Multinational global leader in storage to integrate Nuvve’s GIVe ™ platform into charging stations for customers around the world
SAN DIEGO And VALENCIA, Spain, May 10, 2022 / PRNewswire / – Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company that electrifies the planet at the intersection of energy and transportation through its smart energy platform, and Power Electronics, a leading manufacturer of solar inverters for installations large photovoltaics in America, Oceania and Europe, today announced an agreement to integrate Nuvve’s Vehicle-to-Grid (V2G) GIVe ™ platform with Power Electronics’ charging station technology to help intelligently electrify vehicles and help meet global decarbonisation goals. Through the partnership, Power Electronics will add Nuvve V2G certified capacity to its existing bi-directional chargers.
Nuvve’s cloud-based software enables Power Electronics to go beyond bidirectional charging – that is, allowing an electric vehicle (EV) to send power to the grid, enabling electric vehicles to deliver capabilities and services that help stabilize the grid and prevent blackouts. By allowing electric vehicles to store energy, including that from intermittent sources such as solar and wind, Nuvve’s system helps to increase the integration of renewable energy, always giving priority to the driver’s mobility needs.
“By working with a global company such as Power Electronics, we are diversifying high-power V2G charging offerings for our customers around the world,” he said. Lynn Ames, vice president of partnerships at Nuvve. “Through this collaboration, electric fleets can be integrated in a way that makes the grid more flexible, reliable and resilient. This is critical to further reducing greenhouse gas emissions and slowing climate change.”
Power Electronics has the most advanced technology in its production plant, where the vertical integration of the entire process is one of its main features. Through its main divisions: solar energy, energy storage and electric mobility, Power Electronics promotes renewable energy around the world.
“By integrating Nuvve’s technology, we will achieve a solution that will have a direct impact on decarbonisation, allowing both companies to continue to be pioneers in the V2G market,” he said. Ron Puryearvice president and general manager of Power Electronics in the United States.
The integration between the companies is expected to be completed later this year to provide one-way and two-way charging with Nuvve’s V2G certified options for early customers in Europe, followed by a steady launch into a global alliance. The high-powered solution expands Nuvve’s existing range from medium and heavy-duty charging station offerings for fleet customers, including school buses, work trucks and more.
Nuvve is at the heart of an ecosystem of electrification partners it has assembled, including car manufacturers, electric vehicle dealers, charging infrastructure providers, technology solutions and utilities to offer turnkey energy management solutions for different types of fleets all around Europe, AsiaAnd North America. Through its platform, Nuvve helps reduce the total cost of ownership of electric vehicles by creating a more sustainable network.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is driving the electrification of the planet, starting with transportation, through its intelligent energy platform. By combining the world’s most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages the energy between electric vehicle (EV) batteries and the grid to deliver new value to electric vehicle owners. accelerate the adoption of electric vehicles and support the world’s transition to clean energy. By transforming electric vehicles into mobile energy storage resources and networking battery capacity to support changing energy needs, Nuvve is making the grid more resilient, improving sustainable transportation and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully implemented V2G across five continents and offers turnkey electrification solutions for fleets of all kinds. Nuvve is based in San Diego, Californiaand can be found online at nuvve.com.
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Power Electronics is the world leader in energy storage and the first manufacturer of solar inverters for large photovoltaic systems in America, Oceania, Asia And Europe. With a presence in over 1,600 renewable energy projects around the world and over 60 GW of installed AC power, it has avoided the emission of more than 60.5 million tonnes of CO2 into the environment.
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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 facts included in this press release, regarding Nuvve and Nuvve strategy, future operations, estimated and projected financial performance, outlook, 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 on 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 expressly qualified by the statements in this section, to reflect events or circumstances subsequent to the date of this press release. Nuvve cautions 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 Nuvve’s control. In addition, Nuvve warns that the forward-looking statements contained in this press release are subject to the following factors: (i) risks relating to the launch of Nuvve’s business and the timing of the planned milestones for the business; (ii) Nuvve’s dependence on broad acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve’s ability to maintain effective internal controls on financial reporting (iv) Nuvve’s current dependence on sales of charging stations for the majority of its revenues; (v) the overall demand for electric vehicle charging and the potential for demand reduction if government discounts, tax credits and other financial incentives or government mandates to increase the use of electric vehicles or decrease the ” use of vehicles powered by fossil fuels fuels, directly or indirectly through limits imposed on carbon emissions, are reduced, modified or eliminated; (vi) potential adverse effects on Nuvve’s backlog, revenues and gross margins if customers increasingly claim clean energy credits and, as a result, are no longer available to be claimed by Nuvve; (vii) the effects of competition on Nuvve’s future business; (viii) the risks related to Nuvve’s reliance on its intellectual property and the risk that Nuvve’s technology may 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 beyond our control; (x) that our joint venture with Levo Mobility LLC may not deliver 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 effects directly on Nuvve and the economy in general; (xiii) risks related to the interruption of management time from ongoing commercial operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breach or data loss; (xv) the possibility that Nuvve may be adversely affected by 3 other economic, commercial and / or competitive factors, including rising inflation and interest rates, and the Russian invasion of Ukraine; and (xvi) risks associated with the benefits expected from $ 1.2 trillion dollars Infrastructure bill passed by the United States House of Representatives (HR 3684). If one or more of the risks or uncertainties described in this press release materialize or if the underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Further information on these and other factors that may affect the operations and projections discussed here 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 other reports Nuvve has and will file with the SEC from time to time. Nuvve’s SEC documents are publicly available on the SEC’s website at www.sec.gov.
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