Nuvve Wins $16M Project for Fresno Economic Opportunities Commission's 50-Shuttle Fleet

Rhea-AI Summary

Nuvve Holding Corp. was selected by Fresno Economic Opportunities Commission (Fresno EOC) to implement its turnkey fleet electrification program for Fresno EOC's 50-shuttle fleet. Nuvve secured grant funding through the Carl Moyer Memorial Air Quality Standards Attainment Program and Pacific Gas & Electric. The project aims to reduce the city's carbon footprint and contribute significantly to environmental goals by transitioning the fleet to electric vehicles. Nuvve's strategy focuses on empowering the local workforce and fostering economic growth in Fresno. Project partner Molle Energy will contribute infrastructure support and Nuvve will provide its proprietary Nuvve GIVe™ software platform and V2G technology to ensure a seamless transition to an electrified fleet.

Positive

• Nuvve Holding Corp. was selected by Fresno EOC to implement its turnkey fleet electrification program for Fresno EOC's 50-shuttle fleet.
• Nuvve secured grant funding through the Carl Moyer Memorial Air Quality Standards Attainment Program and Pacific Gas & Electric.
• The project aims to reduce the city's carbon footprint and contribute significantly to environmental goals by transitioning the fleet to electric vehicles.
• Nuvve's strategy focuses on empowering the local workforce and fostering economic growth in Fresno.
• Project partner Molle Energy will contribute infrastructure support and Nuvve will provide its proprietary Nuvve GIVe™ software platform and V2G technology to ensure a seamless transition to an electrified fleet.

Negative

• None.

Insights

Environmental Policy Analyst

The adoption of Nuvve's vehicle-to-grid (V2G) technology by Fresno EOC represents a significant shift towards sustainable transportation solutions. V2G systems allow electric vehicles (EVs) to communicate with the power grid to sell demand response services by either returning electricity to the grid or by throttling their charging rate. This capability not only provides a potential revenue stream for fleet operators but also contributes to grid stability, especially during peak demand times. The implementation of a 2.5-megawatt solar generation and battery storage system further emphasizes the move towards a more resilient and renewable energy-driven transportation sector.

From an environmental policy perspective, the project aligns with California's aggressive climate goals and air quality improvement initiatives. By reducing reliance on fossil fuels and integrating renewable energy sources, Fresno EOC's project can serve as a blueprint for other organizations aiming to transition to green transportation. The collaboration with local workforce and suppliers also speaks to a broader economic strategy that fosters community development and job creation in the green sector, which is in line with state and federal policy objectives to support local economies through sustainable initiatives.

Energy Economist

The electrification of Fresno EOC's shuttle fleet, underpinned by Nuvve's V2G technology, has implications for the energy market, particularly in terms of electricity demand and pricing. As fleets transition to electric, the demand for electricity will inevitably increase. However, V2G technology can mitigate some of this demand by enabling EVs to act as distributed energy resources. This can lead to a more efficient use of renewable energy, as excess solar power generated during the day can be stored and used when needed, potentially reducing the need for more expensive and carbon-intensive 'peaker' power plants.

Moreover, the project's funding through the Carl Moyer Program and PG&E indicates a strategic use of grants and incentives to facilitate the transition to cleaner energy. This approach can be financially beneficial for Fresno EOC by offsetting some of the upfront costs associated with fleet electrification and infrastructure development. In the long run, operational cost savings from reduced fuel and maintenance expenses, combined with potential revenue from V2G services, could positively affect the organization's financial sustainability and could influence broader market adoption of similar technologies.

Sustainability Consultant

The integration of electric shuttles with V2G capabilities into Fresno EOC's operations is a forward-thinking approach to sustainability that extends beyond mere transportation. This initiative demonstrates a holistic view of sustainability, encompassing economic, environmental and social dimensions. By prioritizing local hiring and training, the project supports social sustainability by investing in human capital and ensuring that the benefits of green technology are widely distributed within the community.

Additionally, the use of Nuvve's proprietary GIVe™ software platform will likely enhance the operational efficiency of the fleet. The software's ability to manage energy usage intelligently can lead to significant reductions in greenhouse gas emissions, a critical factor in addressing climate change. The project's potential to serve as a model for other communities is substantial, as it showcases how to integrate renewable energy, transportation and workforce development into a cohesive sustainability strategy.

