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.
News Market Reaction 1 Alert
On the day this news was published, NVVE gained 3.66%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Collaborative Demonstration of Vehicle-to-Grid Integration by Leading EV Innovators, Utilities, and Grid Operators
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
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
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?
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