ: IDEX) recently announced that it was investing in a Prettl Group subsidiary, Prettl Electronics Automotive. This German-based industrial company distributes and manufactures systems and components for the electronics, energy, and automotive markets. The consideration terms comprise an investment of $9 million for an ownership stake of 30%. As a result, Ideanomics will get exclusive distribution and sales rights for charging infrastructure solutions and products in North America.
Prettl Economics’ headquarters are in Germany and it was created to manufacture and develop software and hardware for a scalable and modular high performance public charging park options for fully electrical cars. The Prettle Eonomics charging infrastructure solutions are designed to be able to provide high-power, stand-up EV charging infrastructure options on a permanent, semi-permanent or temporary basis. The concurrent charging connections’ individual power requirements determine load-balanced and dynamic energy distribution.
Charging systems manufactured by PEA should be on the market by 2023, following the achievement of the necessary satisfactory certifications and ongoing field testing requirements.
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Ideanomics’ Chief Executive Officer, Alf Poor, said that the agreement between these two companies would bring two entities that know what it takes to bring the world EV Mobility options. PEA’s innovative approach, in terms of the complicated load balancing for the power requirements of individual cars and the potential the company has to provide high-performance charging infrastructure, is one of the most innovative EV charging solutions Ideanomics has seen, according to the CEO.
Pretty Economics Automotive adds to its ever-growing catalog of technologies, services, and products they’re assembling that are high-value, in-demand, synergistic, and positions Idenomics in a great place to capture market share and revenue throughout the industry.
PEA’s Chief Executive Officer, Carsten Ellermeier, said they were delighted to enter this agreement with Ideanomics and were excited to be strategically aligned to its dedicated and innovative team. He further claimed that North America is an untapped market that both companies can benefit from.