Nuvve Unveils Groundbreaking AC V2G Technology at Exelon Event, Leveraging SAE J3068/2

Rhea-AI Summary

Nuvve Holding Corp. (Nasdaq: NVVE) showcased a breakthrough in AC Vehicle-to-Grid (V2G) technology at an Exelon-hosted event. The demonstration featured Nuvve's PowerPort3 Ultra chargers enabling Ford Mach-E EVs to provide grid services using SAE J3068/2 standards. This innovation aligns with safety and regulatory requirements, positioning Nuvve as a leader in V2G technology.

The global V2G market is projected to reach $34.7 billion by 2034, growing at a CAGR of 22.7% from 2024 to 2034. Nuvve's GIVe™ aggregator software plays a important role in integrating EVs into the grid efficiently. The company's compliance with FERC Order 2222 strengthens its position to capture value from distributed energy resources.

The event demonstrated Nuvve's ability to provide scalable solutions for grid stabilization, a critical component in the transition to clean energy. Over the coming year, the performance of V2G-enabled Ford Mach-E vehicles will be monitored to assess their value as both fleet vehicles and grid assets.

Positive

• Nuvve showcased breakthrough AC V2G technology using SAE J3068/2 standards
• Global V2G market projected to reach $34.7 billion by 2034, with 22.7% CAGR from 2024-2034
• Nuvve's GIVe™ aggregator software enables efficient integration of EVs into the grid
• Compliance with FERC Order 2222 strengthens Nuvve's position in distributed energy resources
• Demonstration of scalable solutions for grid stabilization enhances Nuvve's market position

Negative

• None.

Insights

Technology Analyst

Nuvve's demonstration of AC V2G technology using SAE J3068/2 standards is a significant advancement in the EV infrastructure space. This breakthrough allows for more efficient and scalable integration of EVs into the power grid, potentially revolutionizing how we manage energy resources. The use of 3-phase Nuvve PowerPort3 Ultra chargers with Ford Mach-E EVs showcases practical applications of bi-directional power flow, which could lead to new revenue streams for EV owners and utilities alike. The compliance with safety and regulatory requirements positions Nuvve ahead in the market, potentially accelerating V2G adoption. With the global V2G market projected to reach $34.7 billion by 2034, growing at a CAGR of 22.7%, Nuvve is well-positioned to capture a significant market share. Their GIVe™ aggregator software further enhances their competitive edge by enabling efficient management of multiple EVs as a unified power resource.

Financial Analyst

This development signals strong potential for Nuvve's future revenue growth and market position. The company's leadership in AC V2G technology, compliant with SAE J3068/2, opens up new opportunities in the rapidly expanding V2G market. With projections indicating a $34.7 billion market by 2034, Nuvve's early mover advantage could translate into substantial long-term value for shareholders. The demonstration with Ford Mach-E EVs suggests potential partnerships with major automakers, which could accelerate adoption and scale. Recurring revenue streams from grid services and the company's GIVe™ software platform present a compelling business model. However, investors should note that while the technology is promising, the full financial impact will depend on widespread adoption and successful monetization of these services. Nuvve's compliance with FERC Order 2222 also positions it favorably to capitalize on the growing distributed energy resources market.

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.

FAQ

What new technology did Nuvve (NVVE) showcase at the Exelon event?

Nuvve showcased breakthrough AC Vehicle-to-Grid (V2G) technology using SAE J3068/2 standards, demonstrating Ford Mach-E EVs providing grid services while parked.

What is the projected growth of the global Vehicle-to-Grid (V2G) market by 2034?

According to Future Market Insights Inc., the global V2G market is projected to reach $34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034.

How does Nuvve's (NVVE) GIVe™ aggregator software contribute to V2G technology?

Nuvve's GIVe™ aggregator software combines multiple EVs into a unified V2G power resource, ensuring seamless and efficient integration of EVs into the grid.

What regulatory compliance has Nuvve (NVVE) achieved to strengthen its market position?

Nuvve's strategic leadership in complying with FERC Order 2222 solidifies its position to capture value from distributed energy resources (DERs).