After a staggering past year return of 489%, Ideanomics continues rapid growth investing in EVs, fintech, and now social media
Not many companies are making deals as fast as Ideanomics Inc. (NASDAQ: IDEX). The Company spent 2020 rapidly acquiring an interest in a large number of electric vehicle (EV) and fintech/financial services related companies. Now in 2021 Ideanomics has expanded its investments into social media, via the popular hoo.be platform and is progressing well with their investment in electric motorbike manufacturer Treeletrik.
Ideanomics Inc. is a rapidly growing investment company that provides the financial support for growing companies within disruptive industries such as EVs, social media platform creation, and fintech & financial services.
Ideanomics invests into social media creators platform hoo.be
On April 21 Ideanomics announced that it had bought approximately 20% ownership into FNL Technologies, the owner and operator of the social media platform hoo.be. Hoo.be is a popular online platform which enables online influencers, artists, athletes, personalities, and businesses one hub for all their online profiles, content, shops & more that audiences can access with one click, from any platform.
“Hoo.be has adopted the “invite-only” model of platforms in order to help users stand out in an increasingly fragmented & noisy online world. With high demand to join, hoo.be has already attracted popular users such as Chris Paul, Steve Aoki, Lewis Howes, Dayna Marie, 50 Cent, Katie Austin and others who have switched from competitors for a fresh new design and features that bring their social bios to life. The company plans to introduce new monetization options for their users, along with features for consumers to discover more from their favorites on social media – from NBA Allstars, to viral TikTok’ers, hoo.be plans to lead a new era in the social influencer & content creator space.”
Hoo.be is a social media platform that provides creators/influencers one hub for all their online profiles, content, shops & more
Ideanomics 51% owned Treeletrik wins large Indonesia electric motorbike supply deal
In April 2021, Ideanomics announced that Treeletrik has signed a deal to supply 200,000 e-motorbikes to Indonesia between now and end 2023, in a deal worth US$274 million. Licensed EV manufacturer Tree Technologies Sdn Bhd (“Treeletrik”) is 51% owned by Ideanomics and is based in Malaysia. Treeletrik plans to grow sales into the ASEAN region where there is strong demand for electric two- and three-wheeled transportation. The news release stated:
“Treeletrik is a pioneer in bringing true electric motorbikes from Malaysia to the ASEAN region and beyond, spearheading a new way of mobility…….Treeletrik continues to receive positive demand for its 100% electric motorbikes. The EV player began exporting an estimated 50 units of electric motorbikes to Thailand and Indonesia in 2020, with an additional 15,000 units due to be exported this year. Other markets Treeletrik is eyeing as potential customers include the Philippines and Cambodia.”
Clearly, Treeletrik is tapping into a massive market as motorcycles in ASEAN are almost as common as trees! Ideanomics as a 51% partner will also reap the potential benefits.
A Treeletrik motor bike – 200,000 e-motorbikes heading to Indonesia 2021-2023
The beauty of Ideanomics business model is that they can simultaneously have numerous businesses (with various equity share) all growing at once. This, combined with a number of successful acquisitions, led to Ideanomics reporting a 600% YoY increase in EV related revenue in 2020.
A summary of Ideanomics’ business
Ideanomics Mobility – EV fleet sales, EV financing, EV charging and mobility services.
- Medici Motor Works aims to develop the North American specialty vehicle and pick-up truck market.
- Wireless Advanced Vehicle Electrification Inc. (‘WAVE’) develops inductive charging solutions for medium and heavy-duty vehicles in the U.S. Ideanomics acquired 100% of WAVE in early 2021.
- Mobile Energy Global (MEG, 100% owned) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions in China.
- Treeletrik is an approved EV manufacturer and distributor for Malaysia. Treeletrik plans to drive ASEAN commercial EV sales leveraging Chinese & Korean OEM partners for manufacturing. Ideanomics bought 51% of Treeletrik in 2019.
- Solectrac develops and sells electric tractors and is based in California, USA. Ideanomics bought a 14.7% investment in Solectrac which was later increased to 22%.
- Energica Motor Company is an Italian electric motorcycle company. Ideanomics acquired 20%.
Social Media – Hoo.be – Ideanomics acquired a 20% ownership of social media all-in-one creator hub platform hoo.be in 2021.
Ideanomics Capital – This division focuses on fintech disruption and financial services.
- Timios Holding Corp. is a leading title and settlement solutions provider based in California USA with operations in 44 U.S states. Ideanomics acquired 100% of Timios Holdings Corp. in 2020.
- Delaware Board of Trade (DBOT) is a next generation broker-dealer bringing the best practices of capital markets to the small cap marketplace.
- Intelligenta provides AI solutions to financial institutions and regulators.
- Technology Metal Market
Ideanomics investments continue to rapidly expand across new areas. Their portfolio of companies encompasses disruptive markets such as EVs, fintech, and now social media.
Ideanomics trades on a market cap of US$1.08 billion after a staggering past year return of 489%. Management has done a superb job to date. Stay tuned.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>