Collaborative Demonstration of Vehicle-to-Grid Integration by
Leading EV Innovators, Utilities, and Grid Operators
NEWARK,
Del., Oct. 2, 2024 /PRNewswire/ -- Nuvve Holding
Corp. (Nasdaq: NVVE), a global leader in Vehicle-to-Grid (V2G)
technology, showcased a major breakthrough in AC V2G solutions at
an exclusive event hosted by Exelon at the Delmarva Power New
Castle Regional Office. This event demonstrated Nuvve's ability to
provide scalable and practical solutions that meet the growing
demand for grid-stabilizing technologies, a critical component for
the global transition to clean energy.
Nuvve deployed its 3-phase Nuvve PowerPort3 Ultra chargers,
allowing Ford Mach-E EVs to deliver grid services while parked,
highlighting the practical benefits of AC bi-directional power flow
as defined by SAE J3068/2. These innovations align with stringent
safety and regulatory requirements, setting Nuvve ahead of industry
peers in terms of technological capability and
compliance.
"The ability to harness EVs for grid support provides both i
revenue opportunities through energy markets and positions Nuvve as
a key player in transforming the global energy landscape," said
Gregory Poilasne, CEO of Nuvve. "Our leadership in this space
continues to unlock new value for Nuvve as we pave the way for
scalable V2G deployments worldwide."
According to Future Market Insights Inc., the global
Vehicle-to-Grid (V2G) market is projected to grow significantly,
reaching USD 34.7 billion by 2034,
with a compound annual growth rate (CAGR) of 22.7% from 2024 to
20341. This surge is driven by the rapid adoption of
electric vehicles (EVs), the need to optimize energy
infrastructure, and increased demand for grid stabilization and
energy storage. Nuvve is positioned to capture a significant share
of this market through its innovative, scalable
solutions.
Nuvve's proprietary GIVe™ aggregator software plays a pivotal
role in combining multiple EVs into a unified V2G power resource,
ensuring the integration of EVs into the grid is both seamless and
efficient. Hamza Lemsaddek, Nuvve's Vice President of Technology
and Astrea AI, commented:
"This demonstration is a testament to our commitment and investment
in R&D since Nuvve's inception. AC V2G leveraging SAE J3068/2
represents a significant advancement, showcasing reliable,
low-cost, and scalable technologies that allow V2G to expand while
meeting stringent safety and regulatory requirements. We're excited
to be at the forefront of enabling energy resilience and equity
through electrified transportation."
The project highlights Nuvve's ability to scale, with
significant opportunities for Nuvve and its customers to generate
recurring revenue streams while contributing to grid stability. As
grid stabilization and energy storage become critical in the modern
energy landscape, stakeholders stand to benefit from the broad
deployment of V2G technologies and additional revenue streams
through services like grid balancing and resource
flexibility.
Nuvve's strategic leadership in complying with FERC Order 2222
further solidifies its position to capture value from distributed
energy resources (DERs). The event featured a demonstration led by
Hamza Lemsaddek and Gregory Poilasne, showcasing how this AC V2G
technology works in real-world conditions. Attendees, including top
Exelon executives and federal representatives, witnessed firsthand
the commercial and technological potential of Nuvve's
solutions.
Nuvve's involvement in this project reaffirms its leadership in
advancing EV infrastructure, while also creating a sustainable,
resilient energy future. Over the coming year, the performance of
these V2G-enabled Ford Mach-E vehicles will be closely monitored to
assess their dual roles as fleet vehicles and grid assets,
providing long-term value creation for the company and
customers.
About Nuvve Holding Corp.
Founded in 2010, Nuvve Holding Corp. (Nasdaq: NVVE) has
successfully deployed vehicle-to-grid (V2G) technology across five
continents. The company provides turnkey electrification solutions
for fleets, leading the transition to clean energy by transforming
EVs into mobile energy storage units. Nuvve's headquarters are in
San Diego, Calif., and more
information is available at nuvve.com.
Nuvve Press Contact press@nuvve.com
+1 (619) 483-3448
1 Future Market Insights "Vehicle-to-grid Market
Outlook from 2024 to 2034" June
2024
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SOURCE Nuvve Holding Corp.