V2G leader in partnership with Toyota Tsusho
and Chubu Electric Power Miraiz now integrating stationary battery
systems produced and deployed by Nissin Electric Company.
SAN
DIEGO, Dec. 12, 2023 /PRNewswire/ -- Nuvve
Holding Corp. (Nasdaq: NVVE), a global cleantech company
electrifying the planet through its intelligent energy platform,
along with Toyota Tsusho Corporation and Japan's Chubu Electric Power Miraiz Company
(Chubu) are expanding their existing commercial agreement with the
addition of a new stationary, vehicle-to-grid ("V2G") capable
lithium-ion batteries located in Japan to provide additional capacity,
ancillary power and stabilizing services to the grid.
In support of the Japanese government's green transformation
initiatives and its 2050 carbon neutral goal, Chubu Electric Power
Miraiz is scaling its participation in Japan's energy market beginning with
stationary batteries at sites located in Chubu area, 30MWh in
total. Nuvve's GIVe™ (Grid Integrated Vehicle) platform, which is
fully integrated with the deployed Japanese stationary batteries,
controls the flow of power from the batteries to provide complex
grid services and mitigate demand fluctuations during times of
forecasted grid stress from peak power sources.
The latest addition includes stationary battery systems from
Nissin Electric Co. (Nissin). Successful integration and
testing of Nissin's stationary battery system, with Nuvve's
GIVe platform paves the way for additional scaled deployments
in Japan required for grid support
by providing revenue-generating demand response and flexibility
services. Based on a 2021 IEEJ report, annual grid service revenues
for stationary batteries (for example, sized at 150kwh with 50kw of
capacity) could amount to $75,000 to
$150,000.
Japan announced a grid
expansion masterplan in March 2023 at an estimated cost
of ¥6 to ¥7 trillion (US$45 billion
to US$55 billion) by 2050.
Japan's peak load will be managed
by solar and wind power in the coming decades. Deployment of
grid-scale Storage batteries are a necessary back-up power source
to stabilize power grids in Japan
as the country seeks to expand its use of renewables. The
country's Battery Market Size was valued at USD 11.29 Billion in 2022 and is expected to
reach USD 27.64 billion by 2032, and
ancillary grid services from such distributed resources are
expected to be valued via an auction system through a competitive
bidding process beginning in 2024.
"Nuvve's core V2G technology transforms EVs, which are
inherently difficult grid assets to manage because they can be
plugged or unplugged at any time, into reliable, dispatchable and
monetizable assets that can perform complex and demanding grid
services," said Gregory Poilasne, CEO of Nuvve. "These
capabilities also allow us to aggregate and manage stationary
storage batteries. With our advanced AI-driven platform, we
can extract more value from these batteries, which enables us to
accelerate Nuvve's growth of megawatts under management."
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is leading the
electrification of the planet, beginning with transportation,
through its intelligent energy platform. Combining the world's most
advanced vehicle-to-grid (V2G) technology and an ecosystem of
electrification partners, Nuvve dynamically manages power among
electric vehicle (EV) batteries and the grid to deliver new value
to EV owners, accelerate the adoption of EVs, and support the
world's transition to clean energy. By transforming EVs into mobile
energy storage assets and networking battery capacity to support
shifting energy needs, Nuvve is making the grid more resilient,
enhancing sustainable transportation, and supporting energy equity
in an electrified world. Since its founding in 2010, Nuvve has
successfully deployed V2G on five continents and offers turnkey
electrification solutions for fleets of all types. Nuvve is
headquartered in San Diego,
California, and can be found online at www.nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
About Toyota Tsusho Corporation
Toyota Tsusho Corporation was founded in 1948 as the trading
company for the Toyota Group in Japan. Today, Toyota Tsusho, with
approximately 64,000 group employees in 120 countries, strives to
contribute to the creation of prosperous societies. Toyota Tsusho
continues to expand as a global leader in vehicle exports and
automobile production support. The company has seven operating
divisions (Metals/ Global Parts & Logistics/ Automotive/
Machinery, Energy & Project/ Chemicals & Electronics/ Food
& Consumer Services/ Africa)
focused three business fields – the Mobility field contributing to
the future convenient society, the Resources & Environment
field ensuring the sustainable society, and the Life &
Community field supporting comfortable and healthy lifestyles.
