Electric vehicle manufacturer Cenntro to offer
all-in-one electrification solution for commercial fleets by
offering Nuvve charging stations with US vehicles
Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company
electrifying the planet at the intersection of energy and
transportation through its intelligent energy platform, and Cenntro
Electric Group Limited (NASDAQ: CENN), a leading designer and
manufacturer of electric light- and medium-duty commercial
vehicles, announced an alliance today at the Advanced Clean
Transportation Expo, to offer an all-in-one electrification
solution for commercial fleets. The alliance between these
companies is designed to provide electric vehicle fleet solutions
to shared and non-shared clients and reflects their strategy to
onboard more EVs in an intelligent and cost-effective way to the
electric grid.
"This alliance is designed to support fleets to seamlessly
transition to electric by removing hurdles often associated with
acquisition," said Peter Wang, chairman and CEO of Cenntro Electric
Group. "The opportunity to align with Nuvve's charging and
infrastructure solutions advances the integration of Cenntro
products into our target EV markets."
As part of the alliance, Cenntro will begin to offer bundled
Nuvve charging packages to commercial fleets with their U.S.
product lineup, including the Class 4 LS 400. Additionally, Nuvve
will begin to integrate Cenntro vehicles into its proprietary
Electric Vehicle Charging Infrastructure Hub platform concept,
which combines intelligent charging with renewable energy
integration solutions. In the future, Cenntro and Nuvve plan to
work together towards a V2G solution with Nuvve’s DC fast chargers
(DCFCs), which would allow Cenntro vehicles to charge and discharge
energy, further stabilizing the electric grid.
“By offering Nuvve charging solutions to fleets, Cenntro is able
to be a one-stop shop for customers looking to electrify,” said
Nick Casas, vice president of commercial sales at Nuvve. “This
alliance is crucial when building Nuvve hubs globally, giving
fleets access to OEMs like Cenntro. We are well-known for our
intelligent charging solutions for commercial fleets, and this is
one of the ways we are helping customers electrify in a smart, easy
way.”
This alliance is designed to help remove funding obstacles
fleets face in building out their EV infrastructure. Nuvve’s Level
2 AC charging stations (PowerPorts) are affordable, helping to
facilitate speed and ease of adoption of EVs. The Nuvve PowerPort
provides fast, reliable, high-powered charging, perfect for
commercial vehicles, and is controlled through Nuvve’s intelligent
energy management software platform. Commercial fleets can offset
electricity bills by optimizing charging rates and charge times to
coincide with non-peak hours when utility rates are low. Fleet
managers can use Nuvve’s FleetBox app to plan trips, set minimum
charge levels, and trigger emergency charging when needed.
As announced in a press release about Nuvve’s collaboration with
the Department of Energy, the intelligent electrification of
vehicle fleets is being recognized as a critical component in order
to maintain a healthy, more resilient electric grid as more EVs are
introduced into the market, increasing power demand.
This alliance further emphasizes a growing cooperation between
companies like Cenntro and Nuvve to make the addition of EVs more
feasible for fleets and working towards V2G compatibility to
accelerate the decarbonization of the grid and lower the cost of
fleet operations.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the
electrification of the planet, beginning with transportation,
through its intelligent energy platform. Combining the world’s most
advanced vehicle-to-grid (V2G) technology and an ecosystem of
electrification partners, Nuvve dynamically manages power among
electric vehicle (EV) batteries and the grid to deliver new value
to EV owners, accelerate the adoption of EVs, and support the
world’s transition to clean energy. By transforming EVs into mobile
energy storage assets and networking battery capacity to support
shifting energy needs, Nuvve is making the grid more resilient,
enhancing sustainable transportation, and supporting energy equity
in an electrified world. Since its founding in 2010, Nuvve has
successfully deployed V2G on five continents and offers turnkey
electrification solutions for fleets of all types. Nuvve is
headquartered in San Diego, California, and can be found online at
nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United States, certain other countries
and/or the EU. Any other trademarks or trade names mentioned are
the property of their respective owners.
