US Hybrid specializes in designing and manufacturing zero-emission powertrain components for electric, hybrid, and fuel cell medium and heavy-duty vehicles, including commercial trucks and buses.
The company will become part of Ideanomics’ Mobility division that sells electric vehicles to commercial fleet operators and offers vehicle financing, leasing and charging.
“We are excited to be joining the Ideanomics family as a synergistic addition to the Ideanomics ecosystem of EV businesses,” Chief Executive Gordon Abas Goodarzi said in a statement.
“Ideanomics’ global platform will provide us with the opportunity to unlock the commercialization and sales potential of our American-made zero-emission products within Ideanomics and our broad customer base.”
Goodarzi founded US Hybrid in 1999. The company’s 170kW and 240kW drive motors power monorails in Brazil and Malaysia, while its 20kW engine moves heavy-duty mining equipment and trucks.
US Hybrid’s equipment can be also found in street sweepers at Caltrans, electric drayage trucks at the ports of Los Angeles and Long Beach, and various fuel cell vehicles operated by the Air Force, among other places.
The company has about 50 employees and runs FuelCell Engine Division based in Connecticut, as well as Magmotor Corp. in Massachusetts.
US Hybrid is the latest in the string of deals recently announced by Ideanomics. The company picked up a 15% stake in Northern California-based electric tractor manufacturer Solectrac in October.
And in December, Ideanomics ordered 2,000 vehicles from Meihao Chuxing, the joint venture between ride-hailing giant Didi Chuxing and Shenzhen-based manufacturer BYD Co. Ltd.
A month later, the company closed a $40 million deal for Timios Holdings Corp., a Westlake Village-based title company that became a part of its fintech business unit.
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