Ideanomics (NASDAQ: IDEX) Sees Big Stakes In Estimated $75 Billion Global Agriculture Tractor Market As It Acquires All-Electric Tractor Maker Solectrac And Moves Deeper Into EV Industry; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Into EV And Has Agreement To Supply Solar Panels/Related Equipment To Solectrac, Inc., Applicant Of $500 Million USTDA Grant
Both Ideanomics (NASDAQ: IDEX) and Solar Integrated Roofing Corp. (OTC PINK: SIRC) like what they see in electric tractor maker Solectrac. They see a $75 billion global agriculture tractor market (according to Research and Markets) future for California-based Solectrac. They also both see the growth potential and social responsibility of EV. Solar Integrated Roofing Corp. (OTC PINK: SIRC) is already Into EV with its dedicated division and acquired Pacific Lighting Management or PLEMCo. And, of course, both see that Solectrac is an applicant of a $500 million USTDA grant in a pro-clean energy Biden Administration. Biden is a proponent of solar and EV and his administration has enormous legislative tailwinds favoring EV. Add it up, and Ideanomics (NASDAQ: IDEX) and Solar Integrated Roofing Corp. (OTC PINK: SIRC) see the potential of Solectrac the same way.
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Ideanomics (NASDAQ: IDEX) Sees Big Stakes In Estimated $75 Billion Global Agriculture Tractor Market As It Acquires All-Electric Tractor Maker Solectrac And Moves Deeper Into EV Industry; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Into EV And Has Agreement To Supply Solar Panels/Related Equipment To Solectrac, Inc., Applicant Of $500 Million USTDA Grant
Ideanomics (NASDAQ: IDEX) began buying an equity position via stock purchases of Solectrac in 2020. Finally, yesterday, it completed 100% of the stock purchase and acquired 100% of the all-electric tractor manufacturer. With the new infusion of capital, Solectrac will now be able to market its tractors to the global worldwide agricultural industry. Ideaomics has a friendly following on Wall Street, buoyed by its more than 185% jump in stock price over the past year. One analyst — Steve Irwin of Roth Capital — predicts a $7 price target on a stock that closed at $3.03 last night. Irwin also sees a quadrupling of the top line of Ideanomics (NASDAQ: IDEX) in 2021.
Ideanomics began buying shares of stock in Solectrac in October 2020 — when it initially acquired 15%. It later grew its investment in increments, until yesterday when it finally bought the remaining stock to be 100% owner. Ideanomics (NASDAQ: IDEX) Sees Big Stakes In Estimated $75 Billion Global Agriculture Tractor Market As It Acquires All-Electric Tractor Maker Solectrac And Moves Deeper Into EV Industry; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Into EV And Has Agreement To Supply Solar Panels/Related Equipment To Solectrac, Inc., Applicant Of $500 Million USTDA Grant.
Solar Integrated Roofing Corp. (OTC PINK: SIRC) earlier announced it signed an agreement to provide solar panels, related equipment and installation with electric tractor manufacturer and developer Solectrac, Inc., an applicant of a $500 Million USTDA (United States Trade And Development Agency grant). SIRC will supply electric storage, solar panels and other power devices and installation services to Solectrac’s existing and grant projects, where applicable. It also calls for the same services by SIRC to Solectrac’s future customers and grants projects.
Research & Markets predicts that the $75 billion global agricultural equipment market is forecast to grow at a 5.7% CAGR in the five year period ending in 2024. Lower-cost driverless tractors, government supports, precise mechanization and other factors lead R&M to see global agricultural equipment growth. Ideanomics (NASDAQ: IDEX) Sees Big Stakes In Estimated $75 Billion Global Agriculture Tractor Market As It Acquires All-Electric Tractor Maker Solectrac And Moves Deeper Into EV Industry; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Is Into EV And Has Agreement To Supply Solar Panels/Related Equipment To Solectrac, Inc., Applicant Of $500 Million USTDA Grant.
This industry, primarily diesel powered today, is seeking to operate on alternative powered tractors to reduce pollution with sustainable electric-powered tractors. Solectrac, Inc., located in Northern California, has developed and manufactured 100% battery powered, all-electric tractors for agriculture and utility operations.
As of October 2020, Ideanomics (NASDAQ: IDEX) became a 14.7% owner of Solectrac, Inc. Ideanomics also announced another planned investment into the company of $1.3 million. Yesterday, it bought all of the remaining Solectrac stock, as it finalized its 100% acquisition. Ideanomics (NASDAQ: IDEX) Sees Big Stakes In Estimated $75 Billion Global Agriculture Tractor Market As It Acquires All-Electric Tractor Maker Solectrac And Moves Deeper Into EV Industry; Solar Integrated Roofing Corp. (OTC PINK: SIRC) Into EV And Has Agreement To Supply Solar Panels/Related Equipment To Solectrac, Inc., Applicant Of $500 Million USTDA Grant.
Solectrac, Inc. is an applicant for a $500 million USTDA grant. The USTDA is an independent agency of the United States government. It is seeking to expand its share of their market opportunities by developing a 70 HP-equivalent utility model and a 40 HP row crop model, the company said.
SIRC Melding Its Solar Technology With Solectrac’s Farming Equipment
David Massey, CEO of Solar Integrated Roofing Corp. (OTC PINK: SIRC), at the time said, “Melding our solar technology with Solectrac’s farming equipment will bring significant growth and benefit to this multi-billion-dollar industry. We look forward to working with Solectrac, bringing much needed efficiency and savings to the strained agricultural markets.”
Steve Heckeroth, CEO of Solectrac, added, “Signing an agreement with Solar Integrated Roofing provides us with the missing component: sustainable efficient and off-grid electrical systems to power our tractors. We’ll now be able to supply complete systems across the globe, regardless of the power grid connectivity or lack thereof, while reducing the equipment costs for our clients.”
Ideanomics saw the same potential in Solectrac’s appeal to a global agricultural market. For that reason, both Ideanomics and SIRC see the growth potential of Solectrac in an expanding global agricultural market.
Learn more about Solar Integrated Roofing Corp. (OTC PINK: SIRC) at its website.
Source: Stock Market Press
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