Ideanomics Acquires 30% Stake In Prettl Electronics Automotive For $9M, Names New Chair

Ideanomics Inc IDEX acquired a 30% stake in Prettl Group unit, Prettl Electronics Automotive (PEA), for $9 million.
Ideanomics will receive exclusive sales and distribution rights for PEA charging infrastructure products and solutions in North America, and CEO Alf Poor will join PEA's board.
Prettl Group is a German manufacturer and distributor of components and systems for the automotive, energy, and electronics industries.
PEA aims to develop the hardware and software for a modular, scalable, high-performance (up to 2.0 MW) public charging park solution for electric vehicles. PEA's charging systems are likely to be broadly available beginning in 2023.
Ideanomics held $356 million in cash and equivalents as of Mar. 31.
Additionally, Vice Chairman Shane McMahon was appointed Executive Chairman of the board. Jim Cassano became the new Vice-Chairman.
Price action: IDEX shares traded higher by 3.64% at $2.46 on the last check Monday.