SAN DIEGO, March 22, 2021 /PRNewswire/ -- Nuvve Holding
Corp. ("Nuvve") (Nasdaq: NVVE), a global technology leader
accelerating the electrification of transportation through its
proprietary vehicle-to-grid V2G platform, and Newborn Acquisition
Corp. ("Newborn") (Nasdaq: NBAC), a publicly traded special purpose
acquisition company, today announced that the two companies have
completed their business combination (the "Business Combination").
The Business Combination was approved by Newborn shareholders on
March 17, 2021 (Hong Kong time).
Nuvve has been approved for listing on the Nasdaq Capital Market
and expects to begin trading under the new symbols on Tuesday, March 23, 2021. Newborn securities will
continue to trade today, Monday, March
22, 2021. When they begin trading tomorrow, shares of
common stock and warrants of the new combined company will be
traded under the ticker symbol "NVVE" and "NVVEW,"
respectively.
In connection with the business combination and related private
placement, Nuvve received approximately $62
million in cash proceeds. The funds are expected to be used
by Nuvve to further develop its offerings by combining its
turnkey V2G solutions with finance packages to customers, including
equipment financing, V2G services, infrastructure and maintenance
operations. Independent industry analysts have projected the global
V2G technology market to be worth over $17
billion by 2027.
Gregory Poilasne, the chairman and Chief Executive Officer of
Nuvve, commented, "Today is an exciting day in the history of Nuvve
as we will officially begin trading on the Nasdaq tomorrow. The
rapid adoption of electric vehicles is driving a need for the
industry to look at innovative solutions to address the demands
that will be placed on the grid. Nuvve's proprietary
vehicle-to-grid (V2G) technology solves these future challenges by
enabling electric vehicle batteries to store and discharge energy,
integrate renewable energy sources such as solar and wind, combine
energy from multiple electric vehicle batteries to form a virtual
power plant (VPP), and provide bidirectional services to the
electrical grid in a qualified and secure manner. With a global
portfolio of key V2G technology patents covering bidirectional
capabilities and grid services with aggregated electric vehicles, I
believe we are ideally positioned to help usher in the electric
vehicle revolution and be the leading solutions provider for years
to come."
Nuvve's management team will continue to be led by Mr. Poilasne
and Ted Smith, Nuvve's President and
Chief Operating Officer, along with David
Robson who joined as Chief Financial Officer in December 2020.
Advisors
Craig-Hallum Capital Group acted as sole placement agent and
M&A advisor on the transactions. Roth Capital Partners acted as
capital markets advisor to Newborn. Loeb & Loeb LLP acted as
legal counsel to Newborn. Graubard Miller acted as legal counsel to
Nuvve.
About Nuvve Holding Corp.
Nuvve (NASDAQ: NVVE) is accelerating the electrification of
transportation through its proprietary vehicle-to-grid (V2G)
technology. Its mission is to lower the cost of electric vehicle
ownership while supporting the integration of renewable energy
sources, including solar and wind. Nuvve's Grid Integrated Vehicle,
GIVe™, platform is refueling the next generation of electric
vehicle fleets through intelligent, bidirectional charging
solutions. Since its founding in 2010, Nuvve has launched
successful V2G projects on five continents and is deploying
commercial services worldwide by developing partnerships with
utilities, automakers, and electric vehicle fleets. Nuvve is
headquartered in San Diego,
California, and can be found online at www.nuvve.com.
Nuvve Press Contact
Marc Trahand, EVP Marketing
marc@nuvve.com
+1 858 250 9740
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
nuvve@lythampartners.com
+1 602 889 9700
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 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, Nuvve cautions you that the forward-looking
statements contained in this press release are subject to the
following factors: (i) the outcome of any legal proceedings that
may be instituted against Newborn or Nuvve following the business
combination; (ii) the risk that the business combination disrupts
Nuvve's current plans and operations; (iii) 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; (iv) costs related to the business
combination; (v) risks related to the rollout of Nuvve's business
and the timing of expected business milestones; (vi) Nuvve's
dependence on widespread acceptance and adoption of electric
vehicles and increased installation of charging stations; (vii)
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; (viii) Nuvve's current dependence on
sales of charging stations for most of its revenues; (ix) 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; (x) 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; (xi) the effects of competition on Nuvve's
future business; (xii) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (xiii) changes in applicable
laws or regulations; (xiv) the COVID-19 pandemic and its effect
directly on Nuvve and the economy generally; (xv) risks related to
disruption of management time from ongoing business operations due
to the proposed business combination; (xvi) risks relating
to privacy and data protection laws, privacy or data breaches,
or the loss of data; and (xvii) 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
proxy statement/prospectus filed by Newborn and Nuvve Holding with
the SEC and in the other reports that Newborn has filed and that
Nuvve Holding will file from time to time with the SEC, including
Newborn's Annual Report on Form 10-K for the fiscal year ended
December 31, 2020. Newborn's and
Nuvve Holding's SEC filings are available publicly on the SEC's
website at www.sec.gov.
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SOURCE Nuvve Corporation