PR Newswire
NEWARK, Del., Oct. 2, 2024
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 GIVeâ„¢ 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 [email protected]
+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.
