Ideanomics, (NASDAQ: IDEX) (“Ideanomics” or the “Company”), is pleased to announce that Qingdao Enengju New Energy Sales and Service Co., Ltd. (Enengju), a wholly-owned subsidiary of Sun Seven Stars Investment Group (SSSIG)1, has a signed a strategic cooperation agreement with Zhongsen Tower Communications Co., Ltd to build and operate new infrastructure projects, under which Ideanomics’ Mobile Energy Global (MEG) division will secure rights to provide electricity for projects which include 5G towers and new energy vehicle charging piles.
Zhongsen Tower is the leading 5G and IoT infrastructure service provider, offering a broad array of services including the build out of 5G tower infrastructure, as well as leasing and financing of supporting infrastructure. Its partners include leading telecom companies such as China Mobile, China Telecom, China Unicom, Datung Telecom, and Potevio. Its financial services and construction partners include State Development Bank, CITIC, China Life, China Agriculture Bank, China Merchant Bank, CSCEC, China Rail, and China Electric. As part of the agreement between Enengju and Zhongsen Tower, MEG’s energy services division will provide the wholesale electrical energy supply required to power these projects.
As previous announced on March 27, MEG formed an IoT/IoV 5G Energy Services division to capitalize on China’s New Infrastructure Investments, which represents trillions of renminbi over several years, including more than CNY 1 trillion earmarked for projects in 2020. MEG has established strategic partnerships with leading partners such as China Tower, GCL Group, State Grid, Dongfang Energy Sales Cloud, and TMR Energy.
Under the agreement between Enegju and Zhongsen Tower, both parties will invest in, build, and operate new infrastructure projects including communication pipelines, 5G towers, 5G indoor distribution, new energy vehicle charging piles, big data centers, artificial intelligence, industrial Internet, and other strategic technology infrastructure projects with the goal of creating enhanced platforms such as smart communities, smart parks and recreation facilities, smart schools, smart medical care, smart emergency services, and others. MEG will extend its existing relationships with leading utility companies to provide the electricity to power these projects.
While MEG remains focused on commercial EV enablement through helping fleet operators obtain large-scale orders and financing, its key objective is to participate in the transition of energy demand from fossil fuels to clean electricity and generate recurring revenues through electricity sales from energy storage and management solutions and EV charging networks.