Ideanomics, which describes itself as “a global company focused on the convergence of financial services and industries experiencing technological disruption,” has agreed to acquire 100% of privately-held Wireless Advanced Vehicle Electrification (WAVE).
Founded in 2011, and headquartered in Salt Lake City, WAVE is a pioneer in the field of inductive (wireless) charging solutions for medium- and heavy-duty EVs. WAVE’s fully automated, hands-free charging system relies on charging plates that are embedded in roadways and charge vehicles during scheduled stops.
WAVE has had systems deployed since 2012, and has demonstrated the ability to integrate high-power charging systems into heavy-duty EVs from several commercial EV manufacturers. WAVE currently offers wireless charging systems with power levels up to 250 kW, and has higher power systems in development.
WAVE provides custom fleet solutions for mass transit, logistics, airport and campus shuttles, drayage fleets, and off-road vehicles at ports and industrial sites. Customers include California’s Antelope Valley Transit Authority, and partnerships include vehicle OEMs Kenworth, Gillig, BYD and Complete Coach Works.
“WAVE has become a market leader in inductive charging systems, which are much better suited for commercial EVs than plug-in charging systems,” said Ideanomics CEO Alf Poor.
According to WAVE, wireless charging systems offer several compelling benefits over plug-in charging systems, including reduced maintenance, improved health and safety, and expedited energy connection. Furthermore, wireless in-route charging enables greater route lengths or smaller batteries while also maintaining battery life.
“Fast, safe, in-route charging is key to enabling commercial EVs to match the range of internal combustion vehicles,” said Michael Masquelier, WAVE’s founder and CEO. “Joining the Ideanomics family will allow WAVE solutions to rapidly develop at the scale needed to help fleet operators around the world meet their zero-emission goals.”