Nuvve's V2G aggregation software enables school district customers in SDG&E's service area to participate in the ELRP through V2G charging, helping districts realize V2G revenues, reduce grid stress, and mitigate power outages
SAN DIEGO, July 19, 2022 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, and San Diego Gas and Electric (SDG&E) today announced an agreement that will help reduce constraints on California's energy grid while supporting local school districts by pairing Nuvve's Vehicle-to-Grid (V2G) technology and services with the utility's Emergency Load Reduction Program (ELRP). Through this partnership, electric school bus fleets (ESBs) equipped with V2G charging through Nuvve's GIVe™ platform can provide energy back to the grid during emergency load reduction events, allowing customers to participate in energy conservation efforts in the event of a grid emergency and get paid for their load reduction results.
Combined with Nuvve's V2G technology, qualifying SDG&E customers can participate in ELRP and receive $2 per kWh for verified load reduction in the process.
"Nuvve's powerful energy aggregator provides a great revenue-generating opportunity to customers, while also guaranteeing that EVs will always be properly charged and ready to drive for school routes," said Gregory Poilasne, co-founder and CEO of Nuvve. "Electric school buses offer a natural and compelling bi-directional charging solution born from their batteries, which are equipped with a substantial amount of energy storage capacity. In addition, the operating needs for ESBs play a critical role – while the buses are plugged in and not being driven, they can be helping the grid when energy demand rates are typically at their highest."
In response to increased demand for energy statewide, the California Independent System Operator (CAISO) proposed ELRP to encourage business customers with generally larger energy loads to help reduce energy usage during an emergency situation. SDG&E allows business customers to voluntarily reduce peak energy load by giving energy back to grid, reducing grid stress. Combined with Nuvve's V2G technology, qualifying SDG&E customers can participate in ELRP and receive $2 per kWh for verified load reduction in the process.
Participation from ESB fleets will allow these districts to qualify for potential revenues, helping offset the cost of their electric fleet conversions and/or funnel the savings back into the classroom. School districts within SDG&E's service territory interested in school bus electrification and ELRP should contact Nuvve at email@example.com to get the process started.
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.
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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