- Ideanomics Inc (NASDAQ: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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