Ideanomics, Energica secure third-party financing to accelerate the growth of Energica’s U.S. dealer network

NEW YORK, NY – December 1, 2022 – (Motor Sports NewsWire) – Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EV), today announces that its subsidiary Energica now has 24 certified dealers in the United States, which accounts for 33% of product sales. To enable this dealer expansion, Ideanomics and Energica secured strategic third-party financing.

“This is a validation of our brand and products,” says Ideanomics Mobility president, Robin Mackie. “In less than a year, Energica has doubled its production, introduced new models with a wider market appeal and secured its first fleet orders. With strategic third-party capital, this growth can continue even faster.”

With a newly expanded manufacturing facility featuring state-of-the-art semi-automated assembly lines, Energica will soon be capable of producing up to 2,000 units per year (and even more soon after) of all four models: the Ego sportbike, the Eva Ribelle e-fighter, the EsseEsse9 retro style bike and finally the new Experia Green Tourer which has just begun production.

Motorcycles built at the Soliera facility are sold via international importers or subsidiaries, to individual Energica dealers, or in some cases, directly to customers where no dealer representation is available. The newest Energica dealers in the U.S. are Cross Country Cycles in New Jersey, with two locations, Fulgora Powersports in Orange County, California, Monarch Powersports near Salt Lake City, Utah, and South Sound Cycles in Tacoma, Washington State.

New dealers typically place an initial order of up to four motorcycles as demo units for test rides. Not only does this generate immediate revenue, but this also enables larger, long-term sales volume as dealers and customers experience the power and performance of Energica Motorcycles. In fact, some of the first certified Energica dealers have consistently seen up to 10x times the sales volume since receiving their demo bikes. In the U.S., Energica has plans to add another 10 certified dealers in 2023 and to expand to additional markets in the western hemisphere.

The combination of a fast-growing dealer network and industry-leading production capacity uniquely positions Energica to meet orders from large fleet operators, such as police fleets. Recently, Energica partnered with UTOMOCORP to…