Ideanomics has been on an acquisition spree this year. The company has aggressively acquired mobility business in 2021 and now it is adding Via Motors to its list. The fintech and electric mobility firm has entered into an agreement to acquire VIA. The deal is an all-stock transaction. The deal valued VIA at USD 45 million. Shareholders of the EV manufacturer would be eligible for potential earnout consideration of up to USD 180 million. The EVs built by VIA would also include Class 2 through Class 5 cargo vans. It will also produce electric buses and trucks.
Meanwhile, Ideanomics has been working on building vertically integrated offerings for fleet operators. The company is also to provide mobility to authorities transitioning to electric vehicles. In 2021 alone, the New York-based mobility firm has around the acquisitions. It first completed the acquisitions of US Hybrid which is in the business of manufacturing fuel cell engines and electric powertrains components. It then acquired Solectrac. It was a significant acquisition for the company. This is because Soletrac is the only manufacturer of electric tractors in the United States. It also acquired wireless charging company Wave and Timios Holding Corp. But the deal to acquire VIA motors is the largest in the history of Ideanomics.
Ideanomics CEO Alfred Poor said the deal is a milestone for the company. He said that the acquisition will make Ideanomics capable of full OEM manufacturing. “We believe there is going to be a long-lasting impact on fleet operators when they shift from CapEx to OpEx. This will also accelerate the process of moving towards zero emission. But this needs investment in new products,” Alfred said. This means the company is now capable of making EVs that it has been financing. Ideanomics has been facilitating everything through its fintech arm. However, no financial projection has been for the Utah-based EV company. But VIA has a long list of intellectual property portfolios. Therefore the deal will keep Ideanomics in a strong position.