NEW YORK


,


Nov. 21, 2022


/PRNewswire/ —

Ideanomics


(

Nasdaq

:

IDEX

), a global company focused on accelerating the commercial adoption of electric vehicles (

EV

), today announces that its subsidiary U.S. Hybrid joined a consortium led by A-1 Alternative Fuel Systems, a leader in on-vehicle alternative fuel storage and delivery solutions, to develop hydrogen fuel cell electric shuttle buses. Supported by funding from the South Coast Air Quality Management District (South Coast

AQMD

) and

SoCalGas

, consortium partners will develop a zero-emission hydrogen fuel cell electric bus built on the Ford E-450 chassis and a low-floor bus built on the Ford F-53 chassis.

“U.S. Hybrid is the go-to partner for customers who want the best zero-emission specialty vehicles – whether it’s a new build or a retrofit, “says

Robin Mackie

, president of Ideanomics Mobility. “Over the past two years, U.S. Hybrid’s EV propulsion system and fuel cells have been installed in street sweepers, buses, and port drayage vehicles. I am excited to see U.S. Hybrid partnering with A-1 Alternative Fuel Systems and other consortium members to help

California’s

bus fleet become zero emission faster.”

The paratransit buses will be developed in

the United States

at facilities in

Wisconsin

and

Indiana

. US Hybrid will provide the fuel cell and the EV propulsion system. A-1 Alternative Fuel Systems will provide the on-vehicle hydrogen fuel storage and delivery systems. A-1’s fuel systems will be equipped with Luxfer Gas Cylinders Type-3 hydrogen tanks made with modern materials rated and suited for use at 120 degrees Celsius. The buses will be

ALTOONA

tested as well as EPA and CARB certified.

Once complete, the two hydrogen-powered buses will enter service for a 12-month demonstration period operated by a

California

public transit authority. Once the demonstration is complete, the buses will be commercially available for purchase from A-1 Alternative Fuel System’s nationwide bus dealer network in the second half of 2023.

“For the past 30 years, A-1 Alternative Fuel Systems has been at the forefront of advancing the adoption of emerging clean transportation technology,” said

Kevin Gilio

, vice president of sales at A-1. “With support from South Coast AQMD and SoCalGas, we are accelerating the deployment of hydrogen technology in the transportation sector. Together with U.S. Hybrid and others in the consortium, we will introduce extended-range zero-emission shuttle bus solutions for the transit industry. These buses will directly address the growing concerns of operators looking to reduce emissions but are struggling with range limitations.”

According to the National Renewable Energy Laboratory (NREL), more than 4,100 fuel-cell electric buses are operating globally. Many of these buses are early-stage demonstration vehicles that entered service over the past decade. Since then, the costs to build and operate a fuel cell electric bus have significantly dropped and investment has occurred to expand hydrogen fueling infrastructure.

In the U.S., the largest deployment of fuel-cell electric buses is in

California

. A recent NREL report indicates that eleven of the state’s largest public transit authorities are planning a fleet mix that includes fuel-cell electric buses – representing a market potential of 1,800 fuel-cell electric buses that could be purchased through 2040. NREL also anticipates that 1,500 fuel-cell electric buses could be ordered as smaller

California

public transit authorities finalize their zero-emission plans.

U.S. Hybrid’s propriety technology has a proven track record of powering zero-emission specialty vehicles. The company’s hydrogen fuel cell and EV propulsion system are currently being used to develop more than 60 zero-emission street sweepers and are powering a retrofitted top stack unit used to move containers in ports and warehouses at the Port of

Los Angeles

. Earlier this year, U.S. Hybrid delivered

a fuel-cell electric bus to the County of Hawai’i Mass Transit Agency

in March.

Ideanomics is solving the complexity of fleet electrification offering fleet operators everything they need to electrify faster, easier, and more affordably all in one place. With ongoing support from Ideanomics, U.S. Hybrid is accelerating the transition of specialty vehicles – from street sweepers to buses, to port drayage vehicles and equipment – to zero emission.

About Ideanomics


Ideanomics is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. By bringing together vehicles, charging, and financing solutions under one roof, we are the one-stop partner needed to simplify the transition to and operation of any EV fleet. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit

Homepage

.

About A-1 Alternative Fuel Systems


Since 1995, A-1 Alternative Fuel Systems has been committed to accelerating the mass adoption of clean fuels in the transit, transportation, and trucking industries. A-1 specializes in the design, manufacture, and installation of on-vehicle alternative fuel systems for light, medium and heavy-duty vehicles. A-1 offers alternative fuel solutions that operate on natural gas, propane, electric, hybrid electric, and hydrogen. For more information on A-1, please visit

https://www.a1altfuels.com

.

Safe Harbor Statement


Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company’s ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects,” or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company’s filings with the SEC. These and other factors are identified and described in more detail in the Company’s filings with the SEC, including, without limitation, the Company’s most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.

Contacts:


Ideanomics, Inc.


Tony Sklar

, SVP of Investor Relations

1441 Broadway, Suite 5116,

New York, NY

10018


[email protected]

Theodore Rolfvondenbaumen, Communications Director


[email protected]

A-1 Alternative Fuel Systems


Kevin Gilio

, Vice President

2320

Stanislaus Street

,

Fresno, CA

93721


[email protected]

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SOURCE Ideanomics