AI will help reduce charging costs and improve the customer experience by advancing fleet vehicle forecasting with improved trip automation recommendations and enhanced scheduling predictions
SAN DIEGO, July 11, 2023 /PRNewswire/ -- As a global vehicle-to-grid (V2G) technology leader, Nuvve is pioneering the introduction of artificial intelligence into its software platform for fleets through an integration with Astrea AI®.
"This innovation in AI-assisted charge management will help V2G become ubiquitous." - Gregory Poilasne, Nuvve CEO
Astrea AI makes the power of AI available to the Nuvve GIVe™ platform and its customers. Its purpose-built AI is fully integrated into the latest release of Nuvve's FleetBox® charge management app which customers use to manage routes, battery state of charge, charging status, charging equipment and reports. Customers can opt-in to access the enhanced functionality powered by Astrea AI, improving the customer experience while potentially further reducing charging costs and increasing V2G revenue opportunities.
"This innovation in AI-assisted charge management will help V2G become ubiquitous by making the technology even easier to use, more accurate and financially rewarding," said Nuvve CEO Gregory Poilasne. "While Nuvve's fleet customers are focused on mission-critical tasks such as transporting students, managing municipal operations or maintaining advertising kiosks in a timely manner, Nuvve is lowering their total cost of ownership or generating revenue to make the most of their electric fleet investment."
Astrea AI actively forecasts routes and the required state of charge for each vehicle in a customer's fleet, which ensures Nuvve GIVe has more accurate and timely data to guide vehicle charging and discharging. For instance, fleet operators may assume all vehicles are on the road by 8 a.m. daily. However, Astrea AI recognizes that the exact daily departure time is 8:25 a.m., which totals to more than two hours per week or eight hours per month/per vehicle less driving time. Significant V2G revenue and charge management opportunities may be missed due to these discrepancies between human and AI forecasting, particularly in larger fleets.
Additionally, with Astrea AI, Nuvve customers do not have to manually enter their fleet schedules. This saves time and makes Nuvve's overall charge management solution more convenient for fleet managers and transportation directors. It also improves accuracy by avoiding data entry errors that can throw off energy management. These errors can result in a lower (or higher) state of charge than is needed for routes. This integration will also enable advanced insights for fleet managers and operators, giving them visibility into the actual usage of their vehicles and infrastructure.
"We're reaping the fruits of our strategic technology investments in AI and advanced forecasting over the past couple of years, allowing us to better understand our customers' behavior and their E-mobility assets usage," said Hamza Lemsaddek, Director of Embedded Solutions for Nuvve. "This not only allows us to optimize the V2G value we extract for them, but we can also provide insights into their vehicles and charging infrastructure utilization."
In June, Nuvve launched its Astrea AI forecasting technology for the Nordic energy markets. Now, the company's global fleet customers will also enjoy many of the same enhanced benefits provided by Nuvve's AI technology. Access to Astrea AI and its features is available by request to select existing and new Nuvve customers. For more information or to sign up, please visit https://nuvve.com/fleet-solutions/.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is a 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 mobile storage resources allowing them to contribute, and not just consume, electricity. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience while also generating 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 18.3 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.
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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. 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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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SOURCE Nuvve Holding Corp.