Ideanomics CEO Alf Poor: Electric Motorcycles the Tip Of The Iceberg
Recently, I sat down with Alf Poor, CEO of Ideanomics, one of the leading electric vehicle industry players globally. This was part of a press trip to cover the acquisition of a pioneer of electric motorcycles, Energica by Ideanomics, where I joined the execs from both companies at the Nasdaq for the announcement, investor preso, and a ridiculously fun ride around New York City on the insanely sick Esse Esse 9, Energica’s cruiser bike. #bloggerperks!
Ideanomics is a fascinating company. The company was active in China for many years, and initially had tried to leverage the big reputable OEMs in China and bring their tech to the west. Poor pointed out the geopolitical challenges inherent in that process, and explained that the company has turned its focus elsewhere as a result. But the focus on the tech behind the electric vehicle revolution is the same. Poor has guided the company for the last 3+ years as CEO, following a time that the company seemingly floundered through some changes (names, CEOs, etc.).
Poor indicated that Ideanomics invests in EV startups as long as they check four boxes:
- differentiated tech
- revenue
- referenceable customers
- a pipeline that Ideanomics’ capital can help unlock
Comparing the electric motorcycles from Energica to a traditional Italian thoroughbred like Ducati or Moto Guzzi, Poor indicated that the acquisition brings some technology that was built from the ground up, where Energica owns all of its own tech. Energica had to, he said, because there was nothing else like it when they started. Energica’s tech is so good, he said, “We almost feel obliged to bring it out to the industry.”
“This is a different world than internal combustion engines,” he said. “From new to market to incumbent OEMs, everyone is looking for technology and solutions.” Rather than a jigsaw of parts being put together by other EV startups, Ideanomics owns the full stack, and can potentially thus save a lot of other EV players advance much faster and with higher quality. They refer to it as Energica Inside.
In other words, the electric motorcycles are the tip of the iceberg.
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