Ideanomics, a financial technology company, has signed a definitive agreement to acquire US Hybrid.
Founded in 1999 and headquartered in Torrance, Calif., US Hybrid provides components, drivetrains and fuel cells to medium- and heavy-duty commercial fleet operators. The company also designs, manufactures and markets integrated power conversion systems for battery-electric, fuel cell and hybrid vehicles, as well as systems for renewable energy generation and storage.
Additionally, US Hybrid offers integrated power conversion components and integrated motor drives, motors and controllers, distributed energy management systems, and DC-DC boost converters – equipment that it says is vital to the growth of the broader electric vehicle (EV) industry. In addition to its relationships with OEMs, US Hybrid has delivered projects for the private and public sectors, including the defense industry and governmental customers.
“The acquisition of US Hybrid is a significant one for our EV efforts across the Ideanomics Mobility division and is the stepping-stone we were looking for to ensure we provide vehicles and technologies that are made in the U.S.,” says Alf Poor, CEO of Ideanomics. “We will be bringing their technologies and capabilities into our own vehicles, as well as helping the broader industry leverage the technology the US Hybrid team has developed in hybrid, EV and hydrogen fuel cells. With decades of experience and credibility from deployments with reputable customers, US Hybrid will become an innovation engine for Ideanomics and provide strategic opportunities for clean technology applications across the zero-emissions transportation value chain, both now and in the future.”
The acquisition of US Hybrid provides U.S.-built technology to Ideanomics for use in its own vehicles and extends the company’s capabilities in zero-emission transportation. US Hybrid will continue to service its existing customer base, and Ideanomics will assist them in scaling their business operations within the Ideanomics Mobility business division. US Hybrid operates from locations in California, Connecticut and Massachusetts.
Photo: Alf Poor