“We’ve decided to decrease the initial deposit to allow customers to express their interest and intent. This is good for our customers and good for our production line,”

said Steve Heckeroth, CEO/Founder.

Solectrac, North America’s first manufacturer and distributor of quiet, zero-emission electric tractors came to the attention of the marketplace last year with their very successful crowdfunding campaign, followed by double investments from Ideanomics. Solectrac has since grown their manufacturing capabilities to ramp up production and meet demand while pursuing their long-term goal to reduce carbon output in farming and utility work.

Solectrac is taking reservations for its 40 HP-equivalent eUtility tractor and the 4-wheel drive 30 HP-equivalent compact electric tractor (CET). Both tractors are built to outperform their diesel counterparts by eliminating exhaust and noise with the benet of instant torque at low RPM. Solectrac tractors accommodate existing implements and are suited for farm and utility operations, as well as in livestock and equestrian environments where noise is an important consideration. Additionally, the low noise level and absence of exhaust makes electric tractors desirable in any environment by improving workers’ health and safety.

Solectrac’s electric tractors can be charged either from the utility grid or from renewable energy, like solar and wind. Electricity is cheaper than diesel fuel and Solectrac tractors only have one moving part in the motor. Consequently, maintenance and fuel cost over the lifetime of the electric tractor is estimated to be one-third that of a diesel tractor. Using solar or wind energy in the charging infrastructure completely eliminates fossil fuel inputs thereby reducing the users’ carbon footprint and helping meet climate goals.

In 2019 Solectrac became a California Benet Corporation and a Certied B Corp “to use business as a force for good.” The company is also the recipient of the World Alliance’s Solar Impulse Efficient Solutions label. Through the World Alliance, the Solar Impulse Foundation is selecting 1,000 of the most efficient and profitable solutions that can transition society to being economically viable while being environmentally sustainable.

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This additional investment reflects investment interest in Solectrac by ESG funds which is expected to close in the coming weeks. The Company announced that it acquired 14.7% of Solectrac for the consideration of $1.3 million.

“We are very impressed with Steve and the Solectrac team and their deep knowledge of the agricultural sector. We have been interested in this industry for some time because we knew EVs could have an immediate impact without the need for extensive infrastructure,”

says Alf Poor, CEO of Ideanomics.

“Solectrac is a pioneer in the electric tractor market and shares our motivation and passion for a cleaner tomorrow.”

According to Research And Markets, the global agricultural tractor market is currently valued at $75 billion, with the North American agricultural tractor market expected to reach $20 billion by 2023. The largest segment for agricultural tractors is the below-40HP segment, where Solectrac’s initial three models address the broad needs of the market. Its tractors are specifically designed to serve the needs of community-based farms, vineyards, orchards, equestrian arenas, greenhouses, and hobby farms.

“With our zero-emission electric tractors, tractor operators don’t have to choose between power and environmentally friendly practices,”

“My life’s work has been dedicated to creating clean, renewable alternatives to fossil fuels. Now—with Ideanomics and the company’s unique experience and industry perspective—we are well-positioned to achieve these goals.”

says Steve Heckeroth, CEO and founder of Solectrac and visionary in the renewable energy and EV industry.

Since this announcement, Solectrac experienced an increase in product and investment inquiries. This recent investment increases Ideanomics ownership to 24%, which will reduce to approximately 22% post-money once the additional third-party investment is finalized. The new investment by Ideanomics allows Ideanomics to increase its share of ownership sufficiently to recognize its stake in Solectrac under the equity method for US GAAP accounting purposes.

“We are very pleased to increase our investment in Steve and the Solectrac team, and we welcome the investment interest from funds looking to deploy capital in the clean energy and EV sector. We believe Solectrac has enormous potential and, given the uptick in both product inquiries and investment interest they are seeing, we exercised our rights to increase our stake so we can help Solectrac scale to meet anticipated market demand,”

said Alf Poor, CEO of Ideanomics.

“We are excited to work with Ideanomics to accelerate progress toward a cleaner, healthier future,”

said Steve Heckeroth, CEO/Founder of Solectrac.

Solectrac develops, assembles and distributes 100% battery-powered electric tractors— an alternative to diesel tractors—for agriculture and utility operations. Founded in 2012 to take electric tractors into commercial production, Solectrac was incorporated as a California Benefit Corp in 2019. It has received grants from the Indian U.S. Science and Technology Fund (IUSSTF) and the National Science Foundation (NSF). Earlier this year, Solectrac received the World Alliance Solar Impulse Efficient Solutions label from the Solar Impulse Foundation. The label was awarded for being one of the one thousand most efficient and profitable solutions that can transition society to being economically viable while being environmentally sustainable.

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Their tractors allow farmers around the world to power their tractors by using the sun, wind, and other clean renewable sources of energy. Founder and CEO Stephen Heckeroth said that Solectrac is on its way to becoming the standard of electric agricultural and utility equipment around the globe.

Heckeroth has dedicated his life to finding alternatives to burning fossil fuels. He received a degree in Architecture and for 25 years designed and built solar homes. Then in 1990, he shifted his focus to designing and building electric vehicles.

