SAN DIEGO, Feb. 17, 2022 /PRNewswire/ -- Nuvve Holding
Corp. (Nuvve) (Nasdaq: NVVE), a global cleantech company
electrifying the planet at the intersection of energy and
transportation through its intelligent energy platform, today
announced plans to form a joint venture with 2021.AI
Aps (2021.AI) to integrate their artificial intelligence (AI)
platform, Grace, to Nuvve's GIVe (Grid Integrated Vehicle) V2G
platform. The joint venture – which will be named Astrea
AITM – will leverage Nuvve's extensive e-mobility and
energy expertise and 2021.AI's proven AI platform to broaden and
optimize the services offered by Nuvve's V2G technology today.
2021.AI has developed a platform that handles the full life
cycle of AI development and operation, including robust security,
privacy, and governance features. The integration with Nuvve's
software will enable forecasting and optimization models for the
e-mobility and energy sectors through AI, deep learning, machine
learning, and neural networks. This will allow Nuvve to provide
robust, predictive analysis and energy insights to both EV and
utility customers.
"Partnering with 2021.AI to integrate AI will take our platform
to the next level, offering even greater benefits to our customers
and the electric grid as a whole," said Gregory Poilasne, chairman
and CEO of Nuvve.
An example use case to be developed by Astrea AITM is
using predictive modeling to forecast a fleet driver's behavior and
understand the highly specific level of energy needed for that
driver's EV to perform its daily driving duties. Based on that
highly accurate forecast, Nuvve's system will be able to provide
various grid services for longer periods of time and charge to
those forecasted amounts. This will help improve the efficiency and
performance of EV fleets while contributing even more services to
the grid to increase capacity and resilience.
"2021.AI has been helping companies deliver real-time insights
across industries and we are looking forward to expanding our work
with Nuvve at this very important intersection of transportation
and energy," said Mikael Munck, CEO
& Founder of 2021.AI. "This new partnership will allow us
to work closely together to integrate the latest AI advancements
into Nuvve's proven platform."
In addition to advanced fleet analytics, Astrea AITM
will help Nuvve strengthen bidding strategies to take tariffs,
volatility, and capacity needs on the grid side into account. This
has immense potential benefits to the entire energy ecosystem
including municipalities, energy cooperatives, investor-owned
utilities, transmission operators, and energy retailers, especially
as more and more EVs are introduced to the grid causing capacity
strains.
To register your interest, visit AstreaAI.com.
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 2021.AI
2021.AI serves the growing enterprise
need for full management and oversight of applied AI. Our data
science expertise combined with the Grace Enterprise AI Platform is
a business differentiator for clients and partners worldwide. Grace
helps data scientists solve some of the most complex business
problems with automated machine learning while providing
organizations with the most comprehensive data and AI Governance
capability for responsible, transparent, and trustworthy model
development. 2021.AI is headquartered in Copenhagen, with employees in five locations
globally.
Nuvve Press Contact
(W)right On Communications
Chance Shay
cshay@wrightoncomm.com
+1 619-980-555
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com
+1 646-200-8872
2021.AI Press Contact
Head of Marketing
Maria Genckel
mge@2021.ai
+45 2990 6017
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, including reference to a possible joint venture with
2021.AI, 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
dependence on widespread acceptance and adoption of electric
vehicles, V2G, and increased installation of charging stations;
(ii) Nuvve's current dependence on sales of charging stations for
most of its revenues; (iii) 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; (iv)
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; (v) the
effects of competition on Nuvve's future business; (vi) risks
related to Nuvve's dependence on its intellectual property and the
risk that Nuvve's technology could have undetected defects or
errors; (vii) changes in applicable laws or regulations; (viii) the
COVID-19 pandemic and its effect directly on Nuvve and the economy
generally; (ix) risks relating to privacy and data protection
laws, privacy or data breaches, or the loss of data; and (x) 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 quarterly report on Form 10-Q
filed by Nuvve with the U.S. Securities and Exchange Commission
(SEC) on November 12, 2021; in the
proxy statement/prospectus filed with the SEC under Rule 424(b)(3)
on February 17, 2021, and in the
other reports that Nuvve has filed 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.
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SOURCE Nuvve Holding Corp.