SAN DIEGO and MONTREAL, QC, Nov. 19,
2020 /PRNewswire/ -- Nuvve Corporation (Nuvve), a
San Diego-based, green energy
technology company and the global leader in vehicle-to-grid (V2G)
technology, and The Lion Electric Co. (Lion Electric), a leading
original equipment manufacturer of all-electric heavy-duty vehicles
based in Saint-Jérôme (Québec, Canada), announced today their collaboration
on launching vehicle-to-grid (V2G) technology as a standard feature
of their zero-emission school buses. Last week, Nuvve announced a
definitive merger agreement with Newborn Acquisition Corp. (Nasdaq:
NBAC) which will result in Nuvve becoming a listed public company
at closing.
Lion recently launched LionA, an all-electric mini school bus,
on top of an already impressive portfolio of electric vehicles
(EVs) including the LionC and LionD school buses and a wide range
of electric trucks. Lion shares its electric technology across its
different vehicle platforms, which means that the experience and
learnings from its 6 million miles of real-world operation are
transferable to all of its products. With this collaboration,
Lion's buses and Nuvve's V2G technology will be fully integrated,
which will enable the batteries of Lion vehicles to dynamically
store and discharge energy when plugged in and controlled by
Nuvve's software platform.
Nuvve and Lion have already partnered on key projects
demonstrating the feasibility of V2G for school districts and
utilities in California and
New York. A joint project in
White Plains, NY is currently in
operation with bidirectional power flow.
"We have been designing around V2G implementation on our
platforms so as to provide our customers with the most advanced
technology currently available," said Marc Bédard, CEO and Founder
of Lion Electric. "Nuvve brings its cutting edge and experienced
aggregation platform to complement our robust product offering,
giving our customers added value in the process."
Nuvve has over 10 years of experience in V2G projects and
deployments with operations across four continents providing
several levels of services. V2G enables a more efficient use of
energy on the site at which the vehicles are parked by
intelligently managing the loads of energy in conjunction with
local buildings. Customers can save money through reduced energy
costs since EVs can be charged when electricity demand is low and
costs are optimized. Furthermore, Nuvve's V2G platform offers
specialized aggregation services that pool together the collective
energy stored in multiple EV's batteries to create a virtual power
plant (VPP). From this VPP, energy and power may be sold on energy
markets, both at the local level and at the system level, creating
additional savings.
Energy storage has been identified as a key requirement to
increase the amount of renewable energy integrated onto electric
grids to buffer intermittent wind and solar production and
contribute power to the grid at times when it is most needed. The
ability to create more resilient energy grids is a cornerstone of
increasingly relying on renewable sources and can stave off
catastrophic energy shortages when faced with dramatic events like
the ones recently witnessed in California that led to rolling blackouts.
"Lion's modular platform approach to designing electric vehicles
provides an ideal basis for integrating V2G and enabling all of
their medium and heavy vehicles to serve new purposes such as
providing grid services," said Gregory Poilasne, CEO and chairman
of Nuvve. "There are many use cases for vehicles like school buses,
delivery fleets, and refuse trucks that are parked for many hours
during the day and overnight that make their batteries ideal for
what V2G can do to stabilize the grid."
About Nuvve Corporation
Nuvve Corporation is a San
Diego-based green energy technology company whose mission is
to lower the cost of electric vehicle ownership while supporting
the integration of renewable energy sources, including solar and
wind. Our proprietary vehicle-to-grid (V2G) technology – Nuvve's
Grid Integrated Vehicle (GIVe™) platform – is refueling the next
generation of electric vehicle fleets through cutting-edge,
bidirectional charging solutions. Since its founding in 2010, Nuvve
has been responsible for successful V2G projects on five continents
and is deploying commercial services worldwide. For more
information please visit www.nuvve.com or follow us
on LinkedIn and Twitter.
Nuvve Press Contact
Marc Trahand, EVP Marketing
marc@nuvve.com
+1 858 250 9740
Nuvve Investor Contact
Lytham Partners
Robert Blum
nuvve@lythampartners.com
+1 602 889 9700
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission
vehicles. The company creates, designs and manufactures
all-electric class 5 to class 8 commercial urban trucks and
all-electric buses and minibuses for the school, paratransit and
mass transit segments. Lion is a North American leader in electric
transportation and designs, builds and assembles all its vehicles'
components, including chassis, battery packs, truck cabins and bus
bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life.
Lion Electric, The Bright Move
Lion Electric Press Contact:
Patrick Gervais, Vice President
Marketing and Communications
Patrick.gervais@thelionelectric.com
514-992-1060
About Newborn Acquisition Corp.
