Newborn Acquisition Corp. (NASDAQ:NBAC) fell in Friday trading after jumping over 86% on Wednesday. Vehicle-to-grid charging company Nuvve is going public through a merger with Newborn.
Nuvve — a leader in vehicle-to-grid (V2G) technology — and Newborn. with approximately $57.5 million of cash in trust have announced the signing of a definitive merger agreement to take Nuvve public.
These companies also announced the signing of definitive purchase agreements with institutional investors for the investment of approximately $18 million in the combined company through a PIPE and bridge financing.
Once the deal is closed, the combined company will be named Nuvve Holding Corp. and is expected to remain listed on NASDAQ under the ticker symbol “NVVE.”
Nuvve’s proprietary V2G technology is enabling it to link multiple electric vehicle (EV) batteries into a virtual power plant (VPP) to provide bi-directional services to the electrical grid in a qualified and secure manner. And the VPP can generate revenue by selling excess power to utility companies or utilizing the saved power to reduce building energy peak consumption.
Nuvve holds a global portfolio of key V2G technology patents covering bi-directional capabilities and grid services with aggregated electric vehicles and has continued to build on its intellectual property portfolio by advancing V2G technology with commercial EV fleet deployments with both light-duty and heavy-duty vehicles.
And Nuvve’s most established commercial operation is in Denmark where it has provided V2G services for more than four years with daily bidding on energy markets.
NBAC shares lost $4.72, or 21.2%, to $17.55.