- Nuvve's strategic investment into Switch expands network of interoperable electric vehicle service equipment to lead to increased Megawatts Under Management
- Adds Nuvve's patented V2G capability to Switch's standardized software solution for EVSE management, operations and maintenance
- Offers an improved customer experience, facilitating acceleration of EV adoption and vehicle-to-grid solutions globally
SAN DIEGO and LONDON, June 28, 2022 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company intelligently electrifying the planet by deploying its patented V2G technology and services, and Switch, a global leader in standardized electric charging management and maintenance software, are partnering to integrate Nuvve's vehicle-to-grid (V2G) GIVeTM platform with Switch's charging management platform for operations and maintenance (O&M).
Nuvve Partners with Switch EV to expand network of interoperable EVSEs to lead to increased Megawatts Under Management
This integration between two best-in-class electric vehicle (EV) and charging software companies will improve interoperability among critical electrified transportation components: charging stations, EVs, and the grid.
The strategic partnership will allow the global transportation industry to intelligently make the switch to EVs by combining Nuvve's V2G expertise in energy management for vehicles, fleets, connected buildings, and grid services with Switch's EV charging platform. The combination is intended to achieve greater efficiencies, interoperability, and a seamless customer experience. Standardizing operating languages of critical software solutions is a precedent for best-in-class platform offerings across the industry.
"Combining Nuvve's technology with the Switch platform will enable our current users to add the world's leading energy management solution while optimizing fleet performance and increasing V2G adoption – thus reducing the total cost of electric vehicle ownership," said Dr. Marc Mültin, founder and CEO at Switch. "Our aim is to make charging infrastructure software platforms work together seamlessly."
How It Works
Switch's cloud platform, built on an OCPP 2.0.1 and ISO 15118-enabled operating system, is fully native to future-proof capabilities like Plug & Charge, V1G and V2G. It delivers predictive maintenance through granular insights into each EV charger component for 100% uptime and a truly seamless EV charging experience. Nuvve's GIVe platform is an energy aggregation management software, which includes V2G and bidirectional "smart" charging capabilities. When Nuvve's platform is combined with the Switch platform, charge point operators (CPOs) will experience improved interoperability with the seamless combination of energy aggregation management, remote diagnostics, troubleshooting and predictive maintenance all on a single operating system.
Prior to the official strategic investment, Nuvve has been collaborating with Switch for 3 years on ISO 15118 and OCPP in an effort to work towards standardized, interoperable charging solutions.
"Building on years of fruitful collaboration, our partnership with Switch will allow remote monitoring and management of EV chargers through Switch's platform. Any issue detected can be handled through automated processes before users even realize their occurrence," said Hamza Lemsaddek, director of embedded solutions at Nuvve. "Together, a turnkey EV infrastructure management solution is born."
Additionally, Switch brings new EV charger OEM relationships to the growing Nuvve ecosystem. This allows Nuvve to quickly expand and assimilate more chargers into its network and provide customers a wider range of smart charging and V2G solutions.
"Rather than establishing charging station partnerships alone, we now have a way to coordinate efforts with a vertically-integrated EV technology solution through Switch," said Gregory Poilasne, co-founder and CEO of Nuvve. "This new partnership will help expedite the integration of Nuvve's patented V2G software into more charging systems around the world as an additional avenue to increase our megawatts under management."
"With Nuvve's strategic investment, Switch has completed its initial fundraising objectives. Other investors have included Link Capital of Norway, two family offices and private individuals," added Dr. Mültin.
Integration between the companies is scheduled to be completed by late Q1 2023.
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. 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.
Switch is a fast-growing, premier tech and knowledge company for the EV charging industry. The company's mission is to accelerate EV adoption worldwide by offering a seamless charging experience, total operational control and money-saving features. Its platform is fully native to advanced capabilities such as Plug & Charge, Vehicle-to-Grid and predictive maintenance.
The company, based in London, has a team of 25 and a growing list of high-profile clients across the emerging electric vehicle charging sector, including charge point OEMs and charging networks. It was founded in 2020 by Dr Marc Mültin, a world-renowned leader in the communication standards that underpin the global EV charging ecosystem.
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 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 (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.