V2G hubs and the associated TaaS offer will initially focus on fleets, such as delivery on the last mile, greeting and sharing rides, municipal services and student transport. The first application is expected to serve electric school buses based on existing commercial deployments and agreements between Nuvve and its V2G ecosystem partners to help achieve the goals of President Biden’s infrastructure plan, including his commitment to electrify diesel school buses from America. Nuvve’s TaaS offering will allow organizations to electrify their transportation by paying a monthly fee that covers EV leasing, charging infrastructure, energy costs, vehicle storage and vehicle maintenance.
V2G hubs also address limitations with utilities related to various interconnections to the power grid by small energy storage systems, such as V2G EVs. By creating a set of hubs within a geographic area with large connections to the network – in the order of two to 50 megawatts – Nuvve will enable access to energy for its customers, while providing services to the energy markets more efficiently. efficient thanks to its virtual system experience in power plant and power grid.
“Fleet electrification is critical to achieving our country’s net zero energy goals, as the sector is responsible for 20 percent of all transport GHG emissions, while comprising less than 10 percent of vehicles on the roads” , said Gregory Poilasne, president and CEO of Nuvve. “Many fleet owners want to electrify, but the high upfront cost and concerns about charging infrastructure are holding back adoption. Our global V2G hubs and the TaaS model are a strategic way to solve both challenges while maximizing the value of these vehicles through better use of renewable energy and reduced load on the network. “
V2G hubs will feature Nuvve’s proven V2G EV charging technology, which accurately manages the charging and discharging of parked EV batteries, while prioritizing vehicle and driver considerations, including battery health and charging needs for steering tasks. The Nuvve system can combine the power of several EV batteries to form virtual power plants (VPPs) to sell power back to the grid and provide services that help with network stability, predictability and resilience. These centers will be able to serve fleets of multimodal electric vehicles, from shared hitchhiking services to delivery fleets and school buses, while supporting network stakeholders, from concessionaires to transmission system operators.
“Our vision is to have an initial deployment close to our headquarters in Southern California“, Added Poilasne. Fleet owners interested in V2G hubs can visit Nuvve.com/hubs learn more.
About Nuvve Holding Corp.: Nuvve (NASDAQ: NVVE) is accelerating the electrification of transport through its proprietary vehicle-to-grid (V2G) technology. Its mission is to reduce the cost of ownership of electric vehicles and, at the same time, support the integration of renewable energy sources, including solar and wind. Nuvve’s Grid Integrated Vehicle platform, GIVe ™, is refueling the next generation of electric vehicle fleets through intelligent bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on five continents and is deploying commercial services worldwide, developing partnerships with dealerships, automakers and fleets of electric vehicles. Nuvve is headquartered in San Diego, California, and can be found online at www.nuvve.com.
Nuvve press contact
Marc Trahand, EVP Marketing
Investor Contact Nuvve
Robert Blum or Joe Dorame
The information in this press release includes “forward-looking statements” in accordance with the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, except statements of current or historical facts, in relation to Nuvve’s strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward-looking statements. When used in this press release, the words “could”, “should”, “will”, “can”, “believe”, “anticipate”, “intend”, “estimate”, “expect”, “project” or the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on information currently available regarding the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any obligation to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Nuvve warns that these forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict and many of which are beyond Nuvve’s control, including the following factors: (i) Nuvve’s ability to obtain the anticipated benefits of its recent business combination; (ii) risks related to the launch of Nuvve’s businesses and the schedule of expected business milestones; (iii) Nuvve’s dependence on the widespread acceptance and adoption of electric vehicles and the greater installation of charging stations; (iv) Nuvve’s ability to maintain effective internal controls over financial reporting, including remedying material deficiencies identified in internal control over financial reporting related to segregation of duties with respect to, and access controls to, its record-keeping system Nuvve’s financial and accounting staffing levels; (v) Nuvve’s current dependence on charging station sales for most of its revenues; (vi) general demand for charging electric vehicles and the potential for reduced demand if government discounts, tax credits and other financial incentives are reduced, modified or eliminated or government mandates to increase the use of electric vehicles or decrease the use of powered vehicles for fossils, fuels, directly or indirectly through mandatory carbon emission limits, are reduced, modified or eliminated; (vii) potential adverse effects on Nuvve’s revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (viii) the effects of competition on Nuvve’s future businesses; (ix) risks related to Nuvve’s dependence on its intellectual property and the risk that Nuvve’s technology may have defects or undetected errors; (x) changes in applicable laws or regulations; (xi) the COVID-19 pandemic and its effect directly on Nuvve and the economy in general; (xii) risks related to privacy and data protection laws, privacy or data breaches or data loss; and (xiii) the possibility that Nuvve may be adversely affected by other economic, commercial and / or competitive factors. If one or more of the risks or uncertainties described in this press release materialize or the underlying assumptions prove to be incorrect, the actual results and plans may differ materially from those expressed in any forward-looking statements. Additional information about these and other factors that may impact the transactions and projections discussed herein can be found in the proxy statement / prospectus filed by Nuvve with the SEC and in other reports that Nuvve will submit to the SEC from time to time. Nuvve’s filings with the SEC are publicly available on the SEC’s website at www.sec.gov.
SOURCE Nuvve Holding Corp.