U.S.-based bidirectional charging technology developer Fermata Energy has laid off most of its staff and is engaged in preliminary acquisition discussions with rival firm Nuvve (NVVE.O), according to a source cited by Axios.
The talks reportedly center around Fermata’s software and intellectual property, as the company faces mounting financial difficulties. “They’re focused on the core IPs. Fermata clearly wasn’t going to sell its way out of this moment. So it trimmed the sails and they’re doing more of an IP-based merger,” the source told Axios.
Nuvve, which also specializes in vehicle-to-grid (V2G) technology, has confirmed it is in discussions with several firms but stopped short of confirming any imminent deal with Fermata. “We do not currently have any deal with Fermata,” said Nuvve CEO Gregory Poilasne. “We are in talks with a number of companies that are in various stages of development. But we can’t comment on any discussions we are having with these potential companies until they are finalized.”
Fermata Energy did not immediately respond to a request for comment. The company was previously in the spotlight when Nissan USA approved its bidirectional charger for use with the Nissan Leaf in mid-2023. Earlier that year, Fermata also announced participation in a V2G project in California.
Source: Axios