Nuvve Corporation and Newborn Acquisition Corp. Close Business Combination
Summary
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"). 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. In connection with the business combination and related private placement, Nuvve received approximately $62 million in cash proceeds. Its mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. 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.