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Solectrac launches electric tractor rental program

IDEX | June 28, 2023

The company's new electric tractor rental program will allow even more customers to experience the benefits of zero-emissions operations

WINDSOR, Calif., June 28, 2023 /PRNewswire/ -- Solectrac, the first electric tractor manufacturer to offer their zero-emission products through direct sales and a certified national dealer network, is announcing the launch of its electric tractor rental program. The program will be administered through Solectrac's dealer network and will allow customers to experience the benefits of Solectrac electric tractors on a monthly basis.

"We want to offer our customers a way to familiarize themselves with our new technology without necessarily having to make a large financial decision of purchasing a tractor," said Mani Iyer, CEO of Solectrac. "We also know that smaller operations may only need a tractor occasionally."

Available for rent is Solectrac's 4WD e25G compact electric tractor, a quiet and powerful zero-emission tractor that eliminates the noise and pollution associated with traditional diesel tractors. The tractors are 100% battery powered and can be charged from the utility grid or renewable energy systems.

"We want to facilitate getting our zero-emission equipment into as many operations as possible. Electric tractors not only eliminate on-site emissions, but they provide a healthier work environment for operators." adds Iyer. Solectrac's new rental program also benefits its dealer network in over 70 locations across the United States, allowing prospective electric tractor customers to experience the operational and health benefits of Solectrac's market-leading technology.

Electric tractors operate at a significantly lower decibel range of 65 dB which is considered safe exposure according to the Center of Disease Control and Prevention (CDC) and does not contribute to hearing damage that is seen in operators of diesel equipment. Solectrac tractors also eliminate exhaust and particulate matter that can impact the health of operators and their communities.

The 25 HP-category e25G compact electric tractor is ideal for hobby farms, golf courses, sports fields, equestrian centers, educational institutions and municipalities. The tractor accepts all standard PTO implements, and offers available options such as a front loader, backhoe attachment, cab, and three types of tires to suit a wide variety of applications. Additional models are scheduled for release later this year.

Solectrac is a subsidiary of Ideanomics (Nasdaq: IDEX), a global company with the mission to accelerate the adoption of electric vehicles. Solectrac has been a Certified B Corp since 2019 and continues to maintain the highest standards of verified social and environmental performance, public transparency and legal accountability. Earlier this year, Solectrac joined "Farmers for Climate Action" a grassroots alliance of farmers and farmer allies supporting climate change policy in the 2023 Farm Bill. Solectrac is supporting the 2023 Farm Bill's empowerment of farmers, asking for resources, assistance and incentives that will allow them to lead the way in implementing proven climate change solutions.

To learn more about Solectrac's new rental program, visit www.solectrac.com

About Solectrac
Solectrac is a subsidiary of Ideanomics (Nasdaq: IDEX), has been a Certified B Corp since 2019, and continues to maintain the highest standards of verified social and environmental performance, public transparency and legal accountability. Since becoming a subsidiary of Ideanomics in 2021, Solectrac has been growing fast and adding new dealerships every month to its expanding network to provide sales and service to customers. In 2022, the company opened a new 36,000 square foot production facility in Windsor, Northern California and soon added a second assembly center in North Carolina to serve east coast customers. For more information, visit www.solectrac.com.

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, Ideanomics is 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 https://ideanomics.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.

Contact: Christiane Heckeroth, Director of Communications
Phone: 707-235-8297
Email: christiane@solectrac.com