AI will help reduce charging costs and improve
the customer experience by advancing fleet vehicle forecasting with
improved trip automation recommendations and enhanced scheduling
predictions
SAN
DIEGO, July 11, 2023 /PRNewswire/ -- As a
global vehicle-to-grid (V2G) technology leader, Nuvve is pioneering
the introduction of artificial intelligence into its software
platform for fleets through an integration with Astrea AI®.
"This innovation in AI-assisted charge
management will help V2G become ubiquitous." - Gregory Poilasne,
Nuvve CEO
Astrea AI makes the power of AI available to the Nuvve GIVe™
platform and its customers. Its purpose-built AI is fully
integrated into the latest release of Nuvve's FleetBox® charge
management app which customers use to manage routes, battery state
of charge, charging status, charging equipment and
reports. Customers can opt-in to access the enhanced
functionality powered by Astrea AI, improving the customer
experience while potentially further reducing charging costs and
increasing V2G revenue opportunities.
"This innovation in AI-assisted charge management will help V2G
become ubiquitous by making the technology even easier to use, more
accurate and financially rewarding," said Nuvve CEO Gregory Poilasne. "While Nuvve's fleet customers
are focused on mission-critical tasks such as transporting
students, managing municipal operations or maintaining advertising
kiosks in a timely manner, Nuvve is lowering their total cost of
ownership or generating revenue to make the most of their electric
fleet investment."
Astrea AI actively forecasts routes and the required state of
charge for each vehicle in a customer's fleet, which ensures Nuvve
GIVe has more accurate and timely data to guide vehicle charging
and discharging. For instance, fleet operators may assume all
vehicles are on the road by 8 a.m.
daily. However, Astrea AI recognizes that the exact daily departure
time is 8:25 a.m., which totals to
more than two hours per week or eight hours per month/per vehicle
less driving time. Significant V2G revenue and charge management
opportunities may be missed due to these discrepancies between
human and AI forecasting, particularly in larger fleets.
Additionally, with Astrea AI, Nuvve customers do not have to
manually enter their fleet schedules. This saves time and makes
Nuvve's overall charge management solution more convenient for
fleet managers and transportation directors. It also improves
accuracy by avoiding data entry errors that can throw off energy
management. These errors can result in a lower (or higher) state of
charge than is needed for routes. This integration will also enable
advanced insights for fleet managers and operators, giving them
visibility into the actual usage of their vehicles and
infrastructure.
"We're reaping the fruits of our strategic technology
investments in AI and advanced forecasting over the past couple of
years, allowing us to better understand our customers' behavior and
their E-mobility assets usage," said Hamza Lemsaddek, Director of
Embedded Solutions for Nuvve. "This not only allows us to optimize
the V2G value we extract for them, but we can also provide insights
into their vehicles and charging infrastructure utilization."
In June, Nuvve launched its Astrea AI forecasting
technology for the Nordic energy markets. Now, the company's global
fleet customers will also enjoy many of the same enhanced benefits
provided by Nuvve's AI technology. Access to Astrea AI and its
features is available by request to select existing and new Nuvve
customers. For more information or to sign up, please visit
https://nuvve.com/fleet-solutions/.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is a 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
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, 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.