About Chubu Electric Power Miraiz
Chubu Electric Power Miraiz Co., Ltd. is an electricity and gas
retail company based in Nagoya,
Aichi Prefecture, and is part of the Chubu Electric Power Group.
Chubu Electric Power Miraiz Co., Inc. sells and supplies
electricity and gas, procured from power generators and gas
manufacturers, to general consumers. Chubu Electric Power Miraiz
Co., Inc. is a retail electricity and gas provider. In April 2020, Chubu Electric Power Miraiz Co., Inc.
took over the retail division (sales company) of Chubu Electric
Power. The name 'Miraiz' is derived from the Japanese word for
'future vision.'
About Nissin Electric Company
Nissin Electric Co., Ltd. offers outstanding technologies and
high-quality products and services through three businesses. The
Power Supply and Environment System Business is contributing to the
safe and efficient supply of electricity. The Beam and Plasma
Business is responding to the functional enhancement of
leading-edge equipment used in the manufacture of mobile terminals,
etc. The Equipment and Parts Solution Business is offering
solutions which utilize accumulated manufacturing technology.
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com, +1 646-200-8872
Forward-Looking Statements
The 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 fact included in this press release,
regarding Nuvve and Nuvve's strategy, future operations, estimated
and projected financial performance, prospects, 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 as to 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 of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. 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. In addition, Nuvve cautions you that the
forward-looking statements contained in this press release are
subject to the following factors: (i) risks related to the rollout
of Nuvve's business and the timing of expected business milestones;
(ii) Nuvve's dependence on widespread acceptance and adoption of
electric vehicles and increased installation of charging stations;
(iii) Nuvve's ability to maintain effective internal controls over
financial reporting, including the remediation of identified
material weaknesses in internal control over financial reporting
relating to segregation of duties with respect to, and access
controls to, its financial record keeping system, and Nuvve's
accounting staffing levels; (iv) Nuvve's current dependence on
sales of charging stations for most of its revenues; (v) any impact
of the analysis of the accounting and reporting of warrants related
to the extension of filing the Form 10-Q for the first quarter;
(vi) overall demand for electric vehicle charging and the potential
for reduced demand if governmental rebates, tax credits and other
financial incentives are reduced, modified or eliminated or
governmental mandates to increase the use of electric vehicles or
decrease the use of vehicles powered by fossil fuels, either
directly or indirectly through mandated limits on carbon emissions,
are reduced, modified or eliminated; (vii) potential adverse
effects on Nuvve's backlog, revenue and gross margins if customers
increasingly claim clean energy credits and, as a result, they are
no longer available to be claimed by Nuvve; (viii) the effects of
competition on Nuvve's future business; (ix) risks related to
Nuvve's dependence on its intellectual property and the risk that
Nuvve's technology could have undetected defects or errors; (x) the
risk that we conduct a portion of our operations through a joint
venture exposes us to risks and uncertainties, many of which are
outside of our control; (xi) that our joint venture with Levo
Mobility LLC may fail to generate the expected financial results,
and the return may be insufficient to justify our investment of
effort and/or funds; (xii) changes in applicable laws or
regulations; (xiii) the COVID-19 pandemic and its effect directly
on Nuvve and the economy generally; (xiv) risks related to
disruption of management time from ongoing business operations due
to our joint ventures; (xv) risks relating to privacy and data
protection laws, privacy or data breaches, or the loss of data;
(xvi) the possibility that Nuvve may be adversely affected by 3
other economic, business, and/or competitive factors, including
increased inflation and interest rates, and the Russian invasion of
Ukraine; and (xvii) risks related
to the benefits expected from the $1.2
trillion dollar infrastructure bill passed by the U.S. House
of Representatives (H.R. 3684). Should one or more of the risks or
uncertainties described in this press release materialize or should
underlying assumptions prove incorrect, actual results and plans
could differ materially from those expressed in any forward-looking
statements. Additional information concerning these and other
factors that may impact the operations and projections discussed
herein 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 the other
reports that Nuvve has, and will file from time to time with the
SEC. Nuvve's SEC filings are available publicly on the SEC's
website at www.sec.gov.
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SOURCE Nuvve Corporation