Newborn Acquisition Corp. is a blank check company, holding
approximately $57.5 million in its
trust account, formed for the purpose of effecting a merger, share
exchange, asset acquisition, share purchase, reorganization or
similar business combination with one or more businesses.
Important Information and Where to Find it
In connection with the proposed business combination, Nuvve
Holdings, as the successor to Newborn, will file a registration
statement on Form S-4 (the "Form S-4") with the SEC. The Form S-4
will include a preliminary proxy statement/prospectus of Newborn
and Nuvve Holdings, which Newborn will file with the SEC as a proxy
statement on Schedule 14A, for the solicitation of proxies from
Newborn's shareholders and for the offering of Nuvve Holdings'
securities to the security holders of Newborn and Nuvve in the
business combination. Additionally, Newborn and Nuvve Holdings will
file other relevant materials with the SEC in connection with the
business combination. Copies may be obtained free of charge at the
SEC's web site at www.sec.gov. The definitive proxy
statement/prospectus will be mailed to Newborn shareholders as of a
record date to be established for voting on the proposed business
combination. Investors and security holders of Newborn are urged to
read the proxy statement/prospectus and the other relevant
materials when they become available before making any voting
decision with respect to the proposed business combination because
they will contain important information about the business
combination and the parties to the business combination. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Newborn and its directors and officers may be deemed
participants in the solicitation of proxies of Newborn's
shareholders in connection with the proposed business combination.
Nuvve and its officers and directors may also be deemed
participants in such solicitation. Security holders may obtain more
detailed information regarding the names, affiliations and
interests of certain of Newborn's executive officers and directors
in the solicitation by reading Newborn's Annual Report on Form 10-K
for the fiscal year ended December 31,
2019, and the proxy statement/prospectus and other relevant
materials filed with the SEC in connection with the business
combination when they become available. Information concerning the
interests of Newborn's participants in the solicitation, which may,
in some cases, be different than those of their stockholders
generally, will be set forth in the proxy statement/prospectus
relating to the business combination when it becomes available.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or constitute a
solicitation of any vote or approval.
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this presentation, regarding
the proposed business combination between Newborn and Nuvve and
Nuvve's strategy, future operations, estimated and projected
financial performance, prospects, plans and objectives are
forward-looking statements. When used in this press release, the
words "could," "should," "will," "may," "believe," "anticipate,"
"intend," "estimate," "expect," "project," the negative of such
terms and other similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These forward-looking
statements are based on management's current expectations and
assumptions about future events and are based on currently
available information as to the outcome and timing of future
events. Except as otherwise required by applicable law, Newborn and
Nuvve disclaim any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Newborn and Nuvve caution you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of either Newborn or Nuvve. In
addition, Newborn cautions you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the occurrence of any event, change or other
circumstances that could delay the business combination or give
rise to the termination of the agreements related thereto; (ii) the
outcome of any legal proceedings that may be instituted against
Newborn or Nuvve following announcement of the transactions; (iii)
the inability to complete the business combination due to the
failure to obtain approval of the shareholders of Newborn, or other
conditions to closing in the merger agreement; (iv) the risk that
the proposed business combination disrupts Nuvve's current plans
and operations as a result of the announcement of the transactions;
(v) Nuvve's ability to realize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition and the ability of Nuvve to grow and manage growth
profitably following the business combination; (vi) costs related
to the business combination; (vii) risks related to the rollout of
Nuvve's business and the timing of expected business milestones;
(viii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(ix) Nuvve's ability to maintain effective internal controls over
financial reporting, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (x) Nuvve's current dependence on sales
of charging stations for most of its revenues; (xi) overall demand
for electric vehicle charging and the potential for reduced demand
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of electric vehicles or decrease the use of
vehicles powered by fossil fuels, either directly or indirectly
through mandated limits on carbon emissions, are reduced, modified
or eliminated; (xii) potential adverse effects on Nuvve's revenue
and gross margins if customers increasingly claim clean energy
credits and, as a result, they are no longer available to be
claimed by Nuvve; (xiii) the effects of competition on Nuvve's
future business; (xiv) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (xv) changes in applicable laws
or regulations; (xvi) the COVID-19 pandemic and its effect directly
on Nuvve and the economy generally; (xvii) risks related to
disruption of management time from ongoing business operations due
to the proposed business combination; (xvii) risks relating
to privacy and data protection laws, privacy or data breaches,
or the loss of data; and (xix) the possibility that Nuvve may be
adversely affected by other economic, business, and/or competitive
factors. Should one or more of the risks or uncertainties described
in this press release materialize or should underlying assumptions
prove incorrect, actual results and plans could differ materially
from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
reports that Newborn has filed and will file from time to time with
the SEC, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2019.
Newborn's SEC filings are available publicly on the SEC's website
at www.sec.gov.
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SOURCE Nuvve Corporation