Nuvve uses merger to enter the US stock market
The Californian Vehicle-to-Grid (V2G) specialist Nuvve has announced its intention to go public through a merger with the investment company Newborn Acquisition. After completion of the merger, the joint venture Nuvve Holding is expected to be listed on the US Nasdaq stock exchange under the ticker symbol “NVVE”.
Nuvve is based in San Diego, California, but is also involved in a number of V2G projects in Europe. The merging companies estimate the value of the transaction at $102 million, resulting from the issuance of 10.17 million shares of ten dollars each. The Californian company says that the move to the stock exchange values the company at around 132 million US dollars and will bring Nuvve Holding net cash of around 70 million dollars.
Nuvve has developed a V2G solution that allows batteries from electric vehicles to be interconnected to form a virtual power plant and thus to absorb or release energy from the grid as needed. The company monetised this system, meaning that customers have the opportunity to be paid for this service. According to Nuvve, the most established commercial operation of such a power plant has been realised in Denmark. There the company has been offering V2G services with daily tenders on the energy markets for more than four years.
The company is also strongly oriented towards Europe in other ways. In 2019, Nuvve founded the joint venture DREEV with the French utility EDF, with an explicit focus on V2G. One of the tasks of the joint venture is to build several hundred terminals on behalf of the energy group EDF. First and foremost on its main European markets, which are France, Belgium, Italy and Great Britain. For this purpose, DREEV is using Nuvves, the smart V2G technology described above.
Since the end of October 2018, EDF and Nuvve have also been cooperating to install up to 1,500 V2G charging stations in the UK for EDF’s business customers. Nuvve is not the first project of its kind in the UK. As part of the e4Futures project, the Californian company and several other partners are installing a total of 1,000 V2G charging points on the island.