In the news release, Nuvve Adds 3.7 Megawatts to its Megawatts Under Management Through Enhanced Partnership with Japan's Chubu Electric Power, issued 15-Dec-2022 by Nuvve Holding Corp. over PR Newswire, we are advised by the company that the statements about megawatts under management were incorrect. The complete, corrected release follows:
Nuvve Adds Three New Stationary Batteries Through Enhanced Partnership with Japan's Chubu Electric Power
Agreement adds three stationary batteries in Kyoto and Toki, increasing grid service capabilities through an existing partnership
SAN DIEGO, Dec. 15, 2022 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, and Japan's Chubu Electric Power Miraiz Company (Chubu), a high-tech demand response company, are strengthening an existing commercial agreement with the addition of three stationary, vehicle-to-grid (or V2G) capable lithium-ion batteries in two new locations in Japan to enhance grid service capabilities. The batteries are expected to serve both as a power source and to provide a variety of balancing and demand response services to the grid.
Agreement adds three stationary batteries in Kyoto and Toki
Chubu and Toyota Tsusho Corporation partnered with Nuvve in order to receive approval from the Japanese transmission system operator (TSO) earlier in 2022. Nuvve has over a decade of experience working with multiple TSOs worldwide to qualify aggregated electric vehicles and stationary batteries to provide and get paid for bi-directional grid services. In the case of this Japan-based deployment, TSO qualification allows the companies to bid available capacity and energy from stationary batteries into the Japanese market to provide flexibility and demand response services, generating revenues in return. These batteries will be added to two existing sites in Chita and Komaki for participation in Japan's energy market.
This latest phase of the program connects Nuvve's Grid Integrated Vehicle (GIVe™) platform to two industrial stationary storage batteries in Kyoto (1.425 MWh /500kW and 0.178 MWh/125kW) and one in Toki (0.534 MWh/250kW), for a combined total of 2.137 MWh/875kW capacity.
Japan is a unique commercial market with the country divided into two main regional electric systems. In 2021, the industry ministry and energy operators announced plans to double its electricity grid capacity to 23 million kilowatts (kW) as a way to help reduce greenhouse gas emissions to net-zero by 2050. Using stationary battery storage and stacking it with potential capacity and services provided by EVs using V2G can help Japan reach this goal.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world's most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world's transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, California, and can be found online at www.nuvve.com.
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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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