- Nuvve's GIVe™ platform is expected to manage an initial 40 megawatts of electric vehicle (EV) fast charging and stationary storage capacity at 50 Circle K service stations with roll out beginning early 2023
- Nuvve's cloud-based software will allow fast chargers to provide a variety of grid services including frequency regulation, generating revenue for Circle K and Nuvve by stabilizing deviations in the Norwegian and Danish electric grid
- Partnership exemplifies flexibility, diversity and reach of Nuvve's technology application
SAN DIEGO, Feb. 16, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE) and Circle K AS are partnering on a first-of-its-kind project that brings grid services, including frequency regulation, to electric vehicle fast chargers at 50 of Circle K's service stations and three to five stationary storage sites in Norway and Denmark. The partnership is expected to generate grid services revenues for both Nuvve and Circle K in 2023.
The partnership is expected to generate grid services revenues for both Nuvve and Circle K in 2023.
Through its GIVe™ platform, Nuvve's V1G unidirectional smart charging technology is expected to manage an initial 40 megawatts of fast chargers and stationary storage for Circle K, with Nuvve's platform expected to begin in early 2023. Assuming that both parties determine the project to be a success, the partnership is expected to expand across Circle K's Nordic high-speed charging network and potentially additional markets around the world.
Nuvve's ability to provide grid services will allow Circle K to monetize its EV charging assets through market participation, helping system operators Statnett in Norway and Energinet in Denmark keep electricity supply and demand in balance at all times.
While stationary battery electric storage systems (BESS) are widely used in Europe for frequency regulation, Circle K and Nuvve are understood to be the first to use fast chargers for the provision of these services.
Circle K's Alpitronic Hyperchargers, and three to five storage systems will be remotely connected to the Nuvve GIVe™ platform. The software will allow them to respond to market signals in real-time and make instantaneous micro adjustments to their electricity flow.
"Circle K will always optimize and grasp opportunities to make it easier for all to grow sustainable E-mobility. Enabling fast frequency response on our charging network paves the way for increased renewable share on the power grid as well as increased resilience of the grid itself. For us the collaboration with Nuvve addresses key challenges with a rapidly expanding network of chargers," said Head of Global E-mobility in Circle K, Håkon Stiksrud.
"Nuvve is known in the U.S. primarily for its leadership in bidirectional vehicle-to-grid services; however, in the EU and other markets, we also provide revenue-generating ancillary grid services such as frequency regulation, voltage control and more," said Nuvve Co-founder, Chair and CEO Gregory Poilasne. "As we look to evolve and lean into markets that are leaders in the energy transition, we see our Circle K partnership as an important step forward that allows us to circumvent supply chain delays that are impacting EV adoption – particularly in the US fleet market. We're drawing on our decades of experience and innovation to provide Circle K and the transmission system with reliable and robust grid services."
Using fast chargers for frequency regulation opens a new method to balance energy generation and consumption. This is increasingly important as more intermittent renewable electricity sources, such as wind and solar, come online. Nuvve's collaboration with Circle K helps support an increased renewable electricity share on the grid, reduces dependency on fossil fuels and lowers the operational cost of fast charging services.
Circle K has more than 430 Circle K owned DC chargers across Norway which leads the world in EVs per capita as well as more than 130 in Denmark.
Circle K is part of Alimentation Couche-Tard (ACT), a global fuel and retail company with operations in more than 20 countries. ACT's mission is to make customers' lives easier every day, with a vision to become the world's preferred destination for convenience and mobility. As part of this vision, ACT is playing an active role in the energy transition by expanding EV charging solutions across the network. Through the Circle K brand, ACT has established a leading position in EV solutions in the European markets of the company.
Nuvve has already been providing frequency regulation in Denmark for six years through its relationship with Frederiksberg Forsyning, a Danish municipal water and gas utility company.
About Circle K and Alimentation Couche-Tard Inc.
Alimentation Couche-Tard is a global leader in convenience and mobility, operating in 24 countries and territories, with more than 14,300 stores, of which approximately 10,900 offer road transportation fuel. With its well-known Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the United States and it is a leader in the convenience store industry and road transportation fuel retail in Canada, Scandinavia, the Baltics, as well as in Ireland. It also has an important presence in Poland and Hong Kong Special Administrative Region of the People's Republic of China. Approximately 122,000 people are employed throughout its network.
For more information on Alimentation Couche-Tard Inc., or to consult its audited annual Consolidated Financial Statements, unaudited interim condensed consolidated financial statements and Management Discussion and Analysis, please visit: https://corpo.couche-tard.com.
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, Calif. USA and can be found online at 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.
Circle K press contact
Pål Heldås, Director Europe Communication
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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 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 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 (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) 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; (vi) 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; (vii) the effects of competition on Nuvve's future business; (viii) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (ix) 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; (x) 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; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) 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 (xvi) 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.