Ideanomics, a global company that facilitates the adoption of commercial electric vehicles (EVs), has signed a definitive agreement to acquire 100% of Wireless Advanced Vehicle Electrification Inc. (WAVE).
Founded in 2011 and headquartered in Salt Lake City, WAVE is a privately held provider of wireless charging solutions for medium- and heavy-duty 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.
“The acquisition of WAVE is a significant one for our EV efforts across the board,” says Alf Poor, CEO of Ideanomics. “WAVE has become a major player in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems. 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.”
Deployed since 2012, WAVE has demonstrated the capability to develop and integrate high-power charging systems into heavy-duty EVs from commercial EV manufacturers. With commercially available wireless charging systems up to 250 kW – 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. Wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.
WAVE customers include the Antelope Valley Transit Authority, Kenworth, Gillig, BYD, Complete Coach Works and more.
Roth Capital Partners acted as an advisor to WAVE on the transaction. The acquisition is subject to customary closing conditions.