SB 233 would require two-way charging capability in new EVs sold in California by 2027
SACRAMENTO, Calif., April 18, 2023 /PRNewswire/ -- The CEO of Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), Gregory Poilasne, testified before the California Senate Energy, Utilities and Communications Committee today in support of proposed legislation which would establish state goals for bidirectional charging, increase funding for bidirectional infrastructure, advance interoperability testing and require new EVs sold in the state to have bidirectional charging capability by 2027.
California Senate Bill 233, authored by Sen. Nancy Skinner and sponsored by The Climate Center, aims to make bidirectional charging for EVs the norm ahead of the mandate to make all new cars and light trucks sold in the state be electric by 2035. The committee passed the bill with an amendment.
Bidirectional charging is an essential component to vehicle-to-grid (V2G) integration which provides grid resiliency by turning EV batteries into mobile storage. V2G accelerates EV adoption by lowering the total cost of ownership by enabling EV owners to earn revenue through electricity exports during times when the grid is under stress. V2G is also essential to keep the cost of energy equitable while supporting EV deployment.
"California must approach V2G the same way it has treated rooftop solar or EV adoption—with goals, incentives and fostering stakeholder collaboration," said Poilasne during today's testimony. "SB 233 does all three and will help transform today's kilowatts and megawatts of mobile grid storage into tomorrow's gigawatts."
As the global leader in V2G technology and commercial V2G deployments, Nuvve offers the industry's most widely deployed platform for monetizing electric fleet investments while providing grid resilience.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is the global leader in vehicle-to-grid 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 utility-scale, resource-neutral sources of mobile energy storage. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience and generate 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 17.4 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 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 Press Contact
(W)right On Communications
David Cumpston
dcumpston@wrightoncomm.com
(415) 902-4461
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) 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; (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.
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