Made in California: Ideanomics subsidiary US Hybrid and Global Environmental Products begin manufacturing 18 zero

NEW YORK, March 9, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announced that manufacturing has started on 18 zero-emission street sweepers featuring US Hybrid's electric and hybrid electric propulsion kits. California-based Global Environmental Products (GEP) will manufacture and deliver the sweepers to the California Department of Transportation (Caltrans) in the coming weeks.

At the same time, GEP will also manufacture seven additional zero emission sweepers featuring US Hybrid technology for other customers.

"Together, US Hybrid and GEP are taking action to help cities transition some of the biggest, hardest to decarbonize specialty vehicles – like street sweepers - to zero-emission," says Macy Neshati, Chief Commercial Office of Ideanomics. "We are doing this work right here in California, supporting a new generation of green jobs and developing cutting-edge zero-emission technology."

US Hybrid manufactures its electric and hybrid electric propulsion kits in Torrance, California, and GEP manufactures all its sweepers in California.

Caltrans has some of the toughest performance tests in North America for sweepers. Vehicles must prove they can sweep more than 16,000 miles of diverse highways in deserts, mountains and urban environments stretching across the state.

Last year, GEP's zero-emission sweeper powered by US Hybrid's electric and hybrid electric propulsion kit passed this test and entered service – doing post-winter sweeping in the High Sierras.

US Hybrid formed a strategic partnership with GEP, and in 2022 the two companies began collaborating to develop 62 zero-emission street sweepers. GEP is producing zero emission sweepers for New York City, the City of South San Francisco, Washington D.C., and the City of Helena, Montana.

For sweeper drivers and city residents, the biggest benefit of zero emission sweepers is the elimination of GHG emissions, toxic pollution from burning fossil fuels, and a significant reduction in noise. Zero emission sweepers will play an important role in helping cities achieve their climate goals faster. On average, a diesel-powered sweeper emits 90 metric tons of carbon emissions into the atmosphere over its lifecycle.

Caltrans operates around 160 street sweepers. Electrifying this entire fleet will keep more than 14.400 metric tons of GHG emissions out of our atmosphere over the lifecycle – delivering the same climate benefits as keeping about 33,000 barrels of oil in the ground.

Since acquiring US Hybrid in 2021, Ideanomics has strengthened the company's management team and provided resources to enable US Hybrid to keep pace with growing demand for its industry-leading electric powertrains and fuel cell systems. As a result, US Hybrid has formed a strategic partnership with Toyota Tsusho North America to convert port equipment to zero-emission, and with OEMs to develop zero-emission, hydrogen-powered buses.

Ideanomics views US Hybrid's expertise in designing fuel cell systems and electric power trains as a competitive advantage. Ideanomics is committed to supporting the growth of US Hybrid, which includes exploring opportunities to incorporate US Hybrid technology into the design of Ideanomics' next generation of electric vehicles.

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 https://ideanomics.com.

Safe Harbor Statement Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.

Contacts:

Ideanomics, Inc. Tony Sklar, SVP of Investor Relations 1441 Broadway, Suite 5116, New York, NY 10018 [email protected]

Theodore Rolfvondenbaumen, Communications Director [email protected]

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SOURCE Ideanomics

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