Benzinga | Dec 14, 2020 03:35PM EST

Lion Electric, Nuvve Complete Vehicle-To-Grid Deployment

Two companies going public via SPAC are using electric school buses in a test of vehicle to grid deployments for one of the largest utility companies in the U.S.

What Happened: Lion Electric, set to merge with SPAC Northern Genesis Acquisition Corp (NYSE:NGA), announced its electric school bus achieved vehicle to grid deployment with Consolidated Edison Inc (NYSE:ED).

Related Link: Lion Electric To Go Public In SPAC Merger

Why It's Important: The vehicle to grid technology takes electricity generated from electric buses and supplies it back to Con Edison's utility customers.

The company behind the vehicle to grid technology is Nuvve, which is set to go public via SPAC Newborn Acquisition Corp (NASDAQ:NBAC).

This is significant as it could prove to be another way for school districts to save costs by not only switching to electric buses but also selling stored energy to utility partners.

All of Lion Electric's buses and heavy-duty vehicles are equipped with V2G technology.

Price Action: Shares of Northern Genesis trade around $15.24. Shares of Newborn Acquisition are down 4.5% to $14.47.

Disclosure: The author has a long position in shares of NGA.