Ideanomics Helps Bridge Electric Vehicle Financing Gaps for New Jersey Small Businesses Participating in NJ ZIP
Ideanomics Helps Bridge Electric Vehicle Financing Gaps for New Jersey Small Businesses Participating in NJ ZIP
  • The New Jersey Zero Emission Incentive Program (NJ ZIP) is a pilot program with a funding pool of over $44M to help small businesses purchase zero-emission medium-duty vehicles
  • While NJ ZIP covers a significant portion of the vehicle cost, Ideanomics helps small businesses finance the remaining cost while allowing them to secure complete vehicle solutions

NEW YORK, April 13, 2022 /PRNewswire/ — ideonomic (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles (EVs), is now enabling small businesses to New Jersey to purchase commercial electric vehicles. While the New Jersey Zero-Emission Incentive Program (NJ ZIP) offers a significant reduction in the initial capital needed for businesses to purchase mid-duty electric vehicles, Ideanomics offers operating expense (OPEX) financing solutions for small businesses to support their transition to electrification.

Administered by the New Jersey Economic Development Authority (NJEDA), NJ ZIP is a voucher pilot program with a funding pool of $44.25 million to support companies in the purchase of new zero-emission medium-duty vehicles. This pilot project is funded by the Regional Greenhouse Gas Initiative (RGGI) with proceeds allocated to NJEDA with the goal of reducing harmful emissions, especially in communities disproportionately affected by transportation emissions. , and create economic opportunities within the state. The NJ ZIP Driver is designed to cover the added cost of electric vehicles over their gasoline or diesel counterparts. According to the NJEDA, more than 90% of program applicants were small businesses and 50% were women-owned or minority-owned businesses.

Ideanomics, as an independent third party, has developed a product that will help small businesses finance the additional cost of these electric vehicles, as well as enable these businesses to overcome barriers to market by offering a wide range solutions for commercial applications. electrification.

Based in the New York metropolitan area, Ideanomics uniquely understands the holistic needs of area business owners from both a capital and vehicle perspective. In addition to financial support, Ideanomics can help small businesses procure vehicles, charging infrastructure and a wide range of commercial electrification solutions.

“Programs like NJ ZIP allow businesses to access and take advantage of zero-emission vehicles that would not normally be able to afford the transition to an electric fleet,” said Anthony Orantes, Chairman of Ideanomics Capital. “We are excited to offer additional support to businesses participating in the NJEDA pilot program as they seek to make meaningful change in underserved communities as part of Governor Murphy’s vision for a greener environment. New Jersey. We look forward to helping small businesses in our own backyard by supporting their transition to electric mobility as we continue to invest in industry-transforming programs. »

It is one of the first financing solutions Ideanomics brings to market. With challenges such as high upfront cost and lack of readily available capital hampering the transition to an electric vehicle fleet, Ideanomics offers innovative financing solutions by turning capital expenditure (CAPEX) into OPEX, enabling fleet operators capture favorable total cost of ownership. (TCO) of electric vehicles compared to traditional internal combustion engine (ICE) vehicles.

Funding through Ideanomics provides access to solutions that support the transition to commercial electrification, including vehicles as a service (VaaS), charging as a service (CaaS), and infrastructure and projects.

“As a small business owner based in Orange, New JerseyI wanted to invest in additional work vans to meet the needs of my growing business, but transitioning to an electric fleet is usually cost prohibitive for new construction companies like mine,” said jessie philippe, CEO of JP2018 LLC, a renovation and real estate investment company. “Ideanomics’ holistic approach to complementing commercial electrification solutions with innovative technology and financing has not only made e-mobility accessible for JP2018, it has also provided my company with a customer experience unmatched by compared to a traditional commercial bank.”

Ideanomics recently announced plans to open a new state-of-the-art EV Experience Center at New Jersey. The facility, which is expected to be operational by the end of 2022, will support product development and scalable production of new and existing products across its range of electrification solutions. The facility will be approximately 48,500 square feet in size, with more than 4,000 square feet dedicated to showroom space. The introduction of the state-of-the-art Ideanomics facility is expected to bring between 75 and 100 jobs to the state of New Jersey in executive leadership, business development, energy services, engineering, supply chain and logistics over the next three years.

For more information and news about Ideanomics and its operating companies, please visit https://ideanomics.com.

About Ideonomics

Ideonomy (NASDAQ: IDEX) is a global group 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 the end-to-end solutions needed to engage the commercial world in an EV future. To keep up to date with Ideanomics, please follow the company on social media @ideanomicshq or visit https://ideanomics.com.

contacts:

Ideanomics, Inc.
Tony SklerSenior Vice President of Investor Relations
[email protected]

Susan Donahue
Skyya PR for Ideanomics
[email protected]

SOURCE Ideonomy

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