VIA Motors will be purchased by Ideanomics, a fintech startup, for about $630 million.

Ideanomics Inc, a financial technology business, announced on Monday that it will acquire VIA Motors International Inc, an electric commercial vehicle startup, in an all-stock deal valued at $630 million.

After China, Europe, and other countries and regions legislated lower carbon emissions, various automakers are striving to produce electric vehicles. The firms said in a joint statement that Ideanomics will offer VIA Motors International stockholders 162 million shares, with the latter projected to own around 25% of the combined entity.

“Ideanomics is separately issuing $50 million of the secured convertible note to VIA Motors to fund its growth, and that will be subject to purchase price adjustment,” they said.

According to the announcement, Utah-based VIA Motors is eligible for an earnout payment of up to $180 million, which would be paid in Ideanomics stock.

VIA Motors’ Chief Executive Officer Bob Purcell will keep his job, and the company will function as a separate business unit reporting to Ideanomics’ CEO Alf Poor. Ideanomics is a fintech firm based in New York City, and it’s Mobile Energy Global unit assists commercial fleet operators in procuring electric vehicles. In the last 12 months, a slew of fast-growing electric vehicle startups has taken advantage of the capital market boom, either through initial public offerings or mergers with special purpose acquisition companies, the most recent being Inc-backed Rivian, which filed to go public last week.