VIA Motors was founded in 2010, and got a lot of media attention thanks to Chairman Bob Lutz, the “Father of the Chevy Volt.” The original business plan was converting GM pickups and vans to PHEVs. Now the company plans to produce fully electric commercial vehicles for fleets.

Ideanomics (NASDAQ: IDEX) has agreed to acquire VIA Motors in an all-stock transaction that values VIA at $450 million.

Ideanomics describes itself as “a global company focused on the convergence of financial services and industries experiencing technological disruption.” Its Ideanomics Mobility division is “a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing.”

VIA Motors, headquartered in Orem, Utah, will manufacture electric commercial vehicles including Class 2 through Class 5 cargo vans, trucks, and buses. The company says it is also working with an autonomous technology company to provide electrification of autonomous trucks for short-haul and mid-mile delivery.

VIA has developed a skateboard platform for Class 2 through 5 vans and trucks, along with a modular body approach that enables a single design for its platforms, drive systems and vehicle models. VIA’s intellectual property portfolio includes software and control systems featuring embedded diagnostics and telematics.

“VIA Motors is changing last and mid-mile delivery with innovative electric commercial vehicles that fleets can afford,” said VIA Motors CEO Bob Purcell. “Combining VIA with Ideanomics facilitates significant synergies, while Ideanomics’ financial and personnel resources provide the backing we need to pursue an array of exciting growth prospects.”

“This acquisition is aligned with our long-term strategy and provides us an immediate leadership position in a rapidly growing market and yet another path to accelerate EV adoption and Ideanomics’ market share,” said Ideanomics CEO Alf Poor. “It also provides Ideanomics a full OEM manufacturing capability which is synergistic to our other operating businesses.”

Source: VIA Motors