SAN DIEGO, Dec. 16, 2020 /PRNewswire/ -- Nuvve
Corporation, a San Diego-based,
green energy technology company and a leader in vehicle-to-grid
(V2G) technology, and IoTecha Corp., an industry leader in electric
vehicle (EV) smart charging technology, are joining forces to
deploy and commercialize a bidirectional charging solution for
electric vehicles with the Combined Charging Standard (CCS) plugs
supporting the ISO/IEC15118 protocol. This approach allows
automotive OEMs using the CCS plug for their vehicles to enable
bidirectional energy flow on their vehicles when coupled with
IoTecha and Nuvve technology. Future versions of the standard will
be supported by over-the-air software updates.
The new V2G solution will allow EVs to perform bidirectional
charging services while using state of the art, secure,
cloud-to-cloud integrations. Using IoTecha's robust ISO/IEC 15118
technology, which has already been deployed in thousands of
chargers and has been successfully interoperability tested with
most EV brands, users will benefit from an easy-to-use plug and
play system. For electric utilities, the solution uses the
industry's most stringent requirements ensuring precision metering
and fast dispatch of services with high granularity. Finally, the
communication protocol will ensure EV battery protection thanks to
Nuvve's GIVe™ V2G platform using advanced battery information data
from the vehicle.
"The technology integration with IoTecha will enable a highly
scalable implementation for V2G that can be used with multiple
hardware providers and OEMs," says Gregory Poilasne, CEO and
chairman of Nuvve Corporation. "This is what is going to allow us
to have standard supported products that can be securely connected
and controlled."
"Our IoT.ON™ platform, which includes our cloud and Combined
Charging System on Module (CCSoM) controller modules, enables V2G
implementation and allows us to take the CCS standard to the next
level by integrating with Nuvve's software platform," says
Oleg Logvinov, President and CEO of
IoTecha. "Growing the ecosystem in a standards-based and secure way
is what IoTecha is all about. Bidirectional functionality is a
much-needed feature for EV sales growth."
One of the first implementations of this integration will
benefit electric school buses. It's becoming more widely known that
electric buses create a cleaner environment for kids to travel to
school. But an additional benefit with V2G is that the overall cost
of electric buses to school districts can be lowered because the
buses can offset costs when parked by providing grid and building
services. With their large batteries and powerful chargers combined
with the standard CCS-1 plug, electric school buses will be able to
deliver a variety of services, from energy market participation to
building energy optimization and resiliency services.
Nuvve announced recently a definitive merger agreement with
Newborn Acquisition Corp. (Nasdaq: NBAC), which will result in
Nuvve becoming a listed public company at closing.
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 our 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 IoTecha
IoTecha is accelerating the Electric
Vehicle revolution by providing an integrated Platform called
IoT.ON™ – consisting of software, hardware and Cloud components -
for the Smart Charging infrastructure and ultimately enabling the
integration of tens of millions of Electric Vehicles with the Power
Grid. IoTecha customers are prominent global manufacturers of both
Electric Vehicles and EV charging stations. IoTecha products
include V2G and HomePlug Protocol Analyzer, Combined Charging
System on Module (and custom modules), EV charging stations and
IoT.ON™ Cloud-based services.
http://www.iotecha.com
IoTecha Press Contact:
Brenda
Mancuso
brenda@iotecha.com
+1 908 300 5178
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