Ideanomics signed a definitive agreement to acquire 100% of privately held Wireless Advanced Vehicle Electrification, Inc. (WAVE) for cash and stock consideration. Founded in 2011, and headquartered in Salt Lake City, Utah, WAVE is a provider of inductive (wireless) charging solutions for medium- and heavy-duty electric vehicles (EVs).
Embedded in roadways and charging vehicles during scheduled stops, the fully automated, hands-free WAVE system eliminates battery range limitations and enables fleets to achieve driving ranges that match that of internal combustion engines.
Deployed since 2012, WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty electric vehicles from leading commercial EV manufacturers.
With commercially available wireless charging systems up to 250kW and higher power systems in development, WAVE provides custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites.
Wireless charging systems offer several benefits over plug-in-based charging systems, including reduced maintenance, improved health and safety, and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.
WAVE customers include the largest EV bus system in the US—the Antelope Valley Transit Authority—and its partnerships include Kenworth, Gillig, BYD, Complete Coach Works, and more.
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 Poor, Ideanomics CEO
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Its Mobile Energy Global (MEG) division is a service provider that facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under a sales to financing to charging (S2F2C) business model.