Nuvve Continues Scaling Effort Into Japanese Stationary Battery Segment

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Dec 12, 2023, 09:00 ET

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.
[email protected], +1 646-200-8872

Forward-Looking Statements

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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.

SOURCE Nuvve Corporation