Ideanomics unit signs partnership agreement with province of Inner Mongolia
The Ideanomics Mobile Energy Global division has announced a strategic partnership agreement with the Inner Mongolia Autonomous Region People's Government. The company said, "Currently in the region there are over 120,000 diesel and fossil fuel powered heavy duty and off-road mining vehicles. 80,000 of these vehicles are designated short distance vehicles and our strategic partnership will aim to replace 50% of those vehicles within 36 months. Our partner Contemporary Amperex Technology Co. has spent many years proving large concept battery projects with many major mining companies. CATL battery powered EV trucks have proven a five years' life span versus the traditional engines used for mining, that have typically lasted less than three years before major and expensive maintenance has been required on their systems. The deal will see MEG work directly with the Province of the Inner Mongolia autonomous region, as well as working with the City of Erdos and the provincial capital Hohhot. The partners are committed to cut pollution and carbon emissions to zero, as well as to promote the 'Blue Sky' initiatives, which are important for the planet and at the same time provide massive cost savings to regions and corporations, similar to the projected Erdos mine that will save more than just fuel cost of over $15B in the next 5 years. This strategic partner agreement with the Province of Inner Mongolia, for new Energy Vehicles and Metals, marks the second in our aggressive roadmap that will see MEG sign all 6 heavy mining regions in the country. Our recently announced agreements in the Yunnan province include and enabled the replacement of diesel and fossil fuel powered off road & heavy-duty trucks for new Electric Vehicles. Additionally, this agreement provides for the establishment of a very important new and innovative metals' trading center. This will enable Inner Mongolia to benefit from the provinces' mining activities, specifically those metals which are significant to new energy and clean energy, such as Graphite / Graphene. The Province of Inner Mongolia currently has over 50% of world deposits of Graphite / Graphene, as well the region is rich in other metals such as, Nickel, Cobalt, Lithium, and Manganese. Ideanomics and MEG will develop the metal trading platform into a leading, fully regulated, exchange destination. Together, we will immediately begin recruiting a qualified team, with the requisite partners, to oversee the exchange's development. The intention is to build the trading, settlement, and supply chain enablement for the exchange using blockchain-based systems, infused with AI. The city of Hohhot, the great capital of the province of Inner Mongolia, will provide assistance in obtaining all legal and regulatory licenses for the establish of the exchange."