Ideanomics Acquires 20 Percent Stake in Energica Motor Company
Energica is a leading manufacturer of high performance electric motorcycles.
The next bug mobility business to boom will be the electric scooter and motorcycle and it is already a booming business in Taiwan and also China. However, Europe and the Americas are still a little slow to look at this side of emission free mobility as it is not as ‘sexy’ as electric vehicle, the 4-wheel kind.
Ideanomics recently announced it had acquired 20 percent of Italian Energica Motor Company S.p.A. (Energica) for the sum of USD13.2 million.
The company is in the business of developing high performance 100 percent battery-powered motorbikes. With this investment in Energica, Ideanomics expands its global footprint in the electric vehicle (EV) industry, and complements Treeletrik’s business in the ASEAN market. This investment marks continued investment in European-based OEM.
In January 2020 Energica made a sale to its Taiwanese distributor, Russ Tiger Enterprise Co., Ltd, which is the same as their total sales for the 12 months in 2019. The order worth USD836,000 is a huge deal for the brand and will see a selection of each of the firm’s products being sent east.
Energica is known for making high-quality electric motorcycles and is the sole supplier of FIM Moto E World Cup races. The company recently announced improvements in battery packs; an Energica electric motorcycle can be powered by a new 21.5kW power-pack, which offers a 250-mile city range and can charge to 80 percent in just 40 minutes.
“Energica has combined zero emissions EV technology with high-performance engineering synonymous with Italy’s Motor Valley to create a range of exceptional products for the motorcycle market.
It also has proprietary EV battery and DC fast-charging systems that have applications and synergies with Ideanomics Mobility. We are very impressed with Livia and her team, and we look forward to supporting them through their next phases of growth,” said Alf Poor, CEO of Ideanomics.
The rapid increase of EV sales that began in 2019 has continued to gain momentum over the past year. The global high performance electric motorcycle market is growing at a CAGR of over 35 percent from 2019-2024. With its state-of-the-art battery technology development, Energica was chosen by Dorna as a single manufacturer for the FIM Enel MotoE™ World Cup.
With this partnership, Energica has been able to test new battery solutions and innovations in extreme conditions with the best riders in the world to advance its high-performance battery technology.
“We are proud to be part of this unified global platform”, says Livia Cevolini, CEO of Energica Motor Company S.p.A. “Ideanomics’ network of innovative companies will help accelerate the growth and adoption of new EV technologies such as Energica.
We look forward to leveraging Ideanomics to capture market share in the rapidly growing global electric motorcycle market”.
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