Ideanomics Invests In Prettl Electronics; Gains Sales, Distribution Rights For Charging Systems

(RTTNews) - Ideanomics (IDEX) announced a strategic investment of approximately $9 million for a 30% ownership stake in Prettl Electronics Automotive. Headquartered in Radeberg, Germany, Prettl Electronics Automotive or PEA is a business unit within the Prettl Group. It is specialized in the development of scalable power electronics up to 2.0 MW and provides modular DC Park & Charge solutions for e-mobility.

The deal provides Ideanomics exclusive sales and distribution rights for PEA charging infrastructure products and solutions in North America. PEA's charging systems are expected to be broadly available beginning in 2023.

Ideanomics also announced that CEO Alf Poor will join PEA's Board.

Shares of Ideanomics were up 5% in pre-market trade on Monday.