Ideanomics and state-owned Yunnan Energy have signed an agreement to exclusively promote the adoption of electrified heavy trucks, such as those used in mine haulage, in Yunnan province, China, as well as into South East Asia.
The exclusive electric vehicle (EV) agreement also extends to buses, logistics vehicles, and taxis, the company said. It is part of Ideanomics’ MEG division’s S2F2C (Sales-to-Financing-to-Charging) program.
Yunnan province is a mining-rich region extracting commodities like tin, zinc, copper, lead, salt, aluminium, nickel, and more. Ideanomics has previously estimated there are more than 5.7 million heavy-duty mining trucks working in China.
“The JV anticipates leading the China market in this area, and extending its capabilities in China beyond Yunnan province, as well as into the ASEAN region, where Yunnan is the official ‘belt and road’ sponsor and where Ideanomics has an interest in Malaysia’s EV manufacturer Treeletrik,” Ideanomics said.
Additionally, the parties will establish a development fund with resources from Yunnan province with two key objectives:
- EV acquisition to include an operational company for the benefit of the leasor; and
- Investment into cleantech mobile energy related projects identified by the joint venture, including investment into the construction and management of power grid infrastructure in south Asia and South East Asia to deliver the fast-charging and energy storage solutions required to support the EV industry.
Alf Poor, CEO of Ideanomics, said: “Yunnan province is an important keystone province, due to its extensive mining activities and its position as the sponsor for China’s Belt and Road activities in South East Asia. This agreement, an extension to our recently announced Taxi deal, brings together Ideanomics’ MEG division and Yunnan province with a shared objective of enabling commercial EV at scale in China and the ASEAN region.
“Together with the team at Yunnan Energy, we have developed objectives to significantly accelerate commercial EV adoption in China and South East Asia, and to invest in technologies and operating companies that make clean mobile energy a viable proposition.”
Ideanomics will begin cooperation with Yunnan Energy immediately and expects to have its joint venture operational in early-2020. Yunnan Energy and MEG will provide the management resources for the JV, leveraging existing personnel in both organisations.
Ideanomics’ MEG division operates in four key segments of commercial EVs – heavy duty commercial vehicles for closed area environments, such as mining, steel mills, airports and seaports; light commercial last-mile logistics vehicles; buses and coaches; and taxis.