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Monday, Apr 15, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Alternative Energy

Ideanomics subsidiary secures big business contracts for electric tractors

Ideanomics sees Solectrac’s electric tractors as a potential flagship product for the off-road vehicle market.

electric tractors
Image via pexels

Ideanomics (NASDAQ:IDEX) subsidiary Solectrac secured new business-to-business (B2B) contracts to supply electric tractors to customers requiring large fleets.

Solectrac has collected and provided a total of 17 zero-emission and quiet e25 tractors to the University of California Agriculture and Natural Resources, and a private sector plant nursery.

“Our sustained investment to grow the Solectrac brand means that right now we are uniquely positioned to meet the big orders for electric tractors from large fleet operators. This is an important, new revenue stream for us, building on the strong value already coming from the fast-growing Solectrac dealer network,” said Robin Mackie, Ideanomics Mobility president.

Ideanomics has one goal—facilitate the commercial adoption of electric vehicles. It’s involved in producing and manufacturing vehicles and ancillaries, like charging technology, design, implementation, and financial services. The goal is no less than the transformation of the way the culture approaches driving.

Read more: The Mugglehead technology roundup: technological transformation edition

Read more: GreenPower Motor Company overcoming barriers to electric truck adoption

Electric tractors

The company is finding an equitable resolution to the problems associated with electrifying an entire fleet. It’s doing it by bringing together high-performance electric vehicles, charging infrastructure and financing solutions under one roof. Ideanomics sees Solectrac’s electric tractors as a potential flagship product for the off-road vehicle market.

Right now, though, Solectrac recognizes that it needs to capitalize on momentum. It’s pursuing several high-value opportunities to supply its tractors to agricultural companies. These sales will be done directly with customers or in collaboration with Solectrac dealers. The company specifically targets specialty agriculture, parks, municipalities and university market segments for direct sales.

According to the Association of Equipment Manufacturers (AEM), which tracks retail tractor sales, sales with less than 40 PTO horsepower has exceeded 127,000 units this year so far. Solectrac offers its e25g in this category, and they do everything equivalent to a diesel tractor except with zero pollution.

The electric machinery in the off-road market segment will grow due to a mix of government incentives, fuel cost volatility, and corporate commitments to climate actions. Ideanomics anticipates a rise in market share of electric tractors as a result in a segment forecasted by Zion Research Investment. The numbers are anticipated to surpass $100 billion before the end of the decade.

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