Fresno EOC to implement Nuvve's turnkey fleet electrification program including vehicle-to-grid capability, in ambitious step toward a cleaner community via green transportation

SAN DIEGO and FRESNO, Calif., Jan. 23, 2024 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today was selected and approved by the Board of the Fresno Economic Opportunities Commission (Fresno EOC) to implement its turnkey fleet electrification program for Fresno EOC's 50-shuttle fleet. Nuvve assisted Fresno EOC, one of the largest nonprofit community action agencies in the U.S., in securing grant funding through the Carl Moyer Memorial Air Quality Standards Attainment Program ("Carl Moyer Program") and Pacific Gas & Electric ("PG&E"). 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 Transit Systems, renowned for its dedication to community service and environmental stewardship, is embarking on a mission to transition its fleet to electric vehicles. This initiative is at the heart of Fresno EOC's strategy to offer the Fresno community cleaner, more efficient, and sustainable transportation options. This project aims to contribute significantly to the city's environmental goals by reducing reliance on fossil fuels.

Nuvve has taken the lead in the Fresno EOC Fleet Electrification Project, with a vision to create a sustainable and thriving community. The project is driven by a commitment to empowering the local workforce, by providing opportunities for workforce development and fostering economic growth in Fresno. Nuvve's strategy centers around a symbiotic relationship with the Fresno community, prioritizing local hiring initiatives and partnerships with Fresno-based suppliers. Through targeted recruitment and workforce training, Nuvve aims to promote a diverse and skilled workforce, while upholding quality and safety standards. By working together, Nuvve and the Fresno community are paving the way for excellence in fleet electrification, while enhancing local skill sets and economic prosperity.

Project partner Molle Energy, through its Révis Dynamics division, will contribute infrastructure support as Fresno EOC acquires and deploys 50 electric Class-A shuttles at a rate of 10 per year over five years and installs a 2.5-megawatt on-site solar generation and battery energy storage system to charge the new electric shuttle fleet. Nuvve will provide its proprietary Nuvve GIVe™ software platform and V2G technology. Nuvve's expertise ensures a seamless transition to an electrified fleet, offering Fresno EOC Transit Systems the tools to manage energy efficiently, reduce operational costs, and embrace renewable energy solutions. Nuvve's technology supports Fresno's vision of a greener future and enhances transportation services' overall reliability and effectiveness.

"Fresno as a community has historically endured 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 project can serve as a model approach for modern, efficient, and eco-friendly public transportation."

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.

"This project is crucial, and it's important for the community to understand our commitment to lowering carbon emissions and advocating for renewable energy. It's also about raising awareness on energy conservation and tackling climate change," remarked Thomas Dulin, Director of Fresno EOC Transit Systems. "There's no better method to showcase the financial and environmental benefits than through the implementation of an electrified fleet that exemplifies cutting-edge energy conservation."

This electrification project places Fresno at the forefront of sustainable urban transit in the nation. While Nuvve brings a wealth of global experience and technological know-how, the focus of this collaboration is firmly rooted in meeting the unique needs and aspirations of the Fresno community. The successful implementation of this project is poised to serve as a model for other cities looking to embark on similar sustainability journeys.

For more information on Nuvve, available charging solutions, or V2G technology, visit nuvve.com. For more information on Fresno EOC, visit fresnoeoc.org.

About Fresno Economic Opportunities Commission (EOC)
Established in 1965, Fresno EOC is a non-profit Community Action Agency that provides opportunities, strengthens self-sufficiency, and offers support for all people. We listen to the needs of the communities we serve to create effective programs and services. Fresno EOC is at the forefront, continuing the war on poverty with more than 35 programs dedicated to getting people the help they need to achieve their goals. 

About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information, please visit nuvve.com. 

Fresno EOC Press Contact
Cedric Hood | Cedric.hood@fresnoeoc.org | +1 559-475-3714
https://www.blue-bird.com/buses/allamerican/all-american-re-electric-bus

Nuvve Investor Contact
ICR 
nuvve@icrinc.com | +1 646-200-8872 

Nuvve Press Contact 
(W)right On Communications
Larry Smalheiser | lsmalheiser@wrightoncomm.com | +1 925-413-3137  

Nuvve Forward Looking Statements
This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning the Company's expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new product launches, potential clinical successes, and other statements that are not historical facts. Nuvve cautions you 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 the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially.  Some of these risks and uncertainties can be found in Nuvve's most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com/ or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve's filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release. 

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SOURCE Nuvve Holding Corp.

FAQ

What is Nuvve Holding Corp.'s role in the Fresno EOC project?

Nuvve Holding Corp. was selected to implement its turnkey fleet electrification program for Fresno EOC's 50-shuttle fleet.

How did Nuvve secure funding for the project?

Nuvve secured grant funding through the Carl Moyer Memorial Air Quality Standards Attainment Program and Pacific Gas & Electric.

What is the goal of the project?

The project aims to reduce the city's carbon footprint and contribute significantly to environmental goals by transitioning the fleet to electric vehicles.

What is Nuvve's strategy in the Fresno EOC project?

Nuvve's strategy focuses on empowering the local workforce and fostering economic growth in Fresno.

Who is Nuvve's project partner in the Fresno EOC initiative?

Project partner Molle Energy will contribute infrastructure support to the project.