Nuvve's vehicle-to-grid software,
bidirectional charging equipment and services – from design to
operation and maintenance – will be used to deploy the districts'
new fleets and manage their electricity storage and grid
exports
SAN
DIEGO, Oct. 26, 2022 /PRNewswire/ -- Nuvve
Holding Corp. (Nasdaq: NVVE), a global cleantech company
electrifying the planet through its intelligent energy platform,
announced today that 10 school district customers have received a
combined $24,155,000 in funding
through the EPA Clean School Bus Rebate Program to support the
deployment of 61 electric, vehicle-to-grid (V2G) capable school
buses and chargers in disadvantaged school districts across
the United States. Nuvve and its
school district customers will now begin activating their site
design and development plans, procurement of Nuvve V2G-capable DC
fast chargers and partner electric school buses (ESBs). The
majority of the funded programs are expected to be operational in
2023.
"We must continue to innovate our way
forward as we shift away from diesel and other polluting fuels and
power sources."
The rebates cover a total of $1.22
million in funding for Nuvve's high-powered, bidirectional
chargers, charging infrastructure and site design and development
services, plus $22.9 million in
funding for 61 ESBs manufactured by Nuvve's partners: Blue Bird,
Lion Electric and IC Bus.
"As a country and a planet, we must continue to innovate our way
forward as we shift away from diesel and other polluting fuels and
power sources," said Nuvve CEO and Chairman Gregory Poilasne. "Nuvve pioneered V2G
technology in the U.S. and around the world. We're glad the EPA is
funding V2G-capable electric school buses as a smart investment in
better renewable energy integration and grid reliability, as well
as cleaner commutes for kids."
Rebates are flowing to Nuvve's school district customers in
Arizona, Texas and California. California's state regulatory agency recently
added ESBs to an existing five-year pilot program known as the
Emergency Load Reduction Program. Under ELRP, excess electricity
discharged during grid emergencies earns $2 per kilowatt hour. Nuvve has two school
districts and 14 active V2G chargers in San Diego County currently participating in
the program, in addition to existing V2G deployments in
Colorado, Florida, Illinois, New
Hampshire and New York.
V2G-capable ESBs can generate additional revenues while also
providing resiliency to the grid. This deployment of 61 ESBs
could earn potential future grid service revenues of $4.4 million over the estimated useful life of
the vehicle, depending on prevailing utility electric rates and
rate structures, and assuming a maximum battery capacity of 155
kilowatt hours and 60 kilowatts of charging station
capacity[1]. The V2G savings are in addition to diesel
fuel savings and result from charging during off-peak periods and
discharging during times of peak grid load when rates are highest.
Nuvve's proprietary GIVe™ software platform manages the vehicle
charging and discharging, using predictive analytics to ensure bus
batteries have more than enough charge for their scheduled routes.
GIVe also meets the highest certification standards recognized by
America's leading utility providers to ensure its interoperability
with other systems utilities use to manage distributed energy
resources such as battery storage, rooftop solar and more.
"V2G is a world-class technology that all school districts need
to embrace. When we learned how we could improve the air our
students and drivers breathe while also generating a steady source
of revenue for our district, we were sold," said Katie Delano, Director of Transportation
Services, Coalinga-Huron Unified School District, a district of 11
schools and 4,500 students in Fresno
County, California. "Nuvve has been there with us throughout
this process, and we look forward to leaning on their expertise
from site design to deployment."
For school districts that did not receive grants in the 2022
cycle, Nuvve's joint venture, Levo Mobility, also provides a
fleet-as-a-service solution with no upfront costs. Nuvve is also
ready to assist districts with upcoming and open grant programs.
Grant and fundraising services for school districts' V2G electric
school bus projects are also available via Nuvve's grants team.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) 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, Calif.
and can be found online at www.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.
Nuvve 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 and 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. In addition, 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). 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.
Nuvve Press Contact
(W)right On Communications / David Cumpston
dcumpston@wrightoncomm.com; +1 415-902-4461
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com; +1 646-200-8872
[1] Future potential grid service revenues assumes an
average vehicle life of 10 years, using a 60 kilowatt V2G- enabled
charging station earning grid service revenue at an average rate of
$120 per kilowatt-year.
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SOURCE Nuvve Corporation