Mi-Jack Picks Ideanomics Subsidiary To Develop Hydrogen Powered Rubber Tire Gantry Crane - Ideanomics (NASDAQ:IDEX)

Ideanomics Inc IDEX subsidiary US Hybrid has been selected by Mi-Jack to convert a rubber tire gantry (RTG) crane from fossil diesel to hydrogen powered. The financial terms were not disclosed.
Under the terms of the agreement, US Hybrid is managing all procurement, engineering and design work relating to the hydrogen propulsion kit.
The company will source a hydrogen fuel cell system from Hyundai Motor Corp and will locally manufacture core components, including hydrogen storage tanks and cooling systems.
All manufacturing, assembly and system testing will occur at US Hybrid's engineering facility in Torrance, California.
Mi-Jack will install the hydrogen propulsion kit into the RTG crane at its Illinois facility.
On average, a RTG crane burns 10 US gallons per hour, with one gallon of diesel emitting 22 pounds of CO2 into the atmosphere.
Powered by hydrogen, RTG cranes can keep operating reliably with zero emissions.
Price Action: IDEX shares closed at $0.13 on Friday.
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