Ideanomics, a global fintech firm that offers next-gen transformative services, has recently signed a deal with Chengyang Investment Corporation under which the firm’s MEG division would take over a large-scale plant for the promotion of its battery partners.

The deal is claimed to help promote Ideanomics’ manufacturer partners that will benefit fleet operators to transition into clean energy vehicles. Reportedly, the unit would be a state-of-the-art showcase, providing EV technology partners and EV manufacturers a venue entirely dedicated to EV infrastructure, financing solutions, and EVs.

Sources close to the move claim that the facility, as per the agreement, will be renovated and be running by 2020. The facility would showcase all the EVs and related technologies in MEGs four major segments.

Commenting on the move, Alf Poor, CEO, Ideanomics, said that Chenyang district representatives and the city of Qingdao have made it clear to the company that they would plan a reasonable economic package to bag this incredible focal point for Chinas electric vehicle industry, directed by MEG division.

Moreover, the MEG facility in the district will be able to service both national interests in the Peoples Republic of China, as well as for their overseas operations, said Poor.

Recently, Ideanomics had also made an agreement with Beijing’s Dasheng Licheng Financial Leasing Co., Ltd. to offer a one-of-a-kind lease financing program for enterprise fleet operators and AAA+-rated SOEs (state-owned entities).

Evidently, the agreement was developed with a group of insurance firms as investing partners. This move helps Ideanomics create a flexible financing program that is good enough to fulfill the requirements of the burgeoning EV market.

Reportedly, Ideanomics MEG unit words in four key segments of commercial EV, which are Heavy Duty commercial such as Steel Mills, Airports, Mining and Seaports, Light commercial last-mile Coaches and Buses, logistics vehicles and Taxis.

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