Helbiz, a global leader in micro-mobility that is the business combination target of GreenVision Acquisition Corp. (Nasdaq: GRNV), has signed a Memorandum of Understanding with Italy’s first digital insurance brokerage group, YOLO Group. If completed, the partnership would enable Helbiz users to purchase accident insurance for shared vehicles for the duration of the rental on the Helbiz mobile app.
YOLO Group is a digital insurance broker that enables on-demand and pay-per-use underwriting of products from leading national and international insurance groups. Initially, YOLO intends to work with Helbiz to integrate protection solutions within Helbiz’s mobile sharing platform. Ultimately, the two companies will work together to distribute insurance solutions beyond the rental of individual rides through Helbiz’s digital properties. Offerings are expected to include on-demand insurance solutions dedicated to a variety of non-Helbiz related businesses, which will be part of a larger annual accident policy with liability and personal assistance coverage.
“Our innovative collaboration with YOLO Group, when completed, will allow us to be the first operator in the world to offer in-app insurance coverage for micro-mobility services and beyond,” said Ruggero Cipriani Foresio, Chief Marketing Officer of Helbiz.“YOLO Group shares our mission to enable innovative solutions that improve the quality of people’s lives worldwide. This service has the potential to support consumers using our products and those outside of the Helbiz spectrum. This partnership is part of Helbiz’s long-term vision to continue building customer-friendly services that aim to increase the level of rider trust and safety.”
“We are witnessing a gradual transition towards alternative and sustainable forms of transport,” said Roberta Pazzini, Head of Marketing & Communication of YOLO Group. “The ecosystem of mobility that is emerging is also creating interesting opportunities for the insurance sector, and this future partnership will enable new digital customers to take advantage of YOLO’s innovative services.”
Helbiz is a global leader in micro-mobility services. Launched in 2016 and headquartered in New York City, the company operates e-scooters, e-bicycles and e-mopeds in over 30 cities around the world including Washington, D.C., Alexandria, Arlington, Atlanta, Jacksonville, Miami, Milan, Richmond and Rome. Helbiz utilizes a customized, proprietary fleet management platform, artificial intelligence and environmental mapping to optimize operations and business sustainability. Helbiz announced on February 8, 2021 it has entered into a merger agreement with GreenVision Acquisition Corp. (Nasdaq: GRNV) (“GreenVision”) a SPAC, which, upon closing, will result in Helbiz becoming the first micro-mobility company listed on Nasdaq.
About GreenVision Acquisition Corp.
GreenVision Acquisition Corp. is a special purpose acquisition company formed under the laws of the State of Delaware for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About YOLO Group
YOLO, acronym of “You Only Live Once”, is the first Italian insurtech of digital insurance brokerage services that allows to subscribe on-demand and pay-per-use products of the major national and international insurance groups. The offer is based on the real needs of customers and their profiles, designed to adapt to their habits, and personal and professional life, thanks to the use of enabling technologies such as Internet of Things, Artificial Intelligence and ChatBot. YOLO offers partnership opportunities both for insurance companies that need to distribute products through the digital channel or Martech solutions, and for large industrial and financial groups, interested in developing their own market offerings in the insurance field. In 2020 YOLO was the only Italian company included in the Insurtech100, the worldwide selection of the most innovative companies in the sector conducted by the research company Fintech Global. EU-Startups has included YOLO in its 2020 ranking of the top 10 most promising Italian start-ups.
Certain statements made in this press release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from Helbiz, Inc.’s (the “Company’s”) or GreenVision’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; (ii) the ability of the Company to meet Nasdaq listing standards following the transaction and in connection with the consummation thereof; (iii) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of the Company or the stockholders of GreenVision or other reasons; (iv) the failure to meet the minimum cash requirements of the Merger Agreement due to GreenVision stockholder redemptions and the failure to obtain replacement financing; (v) the failure to meet projected development and production targets; (vi) costs related to the proposed transaction; (vii) changes in applicable laws or regulations; (viii) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to pursue a growth strategy and manage growth profitability; (ix) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (x) the effect of the COVID-19 pandemic on the Company and GreenVision and their ability to consummate the transaction; and (xi) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by the Company. Additional information concerning these and other factors that may impact the Company’s expectations and projections can be found in GreenVision’s periodic filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and its preliminary proxy statement on Schedule 14A filed on April 8, 2021. GreenVision’s SEC filings are available publicly on the SEC’s website at www.sec.gov. Any forward-looking statement made by us in this press release is based only on information currently available to GreenVision and Helbiz and speaks only as of the date on which it is made. GreenVision and Helbiz undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.
Additional Information about the Transaction and Where to Find It
In connection with the proposed business combination, GreenVision has filed a preliminary proxy statement on Schedule 14A with the SEC. Additionally, GreenVision will file other relevant materials with the SEC in connection with the business combination, including a definitive proxy statement. Copies may be obtained free of charge at the SEC’s web site at www.sec.gov. Security holders of GreenVision are urged to read the proxy statement and the other relevant materials when they become available before making any voting decision with respect to the proposed business combination because they will contain important information about the business combination and the parties to the business combination. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release. GreenVision’s stockholders may also obtain a copy of the preliminary proxy statement or, once available, the definitive proxy statement, as well as other documents filed with the SEC by GreenVision, without charge, at the SEC’s website located at www.sec.gov or by directing a request to: GreenVision Acquisition Corp., One Penn Plaza, 36th Floor, New York, New York 10019.
Participants in Solicitation
GreenVision and its directors and officers may be deemed participants in the solicitation of proxies of GreenVision’s shareholders in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of GreenVision’s executive officers and directors in the solicitation by reading GreenVision’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, the preliminary proxy statement filed with the SEC on April 8, 2021, and the definitive proxy statement and other relevant materials when they are filed with the SEC in connection with the business combination. Helbiz and its officers and directors may also be deemed participants in such solicitation in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the business combination are set forth in the preliminary proxy statement, which was filed on April 8, 2021 with the SEC, and the definitive proxy statement, when it is filed with the SEC, in connection with the proposed business combination. These documents can be obtained free of charge from the sources indicated above.
This press release does not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This press release also does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.