Nuvve Corporation, a US-based vehicle charging technology provider backed by energy utility EDF and carmaker Toyota, has agreed a reverse merger with Nasdaq-listed special purpose acquisition company Newborn Acquisition Corp.
The deal will value the combined business at $202m and will be backed by $4m bridge financing and $14m in private investment in public equity (PIPE) financing from undisclosed investors.
Founded in 2010, Nuvve has developed vehicle-to-grid (V2G) technology that integrates renewable sources of energy such as wind or solar power into electric vehicle charging infrastructure.
The company raised an undisclosed amount of series A funding from EDF subsidiary EDF Renewable Energy and Toyota Tsusho, the trading arm of automotive manufacturer Toyota, in 2017. It also runs a joint venture with EDF in Europe dubbed Dreev.
Newborn Acquisition Corp floated on the Nasdaq Capital Market in a $50m initial public offering in February this year. The deal will involve 600,000 shares held by ‘legacy shareholders’ being retired at a price of $10.00 per share.
Nuvve’s chairman and CEO, Gregory Poilasne, said: “Since our founding in 2010, Nuvve has successfully delivered its patented and proprietary vehicle-to-grid technology and services to fleet customers, grid operators, electric utilities and other stakeholders around the world.
“We have likewise partnered and integrated with multiple automotive manufacturers and electric utilities worldwide to enable adoption of V2G technology.
“To date, Nuvve is the only company in the world qualified with several system operators to commercially provide V2G grid flexibility services to electric utilities and system operators from batteries of electric vehicles.”
