Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), is pleased to announce the successful testing of WAVE's 500kW at the Port of Los Angeles. This first-of-its-kind high-power, ultra-fast wireless charging system fully charged a class 8 electric truck in less than 15 minutes, heralding a future where fleet operators could realize near continuous electric vehicle uptime.  

"We're showing that today, right now, electric heavy-duty vehicles can operate 24/7, "topping off" their charge while the work is happening," says Robin Mackie, Ideanomics Mobility president. "The benefits of this technology are crystal clear - fleet operators become more efficient by cutting out vehicle downtime otherwise spent filling up or plugging a central depot."  

Construction and charger installation at the Port of Los Angeles is underway, and Ideanomics expects the first 500kW charger to enter service in 2023. Supported by an $8.4 million U.S. Department of Energy grant, the WAVE 500kW charger is being deployed as part of a consortium project.

More than 12 million medium and heavy-duty trucks are in service today in the U.S., many still powered by polluting combustion engines. The Inflation Reduction Act (IRA) provides more than $75 billion in programs and tax credits to electrify these vehicles, giving fleet operators the confidence to transition faster. Several of these programs and incentives include specific designations to electrify heavy-duty vehicles operating in disadvantaged communities and at ports and warehouses.  

To help further accelerate the deployment of wireless charging, Ideanomics is offering an innovative "As a Service" model. Enabled by the IRA, a leading e-commerce company is partnering with Ideanomics to deploy wireless charging and electric vehicles on a subscription basis. The customer pays a flat, predictable monthly fee instead of a big, upfront cost. This is the future of fleet electrification.  

Wireless charging is the ideal solution for any fleet operator with vehicles moving along a fixed route. In logistics, where minutes and seconds count, fully automated and unobtrusive high-power wireless charging keeps vehicles powered up during regularly scheduled stops. Additionally, it allows for smaller batteries and fewer chargers, resulting in reduced vehicle weight and costs.  

Ideanomics is a leading provider of electrification solutions for ports and warehouses. Earlier this year, Ideanomics released its WareSmart platform to help Southern California warehouse operators plan and implement clean fleet technology to comply with local regulations.  

Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure, and financing solutions under one roof. The company views WAVE wireless charging as a flagship charging technology and is committed to supporting its ongoing development and deployment. This includes exploring opportunities to incorporate wireless charging into the design of the company's next generation of electric vehicles.    

About Ideanomics  
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.   

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Contacts:  
Ideanomics, Inc.  
Tony Sklar, SVP of Investor Relations  
1441 Broadway, Suite 5116, New York, NY 10018     
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Theodore Rolfvondenbaumen, Communications Director   
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