Ideanomics Inc IDEX shares are trading higher Tuesday after the company announced it launched a digital team and formed a strategic partnership with Alphabet Inc's GOOG Google Cloud.
Ideanomics is establishing in-house digital and data technology capabilities to provide a cost-efficient, standardized process to develop and deploy advanced digital solutions across the enterprise.
Ideanomics also announced a three-year partnership with Google Cloud, in which the company will host its technology platform on Google Cloud's infrastructure, leveraging the AI and security features Google Cloud extends to its partners.
"Electrification is a revolution. As the adoption of electric vehicles increases, so too will the need for solutions that simplify the transition and operation of EV fleets," said Urs Hölzle, SVP of infrastructure at Google Cloud.
"Through this partnership, Google Cloud will support Ideanomics with our secure, flexible, and global cloud infrastructure so it can provide customers with the solutions they need to successfully operate integrated EV fleets."
Ideanomics aims to accelerate the commercial adoption of electric vehicles by bringing together vehicles, charging and financing solutions under one roof.
IDEX Price Action: Ideanomics has a 52-week high of $1.45 and a 52-week low of 20 cents.
The stock was up 18.1% at 33 cents at time of publication, according to Benzinga Pro.
Photo: Robert Scoble from Flickr.
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