Electric tractor manufacturer acquired
14 June 2021
Ideanomics, a global company focused on facilitating the adoption of commercial electric vehicles and developing next-generation financial services and products, announced it has acquired Solectrac Inc., a California-based manufacturer and distributor of premium zero-emission electric tractors. No financial details were provided.
Ideanomics said it will support Solectrac across various business functions and provide operational confidence to scale and become established as a global supplier of clean agricultural equipment. Founded in 2012, Solectrac, based in Northern California, has developed a range of battery-powered tractors for agriculture and utility operations.
“The acquisition of Solectrac is perfectly aligned with our EV and Mobility initiatives,” said Alf Poor, Ideanomics CEO. “EV tractors have proven to be superior to their diesel counterparts not only when it comes to torque and overall performance, but also when you consider operating costs, reliability, and the positive impact they have on the environment. They are also an underserved part of the market when it comes to EV initiatives.
“For those reasons, we are excited to bring Steve Heckeroth and the Solectrac team into the Ideanomics family. With farmers and business operators eager to transition from diesel to sustainable alternatives, we intend to make Solectrac the reliable, go-to brand not just here in North America, but across the globe.”
Ideanomics said the Solectrac electric tractor lineup is fully scalable and market-ready to generate revenue in the US with proven demand. The use of proceeds from the deal will allow Solectrac to build up inventory, improve negotiating power, strengthen and diversify the supply chain, increase production capacity in the US, hire additional management and staff, and fuel further sales and marketing initiatives.
“All of us at Solectrac are pleased to be joining the Ideanomics ecosystem, giving us access to an array of resources to help scale our marketing, operations, and manufacturing capabilities,” said Heckeroth, Solectrac founder and CEO. “Our mission is to lead the transition from fossil fuel-based farming to zero-emission regenerative agriculture with best-in-class technologies, and Ideanomics will help us accelerate our progress toward that game-changing goal.”