HomeInvesting NewsIdeanomics and GEP Partner on All-Electric Street Sweepers

Ideanomics and GEP Partner on All-Electric Street Sweepers

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Ideanomics (NASDAQ:IDEX)

Ideanomics (NASDAQ:IDEX) and Global Environmental Products have been working together since 2009, and they have now increased their cooperation to create zero-emission street sweepers.

US Hybrid, a division of Ideanomics (NASDAQ:IDEX), has agreed to sell 62 zero-emission street sweepers to Global Environmental Products (GEP) using its unique electric and hybrid propulsion kits.

The agreement expands upon Ideanomics and GEP’s long-standing strategic alliance. The first hybrid electric street sweepers were introduced in New York City in 2009 thanks to a partnership between GEP and US Hybrid; since then, further units have been delivered to customers in Japan.

In particular, 17 sweepers will go to the California Department of Transportation, which will distribute them to New York City, California; the City of Helena, Montana, and Washington, D.C.

In addition, the company has committed to providing New York City with 30 electric street sweepers that are plug-in hybrids and seven all-electric street sweepers. Two more orders for the sweepers are being placed for the cities of South San Francisco, Washington, D.C., and Helena, Mont.

Pre-market gains for IDEX shares are 3%.

Stocks to watch: IDEX Price Performance and Earnings 

One of the metrics investors use to assess whether they will profit from a stock is stock performance. IDEX’s price performance was in a downward trend over the past week, falling by -7.50%, while over the course of a month, it fell by -22.65%. The performance over the last three and six months has decreased by -27.05% and -43.64%, respectively. The stock dropped -76.05% last year while falling by -55.29% this year. A look at the IDEX’s trailing 12-month EPS results in -0.53 and -0.20 for the anticipated EPS for the following year. That figure is -0.06 for the following quarter. This suggests that EPS will grow at a rate of -24.00% this year and 5.60% the next year.

Featured Image-  Megapixl @Miflippo

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