Solectrac Partners with Nolan Manufacturing to Meet Growing Demand for Electric Tractors

  • This 10,000 square foot facility at North Carolina allows Solectrac to expand its operations while continuing to expand its nationwide dealer network.

  • Nolan Manufacturing will produce Solectrac’s e25 electric tractors with additional models planned for future production.

WINDSOR, Calif., July 12, 2022 /PRNewswire/ — Solectracelectric tractor manufacturers and operating company of Ideanomics (NASDAQ:IDEX), today announced a partnership with Nolan Manufacturing establish a production plant on the east coast to meet the growing demand for electric tractors across the country. The 10,000 square foot facility at Denton, North Carolina expands Solectrac’s service to East Coast customers and strengthens the company’s continued growth nationwide.

Solectrac Partners with Nolan Manufacturing to Meet Growing Demand for Electric Tractors

Since Acquisition of Ideanomics in June 2021Solectrac has grown considerably, adding several dealerships across United Statesincluding three recently added on the east coast in Alabama, Florida and Georgia. The partnership with Nolan Manufacturing increases Solectrac’s production capacity to support its growing dealer network. Nolan Manufacturing’s main production is the Solectrac e25 electric tractor, with additional models planned for future production.

“As demand for Solectrac’s electric tractors continues to grow, I am excited about our continued progress on the East Coast towards a more sustainable future and regenerative agriculture,” said Mani Iyer, CEO of Solectrac. “With a 10,000 square foot, 57 acre manufacturing facility and three new buildings, we are rapidly ramping up production and will be able to quickly deliver tractors to dealer partners and provide more efficient services to existing customers. as we reach full production capacity, we are committed to making hiring and training a top priority.”

Nolan Manufacturing has more than 50 dealerships of Maryland at Georgiawith four equipment dealers in North Carolina. They are producers of landscaping equipment and trailers who plan to expand production and distribution operations to include agricultural tractor implements, alongside the distribution of Solectrac tractors.

“It’s exciting to be in a partnership that will help Solectrac meet the growing demand for its tractors,” says Chris Biesecker, owner of Nolan Manufacturing. “Demand for Solectrac tractors is growing on the East Coast, and we are proud to do our part in providing the market with the economical and environmentally friendly Solectrac tractor.” Chris has been in the retail equipment business for over 30 years and will oversee the daily operations of the Solectrac tractors.

About Solectrac
Solectrac, Inc., located at Northern California, has developed battery-powered electric tractors for agricultural and utility operations. Solectrac tractors offer farmers around the world the ability to power their tractors using the sun, wind and other clean, renewable energy sources. The company’s mission is to provide farmers with independence from the pollution, infrastructure and price volatility associated with fossil fuels.

About Ideonomics
Ideanomics (NASDAQ:IDEX) is a global company with a simple mission: to accelerate the commercial adoption of electric vehicles. By linking vehicles and charging technology with design, implementation and financial services, we provide solutions that enable the commercial world to engage in an electric vehicle future. To keep up to date with Ideanomics, please follow the company on social media @ideanomicshq or visit: https://ideanomics.com.

Safe Harbor Statement
This press release contains certain statements which may include “forward-looking statements”. All statements other than statements of historical facts included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to evolving our business model to become a next-generation fintech company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and future financial results potentials. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements due to a variety of risks and uncertainties, such as risks related to: our ability to continue our business; our ability to raise additional financing to meet our business needs; the transformation of our business model; fluctuations in our operating results; strain on our people management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior executives; competitive pressure; our international operations; and other risks and uncertainties disclosed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recently filed Forms 10-K and 10-Q with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC’s website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements.

contacts:

Ideanomics, Inc.
Tony SklerSenior Vice President of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
[email protected]

Malory Van Guilder, PR Skyya for Ideanomics
[email protected]

Solectrac's climate-smart electric tractors (PRNewsfoto/Ideanomics)

Solectrac’s climate-smart electric tractors (PRNewsfoto/Ideanomics)

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