IDEX: Ride the WAVE
I've been covering IDEX for 6 months and I literally used every single DD i've written on this one. Alf you're no match for me. Obviously this speculation but the WAVE was the final piece.
Final Rabbit hole let’s get it. Today I will break down the Ideanomics WAVE acquisition and its Port Drayage contract with the Department of Energy DOE.
LA Port Drayage Project
The South Coast Air Quality Management District (AQMD), formed in 1976, is the air pollution(Government) agency responsible for regulating stationary sources of air pollution in the South Coast Air Basin, in Southern California In 2011 they started the Port Drayage Project (2011 AQMD Port Drayage Project)
The Contract
In 2019 WAVE was awarded an $8.4 million contract to deploy its charging technology (green) AND deployment of Electric Drayage Trucks at the Port of Los Angeles.
I will break down WAVE’s partners and how they are each relevant
Cummins inc - Team Hydrogen
Schneider Electric - Team Electric
Total Transportation Services (TTSI) - Team Ideanomics?
Cummins - Team Hydrogen
WAVE selected Cummins as a partner in this project
In November 2020 Cummins announced the strategic partnership with Navistar (Volkswagen) to develop class 8 trucks powered by hydrogen fuel cells.
The prototype truck will see a year-long field test after development, the companies said. Werner will add the truck to its fleet and use it in regional and local delivery operations out of Fontana, California.
In September 2020, a brand new Hydrogen fueling station was built in Fontana California by Shell, First element, and Iwatani America (this project was funded by the California Government)
Iwatani, a Japanese company holds a strategic partnership with Toyota to build these fuel stations in California
In 2019 Iwatani signed a partnership agreement with Mitsu to enter the Hydrogen Business in North America-Fuel Cell Partnership
Mitsui also announced the start of a collaboration with the largest US company First Element Fuel.
Shell, like Iwatani, is also partnered with Toyota (agreement September 2020)
Shell works with PetroChina on JV Arrow Energy in Australia
Analysis:
Cummins and Navistar are testing Hydrogen fuel trucks out of Fontana California, the same place that the Co-owner of the MEG GCL strategic partner Mitsui is working on building this infrastructure up with Iwatani, First Element, Shell, and Toyota.
Toyota
How does Toyota fit in you ask?
Toyota, Hyundai, and Audi (Volkswagen) signed a partnership to share hydrogen technology
Hyundai KEFICO (Ideanomic’s subsidiary Treeletrik partner) is the subsidiary that provides all of the hydrogen technology to Hyundai.
Toyota has also been working with the Kenworth Truck Co. to develop 10 electric-hydrogen fuel cell heavy-duty trucks to move freight from the Port of Los Angeles to nearby cities, helping to reduce air pollution problems in the region. All 10 are expected to be in operation before the end of 2020. These trucks are retrofitted Kenworth T680.
Cummins
In 2019 Cummins and Hyundai Motor company sign MOU to jointly develop and commercialize electric and fuel cell powertrains combining Hyundai fuel cell systems and Cummins’ electric powertrain, battery, and control technologies for the North American Market (link)
Cummins invests 81% stake in Canadian Hydrogenics, which has a partnership with Sinohytec for hydrogen vehicle propulsion technology
Sinohytec joins a joint venture (JV) with 6 other companies for R&D purposes the companies are:
Cummins Invests in Loop Energy, a Canadian Hydrogen fuel cell company that has operations in China. Loop Energy is a confirmed partner of CRRC (Ideanomics partner)
WAVE partner GILLIG a Canadian OEM bus manufacturer also partners with Cummins.
Navistar (Volkswagen)
If you have been an Ideanomcs shareholder as long as I have been you’ve probably seen this truck
This is the same truck that I have connected to the SPAC ZGYH, I first connecting them in my article Smartrick Special Report: I found the truck!! (Ideanomics). It is also the same truck that CEO Alf poor confirmed to an investor via email that was the first truck off the line developed by their Chinese partners. A friend of mine brought this to my attention today.
