Electric vehicle company, Ideanomics (IDEX.Q), finalized their acquisition of Italian manufacturer and distributor of high-performance battery powered motorcycles, Energica Motor Company, today.
A few of the details of the transaction include Ideanomics picking up a 70% stake in Energica, as well as securing 93.63% of the public float of their shares. Now they’ve been delisted from the Borsa Italiana, the Italian Stock Exchange, and is only trading as part of Ideanomics on the NASDAQ.
“Since we first announced our intention to acquire Energica last September, the company has continued to see growth and expansion across the U.S. By furthering our investment in Energica, we are expanding Ideanomics’ offerings in the mobility sector at a time when electric two-wheelers are taking over the market in a truly exciting manner. As we’ve seen with Energica’s game-changing growth plan including a growing dealer network in the U.S., there is proven demand for the product which will continue to capture more of market share in the months and years to come,” said Shane McMahon, executive chairman of Ideanomics.
Ideanomics is a company pushing for the adoption of electric vehicles. They combine vehicles, charging technology, design and implementation and financial services into one package with the strategy of getting this technology out there and into the hands of as many people as possible.
Energica, in contract, is now the Italian end of this strategy.
Transaction Details:
- Ideanomics paid 3.2 Euros per share in the all-cash transaction.
- With this acquisition, Ideanomics plans to accelerate Energica’s go-to-market model, invest in new products, and enhance its distribution capabilities with a goal of doubling its U.S. dealer network by the end of 2022.
- The addition of more authorized Energica dealers and other retail points in the U.S. will help drive consumer brand awareness and increase market share for the most advanced zero-emission motorcycles on the market.
- As the newest operating company to join Ideanomics, Energica’s proprietary technology will be applied in non-competitive markets. The powertrains and battery management systems have applications for other Ideanomics operating companies including Treeletrik, Solectrac and others.
The electric motorcycle market is anticipated to grow at a compound annual growth rate of 35% between 2020-2024 according to Technavio Research.
—Joseph Morton