The vehicle-to-grid (V2G) partnership
incorporates Wallbox’s multi-CES winning bidirectional charger,
Quasar, and Nuvve’s state-of-the-art GIVe™ energy management
platform.
The combined technology is expected to be
available to consumers in early 2022 in Spain and Portugal and to
follow thereafter in the U.S. and other leading markets.
Wallbox N.V. (NYSE: WBX) and Nuvve Holding Corp. (Nasdaq:
NVVE), announced a first of its kind vehicle-to-grid (V2G)
partnership in Iberia designed to reduce mounting pressure on the
grid and offer users significant financial incentives.
The partnership will incorporate Wallbox’s pioneering hardware,
Quasar, the world’s first DC bidirectional home charger, into
Nuvve’s patented V2G software technology, GIVe™. The partnership
comes at an opportune time, when pressure on the grid is rapidly
rising in the Iberian peninsula, where household energy prices have
risen by 35% over the past year.
Nuvve’s GIVe™ platform intelligently tracks and identifies the
optimal time for a user to charge their electric vehicle (EV),
prioritizing charging during low tariff periods. The integration
with Wallbox’s two-way charger is designed to give the added
flexibility to store energy and discharge excess energy from an
EV’s battery back to the grid and assist in reducing rising grid
pressure. Cooperating in V2G can provide users access to
significant financial incentives, which can be worth upwards of 500
Euros a year.
In addition to reducing energy costs, Nuvve’s V2G technology can
help users transition to a more sustainable lifestyle by helping
minimize their carbon footprint. By optimizing the charge and
discharge based off the CO2 intensity, users can help offset CO2
emission by an average of 250kg per car per year. To put this in
perspective, regular one-way charging with no time of use
optimization can result in approximately 1000kg of CO2 emissions
per vehicle per year to be emitted, compared to an actual savings
achieved through V2G charging. The delta is significant and allows
customers participating in V2G to be net negative in their CO2
emissions.
“Quasar was engineered to transform electric vehicles into
powerful energy sources to both reduce mounting pressure on the
grid and to give EV drivers more control over how they consume
power - our partnership with Nuvve marks an important milestone in
making this sophisticated technology accessible to users
everywhere,” said Eduard Castañeda, CPO and co-founder of
Wallbox.
“Building on our experience with Wallbox for the E-Flex project
in the United Kingdom, this new collaboration on their
award-winning Quasar product helps extend the positive benefits of
V2G to the Iberian peninsula, furthering the reach of V2G in
Europe,” said Christian Blom, director of European operations for
Nuvve. “Giving residents access to this cutting-edge technology
allows EV users to multiply the positive effects of their
investment in zero emission vehicles and contribute to a cleaner
planet.”
EV drivers can now register their interest in the partnership
program in Spain and Portugal through Wallbox’s website.
About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the
world uses energy in the electric vehicle industry. Wallbox creates
smart charging systems that combine innovative technology with
outstanding design and manage the communication between vehicle,
grid, building and charger. Wallbox offers a complete portfolio of
charging and energy management solutions for residential,
semi-public and public use in more than 60 countries. Founded in
2015, with headquarters in Barcelona, Wallbox’s mission is to
facilitate the adoption of electric vehicles today to make more
sustainable use of energy tomorrow. The company employs over 500
people in Europe, Asia, and the Americas.
For additional information, please visit www.wallbox.com.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) is accelerating the
electrification of transportation through its proprietary
vehicle-to-grid (V2G) technology. Its mission is to lower the cost
of electric vehicle ownership while supporting the integration of
renewable energy sources, including solar and wind. Nuvve’s Grid
Integrated Vehicle, GIVe™, platform is refueling the next
generation of electric vehicle fleets through intelligent,
bidirectional charging solutions. Since its founding in 2010, Nuvve
has launched successful V2G projects on five continents and is
deploying commercial services worldwide by developing partnerships
with utilities, automakers, and electric vehicle fleets. Nuvve is
headquartered in San Diego, California, USA and can be found online
at www.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 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) 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.
Wallbox Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. Forward-looking
statements generally relate to future events or Wallbox’s future
financial or operating performance. For example, forward-looking
statements include but are not limited to statements regarding
Wallbox’s technology, the success of the collaboration with Nuvve
and the combined hardware’s ability to reduce grid pressure, offset
CO2 emissions and provide financial incentives. In some cases, you
can identify forward-looking statements by terminology such as
“anticipate,” “believe,” “may,” “can,” “should,” “could,” “might,”
“plan,” “possible,” “project,” “strive,” “budget,” “forecast,”
“expect,” “intend,” “will,” “estimate,” “predict,” “potential,”
“continue” or the negatives of these terms or variations of them or
similar terminology, but the absence of these words does not mean
that statement is not forward-looking. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward looking statements. In
addition, any statements or information that refer to expectations,
beliefs, plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
These forward-looking statements are based on management’s
current expectations and beliefs. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause Wallbox’s
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements, including,
but not limited to: Wallbox’s history of operating losses as an
early stage company; the adoption and demand for electronic
vehicles including the success of alternative fuels, changes to
rebates, tax credits and the impact of government incentives;
Wallbox’s ability to successfully manage its growth; the accuracy
of Wallbox’s forecasts and projections including those regarding
its market opportunity; competition; risks related to health
pandemics including those of COVID-19; losses or disruptions in
Wallbox’s supply or manufacturing partners; Wallbox’s reliance on
the third-parties outside of its control; risks related to
Wallbox’s technology, intellectual property and infrastructure; and
other important factors discussed under the caption “Risk Factors”
in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC
on September 20, 2021, as such factors may be updated from time to
time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov and the Investors Relations section of
Wallbox’s website at investors.wallbox.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that Wallbox makes in this press release speaks only as
of the date of such statement. Except as required by law, Wallbox
disclaims any obligation to update or revise, or to publicly
announce any update or revision to, any of the forward-looking
statements, whether as a result of new information, future events
or otherwise.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211019005672/en/
Wallbox Press Contact Colleen Robar crobar@robarpr.com
Wallbox Investor Contact ICR wallboxIR@icrinc.com Nuvve
Press Contact (W)right On Communications Chance Shay
cshay@wrightoncomm.com +1 619-980-5556 Nuvve Investor
Contact ICR nuvve@icrinc.com
Wallbox NV (NYSE:WBX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wallbox NV (NYSE:WBX)
Historical Stock Chart
From Sep 2023 to Sep 2024