DLL Announces Financing Partnership with Ideanomics’ subsidiary Solectrac, an Electric Tractor Manufacturer

JOHNSTON, IA, November 15, 2022 – DLL, a global financial solutions provider, is proud to announce a financing partnership with Ideanomics’ (Nasdaq: IDEX) subsidiary Solectrac, makers of electric tractors. DLL will serve as a preferred financing partner for Solectrac in the United States.

Ideanomics is solving the complexity of fleet electrification by bringing together high-performance electric vehicles, charging infrastructure, and financing solutions under one roof. The company views Solectrac's electric tractors as a flagship solution for the fast-growing, high-value off-road vehicle market, and providing alternatives to diesel engines for sustainable farming.

“We are thrilled to have the opportunity to participate in the electrification of the tractor industry and to demonstrate our commitment to sustainability,” added Britta McSparen, Program Manager at DLL. “Through existing relationships and by forging new ones, our partnerships will support customers through this evolution of agriculture.”

Over the past two years, Ideanomics has significantly enhanced Solectrac’s manufacturing, assembly, and distribution capabilities. Solectrac tractors are available in 57 locations throughout the United States. The Solectrac brand of 100% battery-powered, all-electric tractors continues to deliver consistent, strong revenue with room to grow.

In 2023, Ideanomics expects to begin assembly of the Solectrac e75N tractor, as well as introduce additional new models to the market. Solectrac's new range of tractors will incorporate advanced engineering and battery technology from Energica, maker electric motorcycles, modular and future-forward styling from Ideanomics Design, and telematics and performance data from Ideanomics Digital. The company is targeting specialty agriculture, parks, municipalities, and university market segments for direct sales.

“I am excited to welcome DLL as a partner on our journey to accelerate the commercial adoption of electric vehicles. Their decision to finance the growth of Solectrac is a validation of our brand and products,” says Ideanomics Mobility president Robin Mackie. “It shows that Ideanomics has succeeded in our efforts to build Solectrac into a trusted company, underscored by the fact that Solectrac is selling units as fast as they can make them. With support from DLL, Solectrac can scale faster and get more electric tractors into the hands of customers.”  

Through financing solutions offered by DLL, dealers of Solectrac will now have access to retail installment contracts and leasing programs that facilitate the sale of equipment to the end-user. For more information on agriculture finance offerings in the compact tractor equipment market visit: DLL | Agriculture: Support partners to grow their agricultural business