SAN DIEGO, Dec. 10, 2020 /PRNewswire/ -- Nuvve
Corporation, a San Diego-based,
green energy technology company and a leader in vehicle-to-grid
(V2G) technology, has begun using the batteries on five electric
school buses (e-buses) to provide power to Con Edison's grid,
marking the first time in New York
State history that electricity has flowed from buses into a
utility's grid.
The e-buses are from Lion Electric, a North American leader in
heavy-duty zero emission transportation with which Nuvve recently
announced a collaboration to provide V2G-enabled school buses. By
day, these e-buses carry students to schools in the White Plains area, displacing their
diesel-powered counterparts. E-buses have shown to provide a
cleaner ride for kids and, with lower CO2 emissions, can help
better the air quality in the Westchester
County community.
The project began in 2018 as a partnership among Lion, Nuvve,
White Plains School District,
National Express and First Priority Group with 5 electric school
buses. The charging and discharging takes place at a depot in
North White Plains. When plugged
in, Nuvve's V2G platform determines the optimal time to charge
according to when rates are lowest. On nights and weekends, when
the buses are parked and not in use, the system reverses the flow
of power – 10 kilowatts from each bus - into the grid.
The goal of the project is to explore the technological and
economic potential of using e-buses on a wider scale to improve air
quality and grid reliability. There are approximately 1,000 school
buses operating in Westchester and
8,000 in New York City that could
make a significant difference to the environment if converted to
electric with V2G capability.
"We think electric school buses may provide an opportunity to
achieve two of our company's goals: reducing carbon emissions and
maintaining our industry-leading reliability" said Brian Ross, Con Edison's manager for the
project. "We are innovating to help our state and region achieve a
clean energy future in which electric vehicles will have a big
role."
The White Plains school
district put the buses on the road for the 2018-2019 school year
and has found them to be a reliable source of transportation to
date. Nuvve's V2G software platform ensures that the energy
delivered to the buses is prioritized to perform their daily
driving routes while still delivering grid services when
needed.
The upfront cost of e-buses is higher than traditional diesel
ones. However, V2G enables the e-buses to discharge energy back to
the grid and perform grid services, both of which can result in
shared revenue and can help lower the total cost of ownership.
These savings help make e-buses more attractive to school
districts, the communities they serve, and the bus operators that
provide the service.
"Our V2G software platform is designed to deliver grid services
such as those to Con Edison from electric school buses", said
Gregory Poilasne, chairman and CEO of Nuvve Corporation. "The
electric buses provide a cleaner environment for communities and
help lower CO2 emissions while ensuring that driving energy needs
are met every day."
School schedules match up well with the power needs of Con
Edison's 3.5 million customers. School buses are generally idle
during the summer, which is when utility customers' need for power
rises due to an increased use of air conditioning. Discharging
power from a sufficient number of electric buses into the grid at
these times of high demand would take stress off Con Edison
electric-distribution equipment and increase grid resilience.
Nuvve is building alliances with both utilities and school bus
manufacturers to enable a national roll out of V2G-enabled school
buses, which Nuvve believes will eventually replace diesel buses at
a competitive cost. Nuvve's proprietary energy aggregator platform,
called GIVe™, has been used around the world to transform electric
vehicles into distributed energy resources (DERs) that can be
controlled to deliver specific energy services to the grid.
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 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 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