EVWire brief: Nuvve has acquired substantially all of the net assets of Fermata Energy, the fellow US-based V2X charging developer, through its newly formed subsidiary Fermata Energy 2.0. Fermata Energy was reported as being in trouble earlier last month, and had already reportedly laid off most of its staff. The total purchase price is approximately $659,000, consisting of approximately $340,000 in cash and the remainder in assumed liabilities.
Nuvve was able to expand its IP, revenue, and market reach with a strategic assets acquisition:
"By acquiring Fermataโs assets, weโre creating the leading platform to fully realize V2Gโs potential. Together, we accelerate the energy transition by making EVs integral to energy security and grid resiliency."
Nuvve intends to raise additional capital to support future operational funding needs by offering up to 25% equity in Fermata 2.0.
Nuvve says that several key members of the Fermata team will join Fermata 2.0, bringing deep expertise in V2G integration, software development, OEM and utility engagement, regulatory strategy, business operations, and business development.
The companies will continue to support and expand existing customer and partner relationships on both sides, ensuring that long-standing collaborations with utilities, OEMs, and fleet operators are preserved and enhanced through this integration.
In case you missed it โ Nuvve, in the end of April, announced founding a new subsidiary called Nuvve-DigitalAssets to โbuild a diversified cryptocurrency portfolio designed to generate long-term growth and maximize shareholder value.โ As part of this initiative, Nuvve has announced an initial participation in Bitcoin through ETF based on cash surplus and is now actively pursuing additional opportunities in cryptocurrencies, blockchain platforms, and fintech mergers and acquisitions. Yes, Iโm as surprised you are on this one.
Source: Nuvve investor relations.
DIG DEEPER: Find all our latest news on the Charging industry in our โก CHARGINGWIRE page.
