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Nuvve Corporation and Lion Electric Announce Vehicle-to-Grid (V2G) Collaboration

V2G technology leader and leading electric heavy-duty vehicle manufacturer partner to provide V2G-enabled electric school buses and trucks

SAN DIEGO, Calif. and MONTREAL, Quebec — Nuvve Corporation (Nuvve), a San Diego-based, green energy technology company and the global leader in vehicle-to-grid (V2G) technology, and The Lion Electric Co. (Lion Electric), a leading original equipment manufacturer of all-electric heavy-duty vehicles based in Saint-Jérôme (Québec, Canada), announced today their collaboration on launching vehicle-to-grid (V2G) technology as a standard feature of their zero-emission school buses.

Last week, Nuvve announced a definitive merger agreement with Newborn Acquisition Corp. (Nasdaq: NBAC) which will result in Nuvve becoming a listed public company at closing.

Lion recently launched LionA, an all-electric mini school bus, on top of an already impressive portfolio of electric vehicles (EVs) including the LionC and LionD school buses and a wide range of electric trucks. Lion shares its electric technology across its different vehicle platforms, which means that the experience and learnings from its 6 million miles of real-world operation are transferable to all of its products. With this collaboration, Lion’s buses and Nuvve’s V2G technology will be fully integrated, which will enable the batteries of Lion vehicles to dynamically store and discharge energy when plugged in and controlled by Nuvve’s software platform.

Nuvve and Lion have already partnered on key projects demonstrating the feasibility of V2G for school districts and utilities in California and New York. A joint project in White Plains, NY is currently in operation with bidirectional power flow.

“We have been designing around V2G implementation on our platforms so as to provide our customers with the most advanced technology currently available,” said Marc Bédard, CEO and Founder of Lion Electric. “Nuvve brings its cutting edge and experienced aggregation platform to complement our robust product offering, giving our customers added value in the process.”

Nuvve has over 10 years of experience in V2G projects and deployments with operations across four continents providing several levels of services. V2G enables a more efficient use of energy on the site at which the vehicles are parked by intelligently managing the loads of energy in conjunction with local buildings. Customers can save money through reduced energy costs since EVs can be charged when electricity demand is low and costs are optimized. Furthermore, Nuvve’s V2G platform offers specialized aggregation services that pool together the collective energy stored in multiple EV’s batteries to create a virtual power plant (VPP). From this VPP, energy and power may be sold on energy markets, both at the local level and at the system level, creating additional savings.

Energy storage has been identified as a key requirement to increase the amount of renewable energy integrated onto electric grids to buffer intermittent wind and solar production and contribute power to the grid at times when it is most needed. The ability to create more resilient energy grids is a cornerstone of increasingly relying on renewable sources and can stave off catastrophic energy shortages when faced with dramatic events like the ones recently witnessed in California that led to rolling blackouts.

“Lion’s modular platform approach to designing electric vehicles provides an ideal basis for integrating V2G and enabling all of their medium and heavy vehicles to serve new purposes such as providing grid services,” said Gregory Poilasne, CEO and chairman of Nuvve. “There are many use cases for vehicles like school buses, delivery fleets, and refuse trucks that are parked for many hours during the day and overnight that make their batteries ideal for what V2G can do to stabilize the grid.”

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.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

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.

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