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NEWARK, Del., Oct. 2, 2024 ~ Nuvve Holding Corp. (Nasdaq: NVVE) has made a significant breakthrough in the field of Vehicle-to-Grid (V2G) technology, showcasing their latest AC V2G solutions at an exclusive event hosted by Exelon at the Delmarva Power New Castle Regional Office. This event highlighted Nuvve's ability to provide scalable and practical solutions to meet the growing demand for grid-stabilizing technologies, a crucial component in the global transition to clean energy.
The demonstration featured Nuvve's deployment of their 3-phase Nuvve PowerPort3 Ultra chargers, which allowed Ford Mach-E EVs to deliver grid services while parked. This showcased the practical benefits of AC bi-directional power flow as defined by SAE J3068/2. These innovations not only align with stringent safety and regulatory requirements but also position Nuvve ahead of its industry peers in terms of technological capability and compliance.
Nuvve's CEO, Gregory Poilasne, expressed his excitement about the potential of harnessing EVs for grid support, stating that it provides both revenue opportunities through energy markets and establishes Nuvve as a key player in transforming the global energy landscape. He also emphasized how their leadership in this space continues to unlock new value for Nuvve as they pave the way for scalable V2G deployments worldwide.
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According to Future Market Insights Inc., the global Vehicle-to-Grid (V2G) market is projected to reach USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034. 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. With its innovative and scalable solutions, Nuvve is well-positioned to capture a significant share of this market.
Nuvve's proprietary GIVe™ aggregator software plays a crucial role in combining multiple EVs into a unified V2G power resource, ensuring seamless and efficient integration of EVs into the grid. Hamza Lemsaddek, Nuvve's Vice President of Technology and Astrea AI, commented on the demonstration, stating that it is a testament to their commitment and investment in research and development since the company's inception. He also highlighted how AC V2G leveraging SAE J3068/2 represents a significant advancement in showcasing reliable, low-cost, and scalable technologies that meet stringent safety and regulatory requirements. Lemsaddek expressed his excitement about being at the forefront of enabling energy resilience and equity through electrified transportation.
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The project also highlights Nuvve's ability to scale, with significant opportunities for both the company 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 widespread 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 both Nuvve and its customers.
The demonstration featured Nuvve's deployment of their 3-phase Nuvve PowerPort3 Ultra chargers, which allowed Ford Mach-E EVs to deliver grid services while parked. This showcased the practical benefits of AC bi-directional power flow as defined by SAE J3068/2. These innovations not only align with stringent safety and regulatory requirements but also position Nuvve ahead of its industry peers in terms of technological capability and compliance.
Nuvve's CEO, Gregory Poilasne, expressed his excitement about the potential of harnessing EVs for grid support, stating that it provides both revenue opportunities through energy markets and establishes Nuvve as a key player in transforming the global energy landscape. He also emphasized how their leadership in this space continues to unlock new value for Nuvve as they pave the way for scalable V2G deployments worldwide.
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According to Future Market Insights Inc., the global Vehicle-to-Grid (V2G) market is projected to reach USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034. 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. With its innovative and scalable solutions, Nuvve is well-positioned to capture a significant share of this market.
Nuvve's proprietary GIVe™ aggregator software plays a crucial role in combining multiple EVs into a unified V2G power resource, ensuring seamless and efficient integration of EVs into the grid. Hamza Lemsaddek, Nuvve's Vice President of Technology and Astrea AI, commented on the demonstration, stating that it is a testament to their commitment and investment in research and development since the company's inception. He also highlighted how AC V2G leveraging SAE J3068/2 represents a significant advancement in showcasing reliable, low-cost, and scalable technologies that meet stringent safety and regulatory requirements. Lemsaddek expressed his excitement about being at the forefront of enabling energy resilience and equity through electrified transportation.
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The project also highlights Nuvve's ability to scale, with significant opportunities for both the company 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 widespread 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 both Nuvve and its customers.
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