IEEE CSIP 2030.5 standard is relied upon by
utilities to allow communication between Distributed Energy
Resources Management Systems (DERMS)
SAN
DIEGO, Nov. 3, 2022 /PRNewswire/ -- Nuvve Holding
Corp.'s GIVe™ (Grid Integrated Vehicle) vehicle-to-grid (V2G)
platform is now a certified product compliant with the
IEEE™ 2030.5 SunSpec Common Smart Inverter Profile (CSIP)
standard. This certification is the most widely adopted
communications standard between Distributed Energy Resources (DER)
and enables Nuvve's GIVe V2G platform to connect and communicate
with the leading Distributed Energy Resources Management Systems
(DERMS). Nuvve chose to utilize Congruence.IQ (C.IQ) software by
Tantalus Systems, a smart grid technology company, focused on
helping build sustainable utilities, to assist with this
certification process.
IEEE CSIP 2030.5 standard is relied upon by
utilities to allow communication between DERMS.
Nuvve chose Tantalus to facilitate the SunSpec certification
process of their innovative V2G bi-directional charging solution
due to Tantalus' extensive and proven experience with utility data
interoperability. Nuvve's V2G technology works by allowing vehicle
batteries to charge during the day when energy—particularly
renewable energy such as solar—is abundant and discharge during
times of high demand or when sources of renewable power are less
available.
SunSpec Alliance is the information standards and certification
organization for the DER industry. SunSpec communication standards
address operational requirements of solar and energy storage on the
smart grid. Products certified by SunSpec to the 2030.5 standard
for wide-area communication can be installed on sites connected to
California Investor-Owned Utilities and can have confidence in
their compatibility with local area communication protocols like
the freely available SunSpec Modbus Standards.
"As the global leader in V2G, this certification lets our
utility partners and customers know that our technology and mobile
energy storage sources can be trusted to provide the reliability
and responsiveness they need," said Nuvve Co-founder and CEO,
Gregory Poilasne.
School buses are an excellent use case for V2G integration.
Given their larger batteries, the joint solution provides utility
command and control of this valuable storage asset which can become
a tool for utilities to manage peak demand and enhance grid
resiliency.
Nuvve's GIVe platform aggregates electric vehicle batteries
across multiple sites and fleets to form a virtual power plant.
Utilities and other Load Serving Entities (LSEs) can now draw upon
the excess stored electricity in Nuvve-managed EV batteries during
periods of peak load. Fleet operators can also offset their fleet
electrification costs through revenues from their electricity
exports; utilities and transmission system operators can maintain
grid reliability as millions of electric vehicles come online as
storage resources and not just additional load.
"Nuvve GIVe can now communicate with other utility-level DERMS,
receive signals when the grid is stressed and send data back to the
utility about forecasted electricity capacity or kilowatts exported
to the grid," said Nuvve Director of Embedded Solutions, Hamza
Lemsaddek. "In addition, our platform also performs other important
functions for fleet operators, including balancing the mobility
requirements of each electric vehicle in a fleet."
Nuvve GIVe's ability to aggregate distributed energy resources
across multiple electric vehicle batteries was successfully tested
for compliance with the networking standard in July, with
certification awarded in August.
"As we saw during the recent heat waves in California and Texas, utilities are struggling to manage peak
load and are relying on outreaches to customers to voluntarily
conserve energy to mitigate the risk of blackouts," said
Peter Londa, president & CEO of
Tantalus Systems. "As the demand for electricity increases due to
the adoption of electric vehicles, we're excited to collaborate
with Nuvve by leveraging our expertise with the IEEE™ 2030.5-2018
networking standard to enable utilities to improve their resiliency
by converting vehicle batteries into dispatchable assets through
innovative V2G solutions."
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, Calif. 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.
Nuvve Press Contact
(W)right On Communications
David Cumpston |
dcumpston@wrightoncomm.com | 415-902-4461
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com | 646-200-8872
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,
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and projected financial performance, prospects, plans and
objectives are forward-looking statements. When used in this press
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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.
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SOURCE Nuvve Holding Corp.