- Forecasts future price and capacity for Nordic TSOs' primary reserves
- Optimizes revenue generation from ancillary market services
- Integrated with Nuvve GIVe V2G platform to benefit electric fleet customers
SAN DIEGO, June 22, 2023 /PRNewswire/ -- Nuvve Holding Corporation (Nasdaq: NVVE), a global leader in vehicle-to-grid technology and deployments, has launched its Astrea AI artificial intelligence technology to optimize revenue from ancillary services to Nordic transmission system operators from its V2G fleet customers.
Astrea AI continuously forecasts prices and capacity for Nordic primary reserves to optimize energy market bids. This technology is based on Nuvve's six plus years of experience providing regulation services in the field. Primary reserves are frequency regulation services designed to keep electricity on the EU's transmission grids at a frequency of 50 hertz. Bids are based on one- or two-day-ahead projections and calculated based on a wide variety of factors. Bid prices and auctioned grid service quantities have been growing in recent years due to changes in how electricity is produced and consumed.
Astrea AI forecasts have demonstrated 97% accuracy and provide Nuvve and its fleet customers the opportunity to maximize revenues with the right bid matched to available fleet capacity and for the optimal frequency regulation market. Astrea AI technology is integrated with Nuvve's GIVe™ platform for V2G and charge management and will automate future bidding and frequency regulation market selection. Nuvve formed Astrea AI in early 2022 to provide improved forecasting, a worldwide tariff database, predictive maintenance and energy insights and reporting, among other benefits, thereby strengthening its GIVe™ technology even further.
"Europe and the Nordics remain at the forefront of the energy transition, and Nuvve continues to advance its capabilities even further in these markets. Astrea AI makes energy markets easier and more accurate to predict, enabling us to further optimize revenue from our market participation. We are excited for this first deployment in production," said Nuvve CEO Gregory Poilasne.
"By applying artificial intelligence to the task of price and capacity modeling and forecasting, we've improved accuracy and saved time. Our Astrea AI solution works 24/7 365 days a year to ensure that we maximize the revenue potential from electric vehicles," says Massimiliano Garella, Nuvve's Product Manager for Grid Services.
Primary reserves are categorized into three markets available for dispatchable electricity sources, such as power plants and batteries, to participate in. These are FCR-N, which manages small and continuous frequency deviations, and FCR-D, which is for more severe and rare deviations and includes two markets: one for regulating frequency down and another for regulating it up. Astrea AI forecasts prices and capacity for all three.
Nuvve has been providing frequency regulation for a Danish transmission system operator for three years, dispatching electricity and adjusting the rate of charge for the electric fleets it manages second-by-second. Similar services are also available to electric fleet customers in Norway, Sweden and Finland with additional EU rollout possible in the future.
A similar model and approach could be applied to other regions with ancillary services open for Distributed Energy Resources (DERs), which could potentially include the United States. In the U.S., FERC Order 2222 was approved in September 2020 and will require that independent system operators (ISO) and regional transmission organizations (RTO) develop plans to allow DERs access to wholesale energy markets, with implementation expected in the 2024 to 2026 timeframe.
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 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.
Nuvve Press Contact
(W)right On Communications, David Cumpston
firstname.lastname@example.org, +1 415-902-4461
Nuvve Investor Contact
email@example.com, +1 646-200-8872
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, 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/nuvve-introduces-astrea-ai-forecasting-for-nordic-energy-market-301858537.html
SOURCE Nuvve Holding Corp.