Solectrac Announces Strategic Reorganization to Further Amplify Electrification Efforts and Enhance Customer Support

Ideanomics' Electric Tractor Subsidiary Will Leverage Success To Date In Its Direct-To-Customer Business By Expanding The DTC Strategy and Partnering with a Curated Dealer Network in Key Markets

Windsor, CA, March 27, 2024 (GLOBE NEWSWIRE) -- Solectrac, a leader in the electric tractor industry and a wholly-owned subsidiary of Ideanomics (NASDAQ: IDEX), today announced a strategic reorganization and shift in its business model. The California-based distributor of electric tractors, recognized as an innovator in regenerative agriculture through its B Corp certification, is refocusing its efforts from expanding its dealer/distributor network to prioritizing direct-to – consumer sales and partnering with select dealers in key markets. This move is motivated by Solectrac’s commitment to lead the transition to zero-emission regenerative agriculture and utility operations and aims to leverage government EV subsidy programs and cooperative purchasing agreements that incentivize electrification as part of the larger DTC strategy.

Solectrac has been awarded e-tractor vendor status with two prominent national cooperative purchasing agencies: The Interlocal Purchasing System (TIPS) and The Association of Educational Purchasing Agencies (AEPA). These partnerships are instrumental in assisting public education organizations, higher education entities, and city and county governments enhance operational efficiency, be capital-efficient and in the case of Solectrac, offer an affordable clean energy solution.

In addition to these cooperative agreements, Solectrac is actively participating in the Clean Off-Road Equipment Voucher Incentive Project (CORE), a significant initiative designed to encourage the adoption of zero-emission off-road equipment in California. This program perfectly aligns with Solectrac's mission to support the transition to a cleaner, more sustainable future in the agricultural sector. With CORE’s support, Solectrac has already sold more than 60 tractors to date.

As part of its commitment to educate on sustainable alternatives to diesel-powered tractors, Solectrac has partnered with North Carolina’s Electric Cooperatives, Randolph Electric Membership Corporation, and North Carolina Zoo Society in support of the North Carolina Zoo—the world’s largest natural habitat zoo—on a yearlong pilot program featuring their e25G compact tractor. The pilot will help the North Carolina Zoo reach its goal of reducing greenhouse gas emissions by 30% by 2025. The tractor will be used around the Zoo’s greenhouse complex and “browse gardens” where plants and trees are grown to feed animals that live on the 2,800+ acre property.