Ideanomics Acquires Wireless Charging Provider WAVE, Signs a Definitive Agreement

New York based Ideanomics has announced the 100 percent acquisition of private wireless charger provider for heavy-duty electric vehicles (EVs), Wireless Advanced Vehicle Electrification (WAVE), Inc.

The acquisition has been done by considering cash and stock, and the material terms which are disclosed in the Company’s related 8-K filing. While Roth Capital Partners acted as an advisor to WAVE on the transaction, the acquisition is subject to customary closing conditions.

Ideanomics is a company focused on the merging of financial services and industries experiencing technological disruption. It’s Mobile Energy Global (MEG) division provides facilities for adopting electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under sales to financing to charging (S2F2C) business model.

WAVE provides wireless charging solutions for medium and heavy-duty electric vehicles EVs. Installed in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations enabling fleets to achieve driving ranges that match the internal combustion engines.

Founded in 2011 and headquartered in Salt Lake City, Utah, WAVE provides commercially available wireless charging systems up to 250 kW, custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites.

Moreover, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life. Speaking of which, Alf Poor, Ideanomics CEO states, “The acquisition of WAVE is a significant one for our EV efforts across the board. We are excited to bring Michael Masquelier and his team into the Ideanomics family, where we can inject significant growth capital to enable WAVE to further accelerate its business and bring wireless charging to our product offerings. WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems.”

“WAVE complements our Medici Motor Works and Treeletrik businesses, and our investment in Solectrac, and is aligned with our MEG division’s Sales to Financing to Charging (S2F2C) model. This is a win-win all around, which will help maximize shareholder value. We’re thrilled to have signed the definitive agreement for this acquisition so we can get to work immediately on the opportunities this brings to both Ideanomics and WAVE,” Alf added.

Michael Masquelier, WAVE’s Founder and CEO said, “Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles.”

Speaking of the acquisition, Micheal added, “Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals.”

Earlier in May 2020, Ideanomics, Mobile Energy Global (MEG) division had announced that it has finalized its EV and Energy business units under the S2F2C (Sales-to-Financing-to-Charging) model. Each business unit has been developed to focus on a key area of revenue and is part of the Company’s plans to onboard diversified revenue streams as it scales in Asia and beyond, having its own team and revenue objectives to provide focus and accountability as MEG activities scale in 2020 and beyond.