Filed by The Growth for Good Acquisition Corporation
Pursuant to Rule 425 under the Securities Act
of 1933
and deemed filed pursuant to Rule 14a-12
of the Securities Exchange Act of 1934
Subject Company: The Growth for Good Acquisition
Corporation
Commission File No.: 001-41149
ZeroNox Announces Multi-Year Partnership with
NIO 333 Racing Formula E Team
ZeroNox enters world’s leading all-electric
racing championship Formula E as official off-highway electrification partner of NIO 333 Racing
ZeroNox & NIO 333 Racing Announce Formula E Partnership (Photo: Business Wire)
Porterville, CA, July 31, 2023 – ZeroNox Inc. (“ZeroNox”
or the “Company”), a leading provider of sustainable, off-highway vehicle electrification, today announced a multi-year partnership
agreement with the NIO 333 Racing Formula E Team. The agreement marks the Company’s entry into the ABB FIA Formula E World Championship
(“Formula E”).
ZeroNox will join Formula E for seasons 10, 11, and 12, and benefit
from mutual partnership opportunities including brand awareness, technical synergies and potential collaborations across the Formula E
Ecosystem.
As part of the branding agreement between ZeroNox and NIO 333 Racing
for these three seasons, NIO 333 Racing cars, race overalls, team apparel, and other team environment items will display the ZeroNox logo.
ZeroNox recently kicked off branding opportunities by displaying the ZeroNox logo on NIO 333 Racing cars during the 2023 London E-Prix
this past weekend from July 29-30, 2023.
The partnership opens up the exploration of potential mutual future
developments aiming to deliver added benefit and value to both parties.
“We are thrilled to partner with a Formula E team that has championed
electrification and net zero carbon emissions since its inception,” said Robert Cruess, Co-Founder and President of ZeroNox. “ZeroNox,
NIO 333 Racing, and Formula E have a passionate, joint vision for driving a greater shift toward electrification and achieve ambitious
sustainability goals. We are looking forward to joining forces with the NIO 333 Racing team and bringing off-highway electrification across
new areas of mobility in the future.”
“We are excited to collaborate with and support ZeroNox as they
enter this dynamic partnership with the NIO 333 Racing team,” said Alex Hui, Team Principal of NIO 333 Racing Formula E team. “As
a leader in the off-highway electrification space with a commitment to bringing clean technology around the world, ZeroNox brings invaluable
industry leadership, electrification product expertise, and a unique vision for sustainability to the Formula E ecosystem. With ZeroNox’s
partnership and support, we are confident about being able to move forward and accelerate adoption of electric mobility globally.”
As previously announced, ZeroNox signed a definitive business combination
agreement with The Growth for Good Acquisition Corporation (Nasdaq: GFGD) (“Growth for Good”), a publicly traded special purpose
acquisition company, that is expected to result in ZeroNox becoming publicly listed. Completion of the transaction is subject to approval
by Growth for Good’s shareholders and other customary closing conditions.
About ZeroNox
ZeroNox is leading the electrification of off-highway commercial and
industrial vehicles, with best-in- class LFP batteries and an electric powertrain platform (“ZEPP”) that is cleaner, high
performing, and cost effective. As a first mover in the advanced off-highway electric vehicle (OHEV) powertrain market, ZeroNox is proudly
designed and engineered in America, with offices in Porterville, California.
For more information, visit: https://www.zeronox.com and https://www.linkedin.com/company/zeronox/
The information contained on, or accessible through, ZeroNox’s
website is not incorporated by reference into this press release, and you should not consider it a part of this press release.
About Growth for Good
Growth for Good, led by CEO Yana Watson Kakar, Chairperson of the Board
of Directors, Vikram Gandhi, CFO Rahul Kakar and board member Dana Barsky, focuses on sustainable, socially responsible companies with
strong business fundamentals, high growth potential and a readiness to scale in the public markets. Our team of highly reputable sustainability
investors and seasoned business operators seek to add strategic and operational as well as financial value to our merger partner. Growth
for Good believes the market opportunity for sustainable companies has never been stronger and looks forward to supporting a company that
will contribute to the decarbonization of the global economy.
For more information, visit: https://www.g4ginvestment.com
and https://www.linkedin.com/company/growth-for-good-acquisition-corp/
The information contained on, or accessible through, Growth for Good’s
website is not incorporated by reference into this press release, and you should not consider it a part of this press release.
About NIO 333 Racing Formula E Team
The NIO 333 Racing Formula E Team has participated in the FIA ABB Formula
E World Championship since its inception and won the inaugural Drivers' Championship title as Team China Racing in 2015. Based at the
home of British Motorsport at Silverstone Circuit, the ambitious team is committed to challenging the status quo of Formula E and is fast
establishing itself as a respected challenger team among the giants of the automotive industry.