About Cenntro Electric Group
Cenntro Electric Group (or “Cenntro”) (NASDAQ: CENN) is a
leading designer and manufacturer of electric light and medium-duty
commercial vehicles. Cenntro’s purpose-built ECVs are designed to
serve a variety of organizations in support of city services,
last-mile delivery and other commercial applications, and plans to
lead the transformation in the automotive industry through
scalable, decentralized production, and fully digitalized
autonomous driving solutions empowered by the Cenntro iChassis. As
of December 31, 2021, Cenntro has sold or put into service more
than 3,700 vehicles in over 25 countries across North America,
Europe and Asia. For more information, please visit Cenntro’s
website at www.cenntroauto.com.
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 included in this press release,
regarding Nuvve, Cenntro and the strategy, future operations,
estimated and projected financial performance, prospects, plans and
objectives of each respective company 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 the current expectations and assumptions of each respective
company’s management 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, each of
Nuvve and Cenntro 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. Each company 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 or Cenntro, as
applicable.
Nuvve cautions you that the forward-looking statements contained
in this press release are subject to the following factors: (i)
risks related to the rollout of Nuvve's business and the timing of
expected business milestones; (ii) Nuvve's dependence on widespread
acceptance and adoption of electric vehicles and increased
installation of charging stations; (iii) Nuvve's ability to
maintain effective internal controls over financial reporting (iv)
Nuvve's current dependence on sales of charging stations for most
of its revenues; (v) 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; (vi) potential
adverse effects on Nuvve's backlog, 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; (vii) the
effects of competition on Nuvve's future business; (viii) risks
related to Nuvve's dependence on its intellectual property and the
risk that Nuvve's technology could have undetected defects or
errors; (ix) the risk that we conduct a portion of our operations
through a joint venture exposes us to risks and uncertainties, many
of which are outside of our control; (x) that our joint venture
with Levo Mobility LLC may fail to generate the expected financial
results, and the return may be insufficient to justify our
investment of effort and/or funds; (xi) changes in applicable laws
or regulations; (xii) the COVID-19 pandemic and its effect directly
on Nuvve and the economy generally; (xiii) risks related to
disruption of management time from ongoing business operations due
to our joint ventures; (xiv) risks relating to privacy and data
protection laws, privacy or data breaches, or the loss of data;
(xv) the possibility that Nuvve may be adversely affected by 3
other economic, business, and/or competitive factors, including
increased inflation and interest rates, and the Russian invasion of
Ukraine; and (xvi) risks related to the benefits expected from the
$1.2 trillion dollar infrastructure bill passed by the U.S. House
of Representatives (H.R. 3684).
Among the key factors that could cause Cenntro’s actual results
to differ materially from those expressed or implied in the
forward-looking statements are the following: Cenntro’s limited
operating history and historical losses from operations; Cenntro’s
ability to develop and manufacture ECVs of sufficient quality, on
schedule and on a large scale is still evolving; Cenntro’s ability
to introduce new models; potential delays in launching and ramping
up production of Cenntro’s new ECV models; Cenntro’s reliance on
its channel partners to market, sell and service (and in certain
cases, assemble and/or homologate) its vehicles; the impact of the
COVID-19 pandemic on Cenntro’s operating results, in particular due
to the increase in shipping costs and shortages of shipping
containers and raw materials; Cenntro’s reliance on third party
manufacturing partners and suppliers for substantially all of its
vehicle kits and components, respectively, for its new vehicles;
Cenntro’s material weakness in its internal control over financial
reporting; risks associated with Cenntro’s global operations and
expansion, including unfavorable regulatory, political, legal,
economic, tax and labor conditions; changes in China’s economic,
political or social conditions or government policies; and changes
in U.S. and international trade policies, particularly with regard
to China.
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
Annual Report on Form 10-K filed by Nuvve with the Securities and
Exchange Commission (SEC) on March 31, 2022, and in the other
reports that Nuvve has, and 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. For additional information concerning risks
and uncertainties that could impact forward-looking statements with
respect to Cenntro, please see the disclosures contained in
Cenntro's public filings with the SEC, including "Risk Factors" in
Cenntro's Annual Report on Form 20-F filed with the SEC on April
25, 2022, which may be viewed at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20220509006119/en/
Nuvve Press Contact (W)right On Communications Julie
Wright jwright@wrightoncomm.com 760-419-4664
Cenntro Press Contact PR@cenntroauto.com
Cenntro Investor Contact Chris Tyson MZ North America
CENN@mzgroup.us 949-491-8235
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