Zero Nox, a leading provider of sustainable, off-highway vehicle electrification and The Growth for Good Acquisition Corporation (“Growth for Good”), a publicly traded special purpose acquisition company, announced on August 18, 2023 an all equity Private Investment in Public Equity (“PIPE”) investment for $5 million at $10.00 per share.
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Investors in the PIPE include Kubota Corporation, Premier Trailer, and Formula-E racing team NIO 333. Today’s announcement builds off ZeroNox’s electrification projects with its customers and advances its mission to revolutionize the off-highway vehicle market with innovative, emission-free solutions.
In connection with the PIPE financing and related agreements, Growth for Good has postponed the extraordinary general meeting of shareholders originally scheduled for August 23, 2023 to 10:00 a.m. Eastern Time on August 28, 2023. Growth for Good announced this postponement on August 18, 2023 and complete details are available at the link here.
Vonn Christenson, Co-founder and Chief Executive officer, said, “We are excited to welcome Kubota and Formula-E’s NIO 333 racing to our shareholder base alongside the increased commitment from Premier Trailer. Ear-marked for joint projects, these funds will accelerate our long-term partnerships, while bolstering our first mover advantage. Our ZEPP delivers best-in-class battery and motor performance, intelligence, and charging capability, and our expertise allows us to design to the duty cycle of each of our partners’ needs efficiently and economically, solving problems that are new to many OEMs and fleets.”
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Yana Watson Kakar, CEO and Director of Growth for Good, said, “Today’s announcement speaks to the deep technological advantages of ZeroNox’s proprietary platform and the resounding confidence of these strategic investors in the company. The commitments announced today further validate our investment thesis and the potential of the Company to transform and lead the off-highway vehicle market. With its existing signed OEM and fleet contracts, low CapEx and cash requirements, and asset-light business, ZeroNox is best-positioned to serve this large and relatively untapped off-highway electric vehicle market, while bringing its sustainability-focused solutions around the world.”
As previously announced, Growth for Good signed a definitive business combination agreement with ZeroNox. Completion of the transaction is subject to approval by Growth for Good’s shareholders and other customary closing conditions.
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