“After designing and building several electric tractors for farmers, I received a commission to build an experimental electric tractor for Ford/New Holland in 1995,”

Heckeroth said.

“Then in 1996, I was commissioned by a Japanese company (EFRIG) to build an electric tractor that could be used to explode land mines left behind after wars.”

He said that these early electric tractor designs produced new innovations – steer by wire, zero radius steering, remote control operation, the use of wheel motors, on board inverter/chargers for mobile AC power, motors mounted on implements to replace dangerous PTO’s and the first ever use of linear actuators on a full function electric tractor.

So, with decades of experience under his belt and fueled by the mission to make a positive difference in the world, Heckeroth founded Solectrac LLC in 2012, with the goal of taking small farm electric tractors into commercial production.

The company grew out Heckeroth’s commitment to providing an alternative to fossil fuels. Now, Solectrac is the only company offering commercial sales of quiet, zero emission Electric Tractors in the U.S.

The electric motors used in Solectrac tractors are more than 90% efficient, have only one moving part, can go for decades without maintenance, produce maximum torque throughout the slow operating speeds of tractors and produce no pollution or Greenhouse Gas (GHG) emissions.

“Solectrac offers the eUtility electric tractor that can do the work of any 2WD, 40 HP diesel tractor on the market,”

Heckeroth said.

The company distributes Farmtrac Compact Electric Tractor (CET) that can do the work of any 4WD, 30 HP diesel tractor and has two more models under development. The 2WD, 30 HP eFarmer is designed for row crop farming and the 4WD, 70 HP e70N designed for vineyard, orchards and other high HP utility applications.

The company has an assembly facility and office on the northern California coast and is leasing a new facility in Santa Rosa.

Heckeroth said that members of Soletrac’s team are dedicated professionals with diverse backgrounds and skills in design, manufacturing, business management, communications, sales and marketing.

“Our team comprised of hard-working, talented individuals who have logged in thousands of hours creating an efficient, simple company dedicated to making sure everything Soletrac produces brings real, long-term value and increased productivity and environmental quality to their customers,”

Heckeroth said.

He added that the company’s biggest challenge, though, is to get the word out that electric tractors are available and that their performance is equal to or better than diesel tractors.

“I took about 20 years for electric cars to take hold in society,”

Heckeroth said.

“I hope that electric tractors will be accepted more quickly.”

Another challenge is range and run time of the battery however, Solectrac solved that challenge with its patented exchangeable battery packs, which can be used to extend run time or for back-up power. Their technology allows you to swap depleted batteries for charged batteries easier and more quickly than changing an implement.

Soletrac’s other innovations include the use of linear actuators, which are more efficient and have no toxic fluids, instead of hydraulics for lifting the 3-point hitches. Their eFarmer model has 3 hitches to allow three operations in one pass thereby greatly improving efficiency. It also is designed to allow uninterrupted visibility for cultivating row crops.

Despite challenges, the Soletrac team has received national and international recognition for its designs.

The company has received large grants from the US Indian Science and Technology Fund, which resulted in the design of the eFarmer electric tractor, and the National Science Foundation (NSF).

Heckeroth said that the grants offered his team the chance to develop, test and improve the design of needed components that are key to successful commercial production.

In 2014, Solectrac was awarded a 3-year research and development grant by the India-US Science and Technology Forum (IUSSTF). With the final prototype produced, Solectrac won a second grant from the National Science Foundation (NSF) to commercialize the production of all-electric tractors.

Recently, Solectrac was a finalist at Food Funded, an Entrepreneurship and Investor Fair and received the Escorts 2019 Innovation Award.

Since 2019, Solectrac has been a California Benefit Corporation and a certified B Corp, which means that social and environmental impacts are considered and tracked in Solectrac’s decision-making process.

“As the company grows, we will be creating needed employment opportunities in assembly, sales, and administration,”

Heckeroth said.

“We have also provided education on how to farm more sustainably by showing and demonstrating electric tractors at many ag schools, conferences and expos as well as individual farms.”

He said that supporting the local community is truly one of the best ways to affect positive change.

“Over the years, I have been involved in my local community, from serving as a member of the School Board and County Planning Commission to hosting a show on renewable energy on KZYX public radio in Northern California.”

His favorite part of working in the agriculture industry and with farmers are the many opportunities to be out in nature and watching the many miracles in the interaction between soil, water, air and sun that make plants grow and animals thrive.

“We joined the Farm Bureau because we have a shared mission of producing agricultural products while innovating new, profitable and sustainable farming methods,”

Heckeroth said.

“We want to be an active participant with the groups we support and we appreciate the Farm Bureau, its goals and the work it does for its members.”

He said that his goal is to help lead the agricultural community toward energy independence by producing electric tractors charged by on site clean renewable energy.

To gain further support for this mission, Solectrac launched its equity crowd funding campaign in May.

“We hope to fund the expansion of production in our assembly center in Santa Rosa, as well as finalize our eFarmer model and start development of a 70 HP equivalent electric tractor,”

Heckeroth said.

“We are looking toward a future where small farms will be able to provide food and energy security for their local communities.”

Source: Solectrac

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