Tom York on Business: Cleantech Startup Nuvve Goes Public in Unusual Merger - Times of San Diego

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Nuvvee vehicle-to-grid installation
A Nuvve vehicle-to-grid installation in Denmark. Courtesy of the company

Another success story emerges from San Diego’s cleantech sector. Clean energy startup Nuvve Corp. has developed a technology that allows utilities to store vast amounts of electricity in widely distributed electric vehicle batteries.

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This “vehicle to grid,” or V2G, technology helps utilities strike a balance between when the power they make is available and when their customers need it. The process works particularly well with those business that possess large EV fleets such as school buses, city buses and delivery vans. Nuvve has customers in Denmark, France, Portugal, Spain and the UK, to name a few locations around the globe.

Wall Street recently gave a nod of approval with a big announcement. Nuvve stands to receive more than $70 million in a merger agreement with Newborn Acquisition Corp., a special purpose acquisition company, or SPAC. More than 10 million shares priced at around $10 a share will be available to investors as a result of the merger.

The combined entity will be named Nuvve Holding Corp. and will be listed on the Nasdaq under the ticker symbol “NVVE.” CEO Gregory Poilasne, who will continue at the helm, said in a news release that he expects the global V2G technology market to be worth over $17 billion by 2027. He said Nuvve will be at the forefront of this rapidly expanding global market.

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The Governor’s Office of Emergency Services said that Bank of America’s recent donation of 1 million medical-grade masks will be distributed to farm workers in San Diego and Imperial counties as well as Fresno, Ventura and Santa Barbara counties. This donation is in addition the 192,000 masks that we reported here recently donated by the Bank in San Diego. Those masked were given to San Diego City Hall, Operation Shelter to Home at the Convention Center and a number of local nonprofit organizations. The California OES says it has partnered with businesses and organizations to distribute additional supplies of personal protective equipment or PPE to the state’s essential workers. Businesses wishing to donate PPE can contact the Cal OES here. BofA executive Thong Nguyen said the donation decision reflects the fact that “our agriculture workers … have been disproportionately impacted by the coronavirus.”

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San Diego financial advisor Kalyn Maher Walker was recently named to Working Mother magazine’s list of the Top Wealth Manager Moms. Walker, who has worked at wealth management provider UBS since 2014, has more than a decade of experience in financial services. She said she started her career working with her father when she was just out of college. He too was a financial advisor.

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Beer and wine, and now mead. San Diego-based beverage maker Lost Cause Meadery takes home five medals at this year’s Mazer Cup International Competition. Earlier this year, Lost Cause opened a second tasting room and production site in Bay Park. The 3,200-square-foot space is located next to Deft Brewing. The two beverage makers took advantage of a new California law allowing breweries and wineries (Lost Cause is licensed as a winery) to share tasting facilities. The site includes a garden patio that allows patrons to sample products outside, according to the owners. Mead is a fermented beverage made from honey, and the manufacturing process predates the production of most other alcoholic beverages.

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Navy Federal Credit Union with Operation Homefront have released a Best Cities After Service list, a ranking of regional areas for retiring military members. San Diego comes in at No. 6, with Charleston, South Carolina, No. 1. More than 250,000 personnel transition out of the service each year, according the credit union. The transition—which includes everything from deciding where to live, finding a suitable residence and employment as a civilian—is not that simple, especially during the rigors of the pandemic. The Virginia-based credit union has branches here in the region. Why was San Diego a bit lower on the list? “In light of the COVID-19 pandemic, many civilian jobs have gone remote, so there’s little incentive to live in a costly major urban hub,” said a Navy Federal release. “Transitioning military are looking for a strong community of veterans to socialize with, building new connections and communities amidst the pandemic.”

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The San Diego County Gun Owners PAC, a nonprofit, political action group involved in Second Amendment issues, is hosting an online auction through Nov. 20. The items to be auctioned were donated for the group’s 2020 Second Amendment Celebration Dinner, which was cancelled due to the Covid-19 pandemic. Proceeds will benefit its advocacy program to support elected officials in favor of Second Amendment rights. In addition to gun-related items, a variety of sports, music and movie memorabilia will be auctioned, including a Lebron James autographed jersey, a Shaquille O’Neal autographed Reebok shoe (size 22) and quarterback Patrick Mahomes’ autographed helmet, as well as a Tom Petty autographed guitar, Rolling Stones tour poster and autographed movie posters. The auction is open to the public. Click here for details.

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Finally, this additional bit of upbeat news. Felena Hanson, founder and operator of women’s co-workspace provider and business accelerator Hera Hub, checks in to say that she’s still up and running despite the impact of the pandemic. Hera Hub currently has 300 members involved at three, 4,000-square-foot sites in Carlsbad, Mission Valley and Sorrento Valley. Hanson notes that the pandemic has led to the closure or temporary shutdown of competing co-workspaces, but her business is expanding. The 9-year-old entity continues to grow through a collaborative licensing model, with other locations sprouting up all over the United States. One of Hanson’s best known success stories is Cindy J. Lin, CEO and co-founder of heysocialgood.com, which ranks (with the assistance of AI) social impact companies, while helping consumers better understand their purchasing power.

Tom YorkTom York is a Carlsbad-based independent journalist who specializes in writing about business and the economy. If you have news tips you’d like to share, send them to tom.york@gmail.com.

Tom York on Business: Cleantech Startup Nuvve Goes Public in Unusual Merger was last modified: November 17th, 2020 by Editor
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