Navistar’s Eurostar was a concept from 3 years ago
Man SE (Volkswagen) Concept
Still not convinced?
How about now? no?
Hindenburg and Jcapital are you taking notes?
Partner #2: Schneider Electric - Team Electric
If Navistar wasn’t enough info for you I guess I’ll dive into Schneider Electric.
Daimler Connection
Schnider Electric announced in September it would begin testing a Freightliner eCascadia. The company will provide feedback to DTNA about processes such as the best type of mode, freight characteristics, and areas of operation. The eCascadia is a retrofit of Freightliner’s Flagship truck Cascadia.
Phase 1 had Daimler directly involved
What was Phase 2 of the Drayage project?
The transition from after-market retrofit (Cascadia) to an OEM
The eActros is based on the frame of the Actros. Also, the eActros means architecture based entirely on electric drive with a large proportion of specific parts. For example, the drive axle is based on the ZF AVE 130, which has proven its worth in hybrid and fuel cell buses from Mercedes-Benz and has now undergone a major modification for the eActros. The drive comes from two electric motors near the wheel hubs on the rear axle.
I wonder who makes Actros axles?
Oh yeah its Ideanomics strategic partner Bieben Heavy Truck
Star Charge
Star Charge, an integrated solution provider for electric vehicle (EV) charging, has raised 855 million yuan ($125 million) in its Series A round jointly led by French global energy and automation digital solution developer Schneider Electric and Chinese CICC Capital’s sub-fund.
The round also saw the participation of China Construction Bank’s Hong Kong-based investment arm CCB International, Shanghai Guohe Capital, Wujin National Hi-Tech Industrial Zone’s unit and CDB-CDC Investment Management, a fund co-launched by state-owned China Development Bank’s Funds of funds and Chinese global investment manager GLP in Shanghai, Star Charge posted on WeChat.
Morgan Stanley facilitated the transaction.
The company, which was founded by Shao Danwei in 2014, manufactures charging equipment for EVs. Leveraged by the internet of things (IoT) and internet of vehicles (IoV) technologies, the Changzhou-based company also offers data operation, and financial insurance, among others. It counts 59 leading automobile groups as clients and these include names such as Jaguar, Porsche, Benz, Land Rover, Hyundai Motor, BYD, BAIC, among others.
So Schinder Electric and Ideanomics Financial partner CICC together on an EV charging company in China.
StarCharge “leveraged by the internet of things (IoT) and internet of vehicles (IoV) technologies” sounds like a match for Ideanomics business model of monetizing EV charging.
This April 7th press release outlined a pilot program to monetize EV charging in the providence of Nanjing. It directly mentions State Power Grid who selected Qingdao-based Tgood and StarCharge as two of the largest vendors.
StarCharge who has a research institute in the providence of Nanjing clients include Jaguar, Porsche, Benz, Land Rover, Hyundai Motor, BYD, and BAIC.
Look what was just recently was finished
Nate you still with us?
Total Transportation Services (TTSI) - Team Ideanomics?
TTSI rounding out the partners is an interesting one, identified as an early adopter and potential customer per the Port Drayage 2012 presentation. TTSI is a service provider in the commercial fleet market.
TTSI specializes in green energy and sustainability in the trucking/commercial industry. Up until now, they have mainly focused on retrofitted trucks. They have done retrofits of Navistar trucks with conversion coming from Hydrogenic (Cummins) and also have a partnership with BYD.
TTSI merged with Sierra Transport LLC back in April. Sierra Transport LLC also specializes in being a green company and its focus is biosolids.
Biosolids are solid organic matter recovered from a sewage treatment process and used as fertilizer. In the past, it was common for farmers to use animal manure to improve their soil fertility. In the 1920s, the farming community began also to use sewage sludge from local wastewater treatment plants.
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