Nuvve V2G Technology to Power a Green Future in Fresno

Rhea-AI Summary

Nuvve Holding Corp. (Nasdaq: NVVE) has been awarded a $16 million contract by Fresno Economic Opportunities Commission (EOC) for a groundbreaking energy project in Fresno, California. The project aims to improve air quality, reduce operational costs, and supply additional electricity to the grid during peak hours.

Key components of the project include:

• A three-acre solar farm
• Solar canopies
• 56 charging stations
• Transition of Fresno EOC's fleet to 50 electric shuttles
• Implementation of Nuvve's vehicle-to-grid (V2G) technology

The project is expected to take 24 months to complete and will employ about 80% of the required workforce from the Fresno area. This initiative marks a significant step towards reducing Fresno's carbon footprint and creating local job opportunities in the green energy sector.

Positive

• $16 million contract awarded to Nuvve for Fresno energy project
• Implementation of V2G technology for 50-shuttle electric fleet
• Installation of three-acre solar farm, solar canopies, and 56 charging stations
• Project expected to reduce emissions and lower energy costs
• 80% of required workforce to be employed from Fresno area residents

Negative

• None.

Insights

Financial Analyst

Nuvve's $16 million contract with Fresno EOC is a substantial win that solidifies the company's position in the green energy market. This project not only demonstrates their capability to deliver large-scale projects but also aligns perfectly with the growing trend for sustainable energy solutions. From a financial perspective, such contracts enhance Nuvve's revenue stream and potentially improve their profitability in the long term. Investors should note that the successful completion of this project can lead to more similar contracts, thus providing revenue growth and market expansion opportunities. However, the project's 24-month timeline means that the financial benefits will be gradual and short-term performance may not reflect this contract's full potential.

Tech Expert

Nuvve's V2G technology is central to this project, enabling electric vehicles to supply power back to the grid. This technology is pivotal in managing energy loads and reducing reliance on fossil fuels. The integration of a solar farm and canopies with 56 charging stations showcases a comprehensive approach to renewable energy. It highlights Nuvve's strengths in providing a full spectrum of solutions—from generation to consumption. This project could act as a live demonstration of the practicality and effectiveness of Nuvve’s technology, potentially leading to more widespread adoption and further technological advancements.

Market Research Analyst

The contract awarded by Fresno EOC is indicative of a growing trend towards sustainable and cost-efficient transportation solutions. By focusing on a community with poor air quality, Nuvve is not only addressing environmental concerns but also tapping into a market with significant needs. This project could set a precedent for other municipalities facing similar challenges, thereby positioning Nuvve as a leader in this niche market. Furthermore, the involvement of local workforce training programs can foster community support and drive future local projects, creating a positive feedback loop for both Nuvve and the community.

$16 million contract awarded by Fresno EOC for Nuvve to supply three-acre solar farm, solar canopies and 56 charging stations for Fresno’s 50-shuttle electric fleet

FRESNO, Calif.--(BUSINESS WIRE)-- Nuvve Holding Corp. (Nasdaq: NVVE) (the “Company”), a green energy technology company that provides a commercial vehicle-to-grid (V2G) technology platform, broke ground today on a new energy project in Fresno to improve air quality, reduce operational cost, and supply additional electricity to the grid during peak hours. The Fresno Economic Opportunities Commission (EOC) awarded Nuvve $16 million to power its operations, electrify its fleet of vehicles and employ residents of the surrounding community.

“Fresno endures poor air quality due to tailpipe emissions from the Los Angeles basin and gas-fired peaker power plants,” said Nuvve co-founder and CEO Gregory Poilasne. “With the adoption of our cutting-edge electric vehicle software and infrastructure, this electrification project can serve as a model approach for modern, efficient, and eco-friendly public transportation with an economic benefit to the community.”

Nuvve will install a three-acre energy project, which includes a solar farm, solar canopies and 56 charging stations. Fresno EOC will also use the V2G technology as it transitions its gas vehicles into a 50-shuttle electric fleet. With four on-site batteries, the project will help Fresno EOC power its kitchen and transit operations, reduce emissions, lower energy costs, and enhance grid services for the community.

The project will take approximately 24 months to complete from start to finish. It will also employ about 80 percent of the required workforce from Fresno area residents for this energy project. This groundbreaking initiative underscores Fresno EOC’s commitment to sustainable transportation and marks a significant step towards reducing the city’s carbon footprint. Fresno EOC’s workforce and training program will also receive education on energy and solar projects. In the future, Fresno EOC hopes to provide hands-on training and experience to the local workforce.

“This is the first step we need to take to electrify our operations and improve our footprint in the Valley while also creating jobs,” said Emilia Reyes, Fresno EOC CEO.

Fresno joins a growing list of communities that employ Nuvve’s V2G technology. From Taiwan to Texas, more than 10 countries on 5 continents implement Nuvve’s solution because its focus is firmly rooted in meeting the unique mobility, energy needs, and aspirations of each community.

Fresno EOC, one of the largest nonprofit community action agencies in the U.S., secured grant funding through the Carl Moyer Memorial Air Quality Standards Attainment Program, which paid for a majority of the $16 million project. The project will also receive rebates from PG&E.

About Fresno EOC

Fresno EOC oversees more than 35 human services programs to help underserved populations in California’s Fresno County become more self-sufficient. It uses its bus fleet to transport community members to and from work, school and medical appointments, deliver meals, and fill other transportation needs to support its mission.

About Nuvve

Founded in 2010, Nuvve Holding Corp. (Nasdaq: NVVE) has successfully deployed vehicle-to-grid (V2G) in five continents, offering turnkey electrification solutions for fleets of all types. Nuvve combines the world’s most advanced V2G technology and an ecosystem of electrification partners, delivering new value to electric vehicle (EV) owners, accelerating the adoption of EVs, and supporting a global transition to clean energy. Nuvve is making the grid more resilient, transforming EVs into mobile energy storage assets, enhancing sustainable transportation, and supporting energy equity in an electrified world. Nuvve is headquartered in San Diego, Calif., and can be found online at nuvve.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723334881/en/

Wes Robinson

626-201-2928

Wrobinson@olmsteadwilliams.com

Source: Nuvve Holding Corp.

FAQ

What is the value of the contract awarded to Nuvve (NVVE) for the Fresno energy project?

Nuvve (NVVE) has been awarded a $16 million contract by Fresno Economic Opportunities Commission (EOC) for the energy project in Fresno, California.

How many charging stations will Nuvve (NVVE) install in Fresno as part of the project?

As part of the energy project in Fresno, Nuvve (NVVE) will install 56 charging stations.

What is the expected timeline for completing Nuvve's (NVVE) energy project in Fresno?

The energy project in Fresno by Nuvve (NVVE) is expected to take approximately 24 months to complete from start to finish.

How many electric shuttles will be part of Fresno EOC's fleet using Nuvve's (NVVE) V2G technology?

Fresno EOC will transition its fleet to 50 electric shuttles using Nuvve's (NVVE) vehicle-to-grid (V2G) technology.