ZeroNox announce merger with The Growth for Good Acquisition Corporation
Zero Nox Inc. , a leading provider of sustainable, off-highway vehicle electrification, today announced that it will become the first publicly listed company of its kind through a transaction with The Growth for Good Acquisition Corporation (NASDAQ: GFGD) (“Growth for Good”), a publicly traded special purpose acquisition company. Upon closing, ZeroNox’s common stock is expected to trade on the NASDAQ under the ticker symbol “ZNOX”.
Solving the Pain Points of Scalable Off-Highway Vehicle Electrification
The transportation sector is responsible for one-quarter of all global greenhouse emissions and one-third of all emissions in the United States1. Transitioning today’s fleets and fuels to zero-emission is a top priority of country governments, corporations and consumers wanting to lower their carbon footprint. However, pain points across the value chain have slowed electrification efforts. Reasons cited by manufacturers include the cost and time required to design, develop, and manufacture electric models, a lack of in-house expertise, insufficient infrastructure, and limited options for electric vehicle (“EV”) service and support.
ZeroNox’s product suite and partnership strategy – including its proprietary electric powertrain technology (“ZEPP”), partnerships with OEMs and fleet owners, and infrastructure support – provide the solution to these pain points and more.
As the preeminent electrification partner focused on the off-highway electric vehicle (“OHEV”) market, ZeroNox is at an inflection point for significant growth, unlocking the potential for off-highway electrification to reach scale. The Company’s total addressable market is estimated at ~$1.3 trillion, and spans the global agriculture2, construction3, and mining segments4, as well as the markets for forklifts5, energy storage6, and electric retrofits7 sectors. With ~75% of the off-highway vehicle sector stating that it “will or might take steps to pursue electrification,”8 there is a significant unmet need for ZeroNox’s products and services.
ZeroNox has three complementary business verticals:
- ZEPP: The ZEPP was expressly designed to offer a flexible and scalable solution, and to do so by partnering with rather than competing with, existing internal combustion engine (“ICE”) OEMs.
The LFP batteries in the ZEPP are ~30% more efficient and offer 4x the life cycle of lead-acid
peers standard in industry, and the ZEPP’s unique telematics software allows OEMs and fleets to
electrify or upgrade their equipment and vehicles as well as remotely monitor, manage and
service their off-highway vehicles. - EV Distribution: Through a network of dealership locations, ZeroNox strategically distributes its partners’ EV products into targeted, underserved areas. Today ZeroNox distributes through 50 dealerships, however recent contracts have expanded this channel to nearly 1,500 dealership locations across the United States.
- EV Infrastructure Support: To strengthen its value proposition to OEM and fleet partners,
ZeroNox provides vital infrastructure support, including renewable microgrids, charging stations, and energy storage systems to it partners.
The “Powered by ZeroNox” brand can be seen on fleets operating with customers such as Bayer,
Universal Orlando, LAX Airport, and those on Oprah’s ranch, among others. With the ZEPP, customers see significant improvements in vehicle productivity, maintenance cost savings, and better battery life.
As an example, when ZeroNox upgraded LA Airport’s Terminal Transit Vehicle (TTV) fleet, the ZEPP extended the runtime of the airport’s fleet from 3-4 hours per charge to 14 hours per charge.
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