- Forecasts future price and capacity for Nordic TSOs'
primary reserves
- Optimizes revenue generation from ancillary market
services
- Integrated with Nuvve GIVe V2G platform to benefit
electric fleet customers
SAN
DIEGO, June 22, 2023 /PRNewswire/ -- Nuvve
Holding Corporation (Nasdaq: NVVE), a global leader in
vehicle-to-grid technology and deployments, has launched its Astrea
AI artificial intelligence technology to optimize revenue from
ancillary services to Nordic transmission system operators from its
V2G fleet customers.
Astrea AI continuously forecasts prices and capacity for Nordic
primary reserves to optimize energy market bids. This technology is
based on Nuvve's six plus years of experience providing regulation
services in the field. Primary reserves are frequency regulation
services designed to keep electricity on the EU's transmission
grids at a frequency of 50 hertz. Bids are based on one- or
two-day-ahead projections and calculated based on a wide variety of
factors. Bid prices and auctioned grid service quantities have been
growing in recent years due to changes in how electricity is
produced and consumed.
Astrea AI forecasts have demonstrated 97% accuracy and provide
Nuvve and its fleet customers the opportunity to maximize revenues
with the right bid matched to available fleet capacity and for the
optimal frequency regulation market. Astrea AI technology is
integrated with Nuvve's GIVe™ platform for V2G and charge
management and will automate future bidding and frequency
regulation market selection. Nuvve formed Astrea AI in early 2022
to provide improved forecasting, a worldwide tariff database,
predictive maintenance and energy insights and reporting, among
other benefits, thereby strengthening its GIVe™ technology even
further.
"Europe and the Nordics
remain at the forefront of the energy transition, and Nuvve
continues to advance its capabilities even further in these
markets. Astrea AI makes energy markets easier and more accurate to
predict, enabling us to further optimize revenue from our market
participation. We are excited for this first deployment in
production," said Nuvve CEO Gregory
Poilasne.
"By applying artificial intelligence to the task of price and
capacity modeling and forecasting, we've improved accuracy and
saved time. Our Astrea AI solution works 24/7 365 days a year to
ensure that we maximize the revenue potential from electric
vehicles," says Massimiliano
Garella, Nuvve's Product Manager for Grid Services.
Primary reserves are categorized into three markets available
for dispatchable electricity sources, such as power plants and
batteries, to participate in. These are FCR-N, which manages small
and continuous frequency deviations, and FCR-D, which is for more
severe and rare deviations and includes two markets: one for
regulating frequency down and another for regulating it up. Astrea
AI forecasts prices and capacity for all three.
Nuvve has been providing frequency regulation for a Danish
transmission system operator for three years, dispatching
electricity and adjusting the rate of charge for the electric
fleets it manages second-by-second. Similar services are also
available to electric fleet customers in Norway, Sweden and Finland with additional EU rollout possible in
the future.
A similar model and approach could be applied to other regions
with ancillary services open for Distributed Energy Resources
(DERs), which could potentially include the United States. In the U.S., FERC Order
2222 was approved in September 2020
and will require that independent system operators (ISO) and
regional transmission organizations (RTO) develop plans to allow
DERs access to wholesale energy markets, with implementation
expected in the 2024 to 2026 timeframe.
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 mobile storage resources allowing
them to contribute, and not just consume, electricity. It enables a
flexible suite of V2G, charge management and grid services that
provide electric grid resilience while also generating 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 18.3
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 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
Forward-Looking Statements
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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
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"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
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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, including the
remediation of identified material weaknesses in internal control
over financial reporting relating to segregation of duties with
respect to, and access controls to, its financial record keeping
system, and Nuvve's accounting staffing levels; (iv) Nuvve's
current dependence on sales of charging stations for most of its
revenues; (v) any impact of the analysis of the accounting and
reporting of warrants related to the extension of filing the Form
10-Q for the first quarter; (vi) 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; (vii) 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; (viii) the effects of competition on Nuvve's
future business; (ix) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (x) 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;
(xi) 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;
(xii) changes in applicable laws or regulations; (xiii) the
COVID-19 pandemic and its effect directly on Nuvve and the economy
generally; (xiv) risks related to disruption of management time
from ongoing business operations due to our joint ventures; (xv)
risks relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; (xvi) 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 (xvii) 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.