The RESCHOOL project demonstrates how two
San Diego electric school bus
fleets provide grid resiliency and serve as a roadmap for other
school districts to follow
SAN
DIEGO, Oct. 6, 2023 /PRNewswire/ -- Nuvve Holding
Corp. (Nasdaq: NVVE), a global leader in vehicle-to-grid technology
and deployments, has received a proposed award of $1,910,703 by the California Energy Commission
(CEC) under the CEC's Electric School Bus Bi-Directional
Infrastructure funding opportunity.
The grant will fund Nuvve's groundbreaking project, RESCHOOL:
Resilient Energy Solutions for Schools, which is intended to
showcase the transformative potential of electric school buses
(ESBs) and bi-directional charging infrastructure to enhance the
resilience of California's power
grid. The initial project phase includes plans to produce a
scalable model for other California school districts to implement their
own zero-emission and bi-directional infrastructure.
The RESCHOOL project will enhance existing electric school bus
and bi-directional charging infrastructure deployments with battery
energy storage, microgrid and islanding capabilities to demonstrate
how ESBs play a vital role in bolstering the reliability of
California's power grid,
particularly during extreme weather events and emergency
situations. By integrating bi-directional electric school buses and
their charging infrastructure into resilient microgrids, the
project aims to reduce the cost of clean transportation systems
while optimizing energy availability during power outages.
Initially, the project will benefit two participating
San Diego County school districts
already equipped with Nuvve's bidirectional chargers and its V2G
GIVe™ platform: Cajon Valley Union School District and San Diego
Unified.
"The project builds on our long experience aggregating electric
school bus battery storage to discharge energy to the grid and
further enhance resiliency through microgrid capabilities," said
Nuvve CEO Gregory Poilasne. "It also
underscores Nuvve's commitment to advancing clean energy solutions
and reducing costs while strengthening the resilience of
California's power
infrastructure."
"As a proponent and early adopter of clean transportation
solutions, we look forward to continuing our efforts to support the
health of our students, our community and our planet. Cajon Valley is grateful for Nuvve's support in
securing these much-needed funds," said Scott Buxbaum, Assistant Superintendent, Cajon
Valley Union School District.
"This CEC grant will ultimately improve air quality,
provide revenue for additional student programing and will help us
support the power grid to reduce outages during emergency
situations. We see this as a win for the district, for students and
teachers and for the environment as a whole," said John Burciaga, Fleet Maintenance Manager, San
Diego Unified School District.
The Phase 1 grant award is pending approval of the schools'
respective projects at a publicly noticed CEC business meeting and
execution of a grant agreement. Phase 2 will allow project teams
awarded in Phase 1 to utilize the bi-directional charging
infrastructure blueprints to replicate the initial projects in
additional California school
districts.
For further information and updates on Nuvve Holding Corp. and
the RESCHOOL project, please visit www.nuvve.com.
About Nuvve Holding Corp.
Nuvve Holding Corp.
(Nasdaq: NVVE) is a global leader in vehicle-to-grid (V2G)
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.