SB 233 would require two-way charging
capability in new EVs sold in California by 2027
SACRAMENTO, Calif., April 18,
2023 /PRNewswire/ -- The CEO of Nuvve Holding
Corp. (Nuvve) (Nasdaq: NVVE), Gregory Poilasne, testified
before the California Senate
Energy, Utilities and Communications Committee today in support of
proposed legislation which would establish state goals for
bidirectional charging, increase funding for bidirectional
infrastructure, advance interoperability testing and require new
EVs sold in the state to have bidirectional charging capability by
2027.
California Senate Bill 233,
authored by Sen. Nancy Skinner and
sponsored by The Climate Center, aims to make bidirectional
charging for EVs the norm ahead of the mandate to make all new cars
and light trucks sold in the state be electric by 2035. The
committee passed the bill with an amendment.
Bidirectional charging is an essential component to
vehicle-to-grid (V2G) integration which provides grid resiliency by
turning EV batteries into mobile storage. V2G accelerates EV
adoption by lowering the total cost of ownership by enabling EV
owners to earn revenue through electricity exports during times
when the grid is under stress. V2G is also essential to keep the
cost of energy equitable while supporting EV deployment.
"California must approach V2G
the same way it has treated rooftop solar or EV adoption—with
goals, incentives and fostering stakeholder collaboration," said
Poilasne during today's testimony. "SB 233 does all three and will
help transform today's kilowatts and megawatts of mobile grid
storage into tomorrow's gigawatts."
As the global leader in V2G technology and commercial V2G
deployments, Nuvve offers the industry's most widely deployed
platform for monetizing electric fleet investments while providing
grid resilience.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq:
NVVE) is the global leader in vehicle-to-grid technology serving
the mission-critical needs of commercial fleets. The company's
intelligent, cloud-based software, Nuvve GIVe™, is a platform that
transforms electric fleets into utility-scale,
resource-neutral sources of mobile energy storage. It enables a
flexible suite of V2G, charge management and grid services that
provide electric grid resilience and generate recurring revenues to
offset fleet operation costs. Committed to accelerating the
planet's transition to a net-zero future, Nuvve is securing fleet
electrification partners across the e-mobility and grid value chain
and supports active deployments around the world with 17.4
megawatts currently under management. Nuvve is headquartered in
San Diego, Calif., USA. To learn
more about the value of V2G, futureproofing EV infrastructure and
using EVs for grid resilience, visit 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
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 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) 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;
(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 May 21,
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.