Ideanomics announces exclusive agreement with Yunnan Energy
Ideanomics has announced an exclusive agreement with Yunnan Energy to establish a joint venture to promote Electric Vehicle, or EV, enablement within the Province, and into South East Asia through the province's designation as China's 'belt and road' partner. The agreement provides for the establishment of a joint venture between Ideanomics and Yunnan Energy Investment Group, a state-owned entity currently ranked as 219 in China's top 500 enterprises of 2019. The joint venture will exclusively promote the adoption of EV heavy trucks in the mining-centric province, as well as for Buses, Logistic Vehicles, and Taxis, as part of Ideanomics' MEG division's S2F2C program. Ideanomics will begin cooperation with Yunnan Energy immediately and expects to have its joint venture operational in early 2020. Yunnan Energy and MEG will provide the management resources for the JV, leveraging existing personnel in both organizations.