Ideanomics, Energica secure third-party financing to accelerate the growth of Energica’s
NEW YORK, Nov. 30, 2022 /PRNewswire/ — Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Energica now has 24 certified dealers in the United States, which accounts for 33% of product sales. To enable this dealer expansion, Ideanomics and Energica secured strategic third-party financing.
“This is a validation of our brand and products,” says Ideanomics Mobility president, Robin Mackie. “In less than a year, Energica has doubled its production, introduced new models with a wider market appeal and secured its first fleet orders. With strategic third-party capital, this growth can continue even faster.”
With a newly expanded manufacturing facility featuring state-of-the-art semi-automated assembly lines, Energica will soon be capable of producing up to 2,000 units per year (and even more soon after) of all four models: the Ego sportbike, the Eva Ribelle e-fighter, the EsseEsse9 retro style bike and finally the new Experia Green Tourer which has just begun production.
Motorcycles built at the Soliera facility are sold via international importers or subsidiaries, to individual Energica dealers, or in some cases, directly to customers where no dealer representation is available. The newest Energica dealers in the U.S. are Cross Country Cycles in New Jersey, with two locations, Fulgora Powersports in Orange County, California, Monarch Powersports near Salt Lake City, Utah, and South Sound Cycles in Tacoma, Washington State.
New dealers typically place an initial order of up to four motorcycles as demo units for test rides. Not only does this generate immediate revenue, but this also enables larger, long-term sales volume as dealers and customers experience the power and performance of Energica Motorcycles. In fact, some of the first certified Energica dealers have consistently seen up to 10x times the sales volume since receiving their demo bikes. In the U.S., Energica has plans to add another 10 certified dealers in 2023 and to expand to additional markets in the western hemisphere.
The combination of a fast-growing dealer network and industry-leading production capacity uniquely positions Energica to meet orders from large fleet operators, such as police fleets. Recently, Energica partnered with UTOMOCORP to supply 88 EsseEsse9+ bikes to the Indonesian National Police, and recently introduced a specialty variant of the Experia designed for police departments.
Year to date, Energica has sold 78% more motorcycles compared to the same time last year. Additionally, Energica already has a strong backlog of orders for its newest product offering – the Experia electric sport-touring bike.
With ongoing support from Ideanomics, Energica is accelerating the disruption of the global two-wheeler market with its high-performance electric motorcycles. The company also provides its technology and expertise to other industries through its Energica Inside business unit. Ideanomics is solving the complexity of fleet electrification, offering fleet operators everything they need to electrify faster, easier and more affordably, all in one place.
Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com.
About Northpoint Commercial Finance
Northpoint Commercial Finance, with offices in Alpharetta, GA, and Burlington, ON, combines experience with advanced technologies, fresh ideas, streamlined processes, and a customer focus formed specifically for the varied financing needs and goals of each business. Northpoint’s Inventory Finance solutions drive sales, enhance cash flow, and improve profitability for manufacturers and dealers. Their Asset-Based Lending solutions maximize working capital, encourage growth, and enable acquisitions, debt refinancings, recapitalizations and restructurings. More information about Northpoint and its financing solutions is available at https://northpointcf.com/asset-based-lending/.
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Tony Sklar, SVP of Investor Relations
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Theodore Rolfvondenbaumen, Communications Director
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