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- Dr. Liqing Hu will serve as Chief Scientist of the Medici Research Institute and lead the research team.

- Dr. Hu brings to Medici extensive experience in developing and applying fuel cell technology in industrial settings.

- Medici Research Institute will research and design fuel cell technology to power the next generation of clean energy vehicles for the commercial sector.

NEW YORKSept. 23, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company") is pleased to announce the hire of Dr. Liqing Hu as Chief Scientist for Medici Motors Works. Dr. Hu will be based in China.

Medici Motor Works Logo (PRNewsfoto/Ideanomics)

Dr. Liqing Hu is a celebrated innovator and pioneer in the field of hydrogen energy in China. He completed his post-doctoral research in China, then worked for Ballard Systems in Canada before returning to China. To read more about Dr. Hu's distinguished career, refer to this article.

"We are very excited to announce the hire of a distinguished executive to lead Medici Motor Works research and development institute," said Ideanomics CEO Alf Poor. "As well as bringing us access to fuel cell technology, the establishment of the Medici Research Institute will ensure that Medici Motor Works stays at the forefront of hydrogen fuel cell and battery electric vehicle innovation."

Chief Scientist, Dr. Liqing Hu, will lead the Medici Research Institute and manage a fuel cell research and development team. Dr Hu and his staff have previously designed and developed fuel cells for more than 30 national major projects in China.

The Research Institute will mainly focus on the core components of fuel cell membrane electrodes, bipolar plates, stacks, hydrogen supply systems, heat dissipation systems, fuel cell engines, and vehicle layout design and integration – all with independent intellectual property rights. The products range from several hundred watts to 120 kilowatts and will be applied vehicles and vehicular products under various scenarios such as ships, backup power sources, and combined heat and power supply.

About Ideanomics
Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Our electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions; we refer to this business model as sales to financing to charging (S2F2C). Ideanomics Capital provides fintech services that include intelligent and innovative solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions for a greener economy.

The company is headquartered in New York, NY, with offices in BeijingGuangzhou, and Qingdao, and operations in the U.S., ChinaUkraine, and Malaysia.

Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements". All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

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SOURCE Ideanomics