SAN DIEGO, Dec. 8, 2021 /PRNewswire/ -- Nuvve Holding
Corp. (Nuvve) (Nasdaq: NVVE), a global cleantech company
electrifying the planet at the intersection of energy and
transportation through its intelligent energy platform, today
announced an agreement with New Hampshire Electric Cooperative
(NHEC), a member-owned, not-for-profit electric co-op, to provide
first-of-its-kind storage capabilities to the Plymouth-based utility for a fixed yearly fee.
The agreement demonstrates the value utilities such as NHEC are
starting to place in vehicle-to-grid (V2G) solutions.
Nuvve's V2G technology allows EV batteries to serve as
distributed energy resources (DERs) that can deliver added capacity
to the grid at critical times and integrate renewables in a more
reliable way. This helps utilities manage shifting energy needs and
balances the grid through services such as reducing peak demand.
This can result in lower utility bills for ratepayers while
contributing to local decarbonization.
"We are proud to further our strategic planning objectives by
partnering with Nuvve in this innovative solution using an electric
bus," said Brian Callnan, NHEC's
vice president of power resources and access. "Helping to
electrify our members' transportation needs with a more efficient
and cleaner technology while providing much-needed services to our
distribution grid is a win-win for all our members."
In recent months, vehicle-to-grid (V2G) has received increased
attention, including funding in the $1.2
trillion Infrastructure and Jobs Act and Build Back Better
Framework to be considered by the U.S. Senate. Lawmakers understand
how critical it is to invest in technology that helps reduce the
stress that added demand from electric vehicles (EVs) will place on
the grid. Utilities are also starting to understand V2G benefits
for their stakeholders and communities.
"The potential impact of V2G technology for forward-thinking
utilities like NHEC is immense," said Gregory Poilasne, chairman
and CEO of Nuvve. "By using EVs to store energy and provide grid
services, we can help lower utility costs, create grid resiliency,
mitigate the need for costly grid upgrades, and share the benefits
with everyone to create energy equity. We want to thank the team at
NHEC for this ground-breaking partnership and look forward to
advancing the energy transition in the region together."
Co-ops like NHEC exist to serve their members and enhance their
communities. With Nuvve as a partner, NHEC can help ensure their
members have access to energy when they need it, at prices that
remain consistent and equitable while working to decarbonize the
grid.
# # #
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 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.
Nuvve Press Contact
(W)right On Communications
Chance Shay
cshay@wrightoncomm.com
+1 619-980-5556
Nuvve Investor Contact
ICR Inc.
nuvve@icrinc.com
+1 646-200-8872
About New Hampshire Electric Cooperative
New Hampshire Electric Cooperative is a member-owned non-profit
(501(c)(12)) electric distribution cooperative serving 86,000 homes
and businesses in 115 New Hampshire communities. Through
investments in broadband services, member outreach, smart grid
technology, energy storage, innovative rates, energy efficiency,
demand response, and beneficial electrification programs, NHEC is
empowering its members to make energy choices that not only benefit
them, but choices that benefit all.
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, regarding the 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, including the following
factors: (i) Nuvve's dependence on widespread acceptance and
adoption of electric vehicles, V2G, and increased installation of
charging stations; (ii) Nuvve's current dependence on sales of
charging stations for most of its revenues; (iii) 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; (iv) potential adverse effects on Nuvve's 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; (v) the effects of competition on Nuvve's future
business; (vi) risks related to Nuvve's dependence on its
intellectual property and the risk that Nuvve's technology could
have undetected defects or errors; (vii) changes in applicable laws
or regulations; (viii) the COVID-19 pandemic and its effect
directly on Nuvve and the economy generally; (ix) risks relating
to privacy and data protection laws, privacy or data breaches,
or the loss of data; and (x) the possibility that Nuvve may be
adversely affected by other economic, business, and/or competitive
factors. 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
quarterly report on Form 10-Q filed by Nuvve with the U.S.
Securities and Exchange Commission (SEC) on November 12, 2021; in the proxy
statement/prospectus filed with the SEC under Rule 424(b)(3) on
February 17, 2021, and in the other
reports that Nuvve has filed 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 Holding Corp.