SAN DIEGO, May 4, 2021 /PRNewswire/ -- Nuvve Holding
Corp. ("Nuvve") (Nasdaq: NVVE), a global technology leader
accelerating the electrification of transportation through its
proprietary vehicle-to-grid (V2G) platform, announced today that it
has aligned industry stakeholders behind a vision for V2G electric
vehicle (EV) charging hubs ("V2G hubs") that delivers
transportation as a service (TaaS) for commercial EV fleets and
enhances grid resiliency. This V2G hub model centralizes renewable
energy generation, bidirectional EV charging stations, and a suite
of EV services while providing financing options to purchase EVs.
This combination of centralized charging infrastructure and
end-to-end fleet support services makes it easier for light-,
medium- and heavy-duty fleets to electrify by reducing large
upfront capital costs, while Nuvve's V2G technology reduces the
cost of fleet ownership by enabling fleet vehicle batteries to
store and sell energy, including from renewable sources, back into
the grid.
The V2G hubs and associated TaaS offering will initially focus
on fleets such as last-mile delivery, ride hailing and ride
sharing, municipal services, and student transportation. 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 objectives of
President Biden's infrastructure plan, including its commitment to
electrifying America's diesel school buses. Nuvve's TaaS offering
will allow organizations to electrify their transportation by
paying a monthly fee that covers leasing EVs, charging
infrastructure, energy costs, vehicle storage, and vehicle
maintenance.
The V2G hubs also resolve limitations with utilities related to
multiple interconnections to the electric 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 grid - of the order
of two to 50 megawatts - Nuvve will enable access to energy for its
customers while delivering services to energy markets in a more
efficient manner thanks to their virtual power plant and grid
experience.
"Electrifying fleets is critical to achieving our nation's
net-zero energy goals as the sector accounts for 20 percent of all
transportation GHG emissions while comprising less than 10 percent
of vehicles on the road," said Gregory Poilasne, chairman and CEO
of Nuvve. "Many fleet owners want to electrify, but high upfront
cost and concerns about charging infrastructure are slowing down
adoption. Our global V2G hubs and TaaS model is a strategic way of
resolving both of those challenges while maximizing the value of
these vehicles by better harnessing renewable energy and reducing
load on the grid."
The V2G hubs will feature Nuvve's proven V2G EV
charging technology that precisely manages the charging
and discharging of parked EV batteries while also prioritizing
vehicle and driver considerations including battery health and
charge needs for driving duties. Nuvve's system can combine the
energy from multiple EV batteries to form virtual power plants
(VPPs) to sell energy back to the grid and provide services that
help with grid stability, predictability and resiliency. These
centers will be capable of serving multi-modal electric
vehicle fleets from ride-share services to delivery fleets
and school buses while supporting grid stakeholders from
utilities to transmission system operators.
"Our vision is to have an initial deployment near our
headquarters in Southern
California," Poilasne added. Fleet owners interested in
V2G hubs can visit nuvve.com/hubs to learn more.
About Nuvve Holding Corp.: Nuvve (NASDAQ:
NVVE) is accelerating the electrification of transportation through
its proprietary vehicle-to-grid (V2G) technology. Its mission is to
lower the cost of electric vehicle ownership while supporting the
integration of renewable energy sources, including solar and wind.
Nuvve's Grid Integrated Vehicle, GIVe™, platform 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 by developing partnerships
with utilities, automakers, and electric vehicle fleets. Nuvve is
headquartered in San Diego,
California, and can be found online
at www.nuvve.com.
Nuvve Press Contact
Marc Trahand, EVP Marketing
marc@nuvve.com
858-250-9740
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
nuvve@lythampartners.com
602-889-9700
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within 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, other than statements of
present or historical fact, regarding the 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," "may," "believe," "anticipate," "intend," "estimate,"
"expect," "project," 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 currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Nuvve disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Nuvve cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Nuvve, including the following
factors: (i) Nuvve's ability to realize the anticipated benefits of
its recent business combination; (ii) risks related to the rollout
of Nuvve's business and the timing of expected business milestones;
(iii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(iv) Nuvve's ability to maintain effective internal controls over
financial reporting, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (v) Nuvve's current dependence on sales
of charging stations for most of its revenues; (vi) overall demand
for electric vehicle charging and the potential for reduced demand
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of electric vehicles or decrease the use of
vehicles powered by fossil fuels, either directly or indirectly
through mandated limits on carbon emissions, 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 business; (ix) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (x) changes in applicable laws
or regulations; (xi) the COVID-19 pandemic and its effect directly
on Nuvve and the economy generally; (xii) risks relating
to privacy and data protection laws, privacy or data breaches,
or the loss of data; and (xiii) the possibility that Nuvve may be
adversely affected by other economic, business, and/or competitive
factors. Should one or more of the risks or uncertainties described
in this press release materialize or should underlying assumptions
prove incorrect, actual results and plans could differ materially
from those expressed in any forward-looking statements. Additional
information concerning these and other factors that may impact the
operations and projections discussed herein can be found in the
proxy statement/prospectus filed by Nuvve with the SEC and in the
other reports that Nuvve will file from time to time with the SEC.
Nuvve's SEC filings are available publicly on the SEC's website
at www.sec.gov.
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SOURCE Nuvve Holding Corp.