In September 2021, BIE UK Ltd announced that the FIA (Fédération
Internationale de l’Automobile) had bestowed the highest award for environmental protection and sustainability on the NIO 333 Racing
Formula E Team. By awarding the Three-Star Environmental Accreditation, the FIA recognised the team’s environmental performance
and excellent environmental awareness.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within
the meaning of the federal securities laws with respect to the proposed transaction between Growth for Good and ZeroNox. These forward-looking
statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,”
“will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements
about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many
factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but
not limited to: (i) actual market adoption and growth rates of electrification technologies for commercial and industrial vehicles; (ii)
ZeroNox’s ability to convert trial deployments with truck fleets into sales orders; (iii) delays in design, manufacturing and wide-spread
deployment of ZeroNox’s products and technologies; (iv) failure of ZeroNox’s products to perform as expected or any product
recalls; (v) ZeroNox’s ability to expand its relationships with OEMs and fleet owners, and its distribution network; (vi) ZeroNox’s
ability to develop vehicles of sufficient quality and appeal on schedule and on large scale; (vii) ZeroNox’s ability to raise capital
as needed; (viii) management’s ability to manage growth; (ix) the macroeconomic conditions and challenges in the markets in which
ZeroNox operates; (x) the effects of increased competition in the electrification technology business; (xi) ZeroNox’s ability to
defend against any intellectual property infringement or misappropriation claims; (xii) the risk that the transaction may not be completed
in a timely manner or at all, which may adversely affect the price of Growth for Good ’s securities, (xiii) the risk that the transaction
may not be completed by Growth for Good ’s business combination deadline and the potential failure to obtain an extension of the
business combination deadline if sought by Growth for Good, (xiv) the failure to satisfy the conditions to the consummation of the transaction,
including the adoption of the Merger Agreement by the shareholders of Growth for Good and the receipt of certain governmental and regulatory
approvals, (xv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement,
(xvi) the effect of the announcement or pendency of the transaction on ZeroNox’s business relationships, operating results and business
generally, (xvii) risks that the proposed transaction disrupts current plans and operations of ZeroNox and potential difficulties in ZeroNox
employee retention as a result of the transaction, (xviii) the outcome of any legal proceedings that may be instituted against ZeroNox
or against Growth for Good related to the Merger Agreement or the proposed transaction, (xix) the ability to maintain the listing of Growth
for Good’s securities on a national securities exchange, (xx) the price of Growth for Good’s securities may be volatile due
to a variety of factors, including changes in the competitive industries in which Growth for Good plans to operate or ZeroNox operates,
variations in operating performance across competitors, changes in laws and regulations affecting Growth for Good’s or ZeroNox’s
business and changes in the combined capital structure, (xxi) the ability to implement business plans, forecasts, and other expectations
after the completion of the proposed transaction, and identify and realize additional opportunities, and (xxii) the risk of economic downturns
and a changing regulatory landscape. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors
and the other risks and uncertainties described in the “Risk Factors” section of Growth for Good’s registration on Form
S-1 (File No. 333- 261369), the Registration Statement on Form S-4 discussed above and other documents filed by Growth for Good from time
to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results
to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they
are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Growth for Good and ZeroNox assume no obligation
and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Neither Growth for Good nor ZeroNox gives any assurance that either Growth for Good or ZeroNox or the combined company will achieve its
expectations.
Additional Information and Where to Find It
In connection with the proposed transaction, Growth for Good filed
the Registration Statement on Form S-4 with the U.S. Securities and Exchange Commission (“SEC”) on April 7, 2023, which includes
a document that serves as a prospectus and a proxy statement of Growth for Good, referred to as a “proxy statement/prospectus.”
The definitive proxy statement/prospectus will be filed with the SEC as part of the Registration Statement and will be sent to all Growth
for Good stockholders as of the applicable record date to be established. Growth for Good may also file other relevant documents regarding
the proposed transaction with the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF GROWTH FOR GOOD
ARE URGED TO READ THE REGISTRATION STATEMENT, THE DEFINITIVE PROXY STATEMENT/PROSPECTUS INCLUDED THEREIN AND ALL OTHER RELEVANT DOCUMENTS
FILED OR THAT WILL BE FILED WITH THE SEC, INCLUDING ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders may obtain free copies of the registration
statement and the proxy statement/prospectus (if and when available) and all other relevant documents that are filed or that will be filed
with the SEC by Growth for Good through the website maintained by the SEC at www.sec.gov. The documents filed by Growth for Good with
the SEC also may be obtained by contacting Growth for Good at 12 E 49th Street, 11th Floor, New York, NY 10017, or by calling (646) 450-1265.
Participants in Solicitation
Growth for Good and ZeroNox and certain of their respective directors,
executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation
of proxies from Growth for Good’s shareholders in connection with the proposed transaction. Additional information regarding the
interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the
proxy statement/prospectus regarding the proposed transactions. You may obtain a free copy of these documents as described in the preceding
paragraph.
Contacts
ZeroNox
For Media:
ZeroNoxPR@icrinc.com
For
Investors:
ZeroNoxIR@icrinc.com
NIO 333 Racing
zoe.timbrell@bie-uk.com
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