MODENA, Italy / Boston, MA, May 23, 2024 (GLOBE NEWSWIRE) -- Energica Motor Company, (a majority-owned subsidiary of Ideanomics (NASDAQ: IDEX) a leader in high-performance electric motorcycles and EV system integration, and Electra, an industry leader in applied AI-ML for battery management software solutions, are excited to announce a strategic R&D partnership to revolutionize the electric two-wheeler market.
This collaboration will leverage Electra’s AI-powered technology to enhance battery performance, optimize vehicle range, charging, and lifetime while also improving the overall driving experience.
Energica has been at the forefront of electric vehicle technology from its base in Italy's Motor Valley for over a decade, consistently introducing pioneering solutions. This new strategic R&D collaboration with Electra will utilize Electra’s 'Brain for Batteries' AI technology to improve the battery management systems (BMS) in Energica’s vehicles, expected to enhance performance across the board.
"We met Electra and were immediately interested in their AI solutions related to batteries, a crucial element on which we have based our know-how from the beginning," said Giampiero Testoni, CTO of Energica Motor Company. "Together with their team, we have started a research and development collaboration to apply AI to the BMS of our batteries. The objective is to better monitor the data and optimize the range. The studies are still underway, but we are thrilled to be able to work together with a dynamic company like Electra"
AI is crucial in managing real-time battery performance, benefiting drivers, vehicle OEMs, and fleet operators alike. Electra's advanced algorithms seamlessly integrate battery data with external factors such as driving behavior and temperature. This data integration and elaboration through AI algorithms can shorten charging times, optimize range extension, extend battery life, and reduce the battery’s operational costs. These enhancements help alleviate range anxiety for drivers and foster broader adoption of electric vehicles.
"The battery is the heart of any electric vehicle. Adding a ‘Brain’ to manage it, supported by AI, not only enhances performance and durability but also addresses fundamental driver and industry concerns," commented Fabrizio Martini, an ex-NASA engineer now CEO and Founder of Electra.
Electra's AI-powered technology enhances battery performance by optimizing energy consumption and reducing charging times. It estimates the battery's state of health with up to 97% accuracy throughout its entire lifespan, extending its life by over 20%. The technology also provides precise range estimations with just a 1% error rate, helping to reduce range anxiety. Additionally, it preemptively detects faults and maintenance issues months in advance, significantly improving safety, reliability, and cost efficiency. This comprehensive approach elevates battery asset monitoring, increases operational efficiency, and boosts ROI for electric vehicles and batteries, promoting the broader adoption of EVs.
By integrating Electra’s solutions to enhance battery life, performance, predictive maintenance, and fault detection, Energica expects to minimize costs associated with downtime and maintenance while improving battery reliability. Through this innovative technology and this R&D program with Electra, Energica wants to reaffirm its dedication to delivering its customers the safest and most innovative solutions.
About Energica Motor Company S.p.A.
Energica Motor Company, is a leading manufacturer of high-performance electric motorcycle and system integration for EVs.
About Ideanomics
Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: accelerating the commercial adoption of electric vehicles. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit www.ideanomics.com.
About Electra
Electra is an international B2B scale-up headquartered in Boston, specializing in AI/ML-based solutions for electric vehicles, eVTOLs/UAM, energy storage systems, robots, and more. With a focus on innovation and sustainability, Electra is dedicated to driving the transition to electric mobility worldwide with his ‘Brain for Batteries’ software solutions.
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Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the expected timing for the filing of the Form 10-K, the Company's ability to regain compliance with the Nasdaq requirements for continued listing and related matters. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions that involve known and unknown risks and uncertainties. Any forward-looking statements contained herein are based on current expectations, but are subject to risks and uncertainties that could cause actual results to differ materially from those indicated, including, but not limited to, risks and uncertainties relating to the failure of the Company to file the Form 10-K on its expected timeline and other risk factors discussed from time to time in the Company's filings with the SEC. These and other factors are identified and described in more detail in the Company's filings with the SEC, including, without limitation, the Company's most recent Form 10-K and Form 10-Q. The Company expressly disclaims any intent or obligation to update these forward-looking statements other than as required by law.
Contacts:
Energica Motor Company:
Cecilia Bucci, Marketing Director
cbucci@energicamotor.com
https://www.energicamotor.com/
Electra Vehicles:
Giovanni Rossi, Marketing and Communications Director
grossi@electravehicles.com
https://www.electravehicles.com/
Ideanomics, Inc:
Tony Sklar, SVP of Investor Relations
ir@ideanomics.com
