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Thinking Big With Nuvve's Vehicle-To-Grid Solution

--News Direct--

By Meg Flippin, Benzinga

The vehicle-to-grid (V2G) market is in its infancy and could potentially be poised for growth as the number of electric vehicles on the road multiplies. The cutting-edge and potentially game-changing technology turns EVs into moving storage systems, reducing the cost of ownership and bringing stability to the power grid by aggregating power and creating a virtual power plant.

Nuvve Holding Corp. (NASDAQ: NVVE), the cleantech company from San Diego, is a leader in the field, owning rights to key intellectual property to advance the adoption of this potentially transformative technology. It's in growth mode, going after multiple markets that could benefit from its technology.

The Electrification Of Buses, Buildings

The bus fleet market is one of the markets Nuvve is targeting. In the public sector, there are 480,000 school buses, 225,000 postal vehicles, 170,000 military transports and 160,000 public transit buses in need of electrification. If all of them were powered by Nuvve’s V2G technology, it represents a $3.5 billion to $6.9 billion annual opportunity, according to the company.

Then there’s Nuvve’s stationary batteries that serve as power sources and provide a variety of balancing and demand response services to the grid. That market is seeing increased demand as the public and private sectors seek to reduce emissions and lower costs.

Pulling it all together is its AI-powered grid management services platform, which gives it recurring revenue and helps it stand out from its rivals. Nuvve’s AI-assisted GIVe software platform enables EV fleet owners to manage many aspects of their vehicles, including optimizing the readiness of their vehicles, monitoring and optimizing the energy used to power their vehicles, providing grid services and managing the health of the battery. In the stationary storage market, the platform enables customers to not only get power but also sell back excess energy to the grid to make or save money.

Looking further out, Nuvve sees a lot of potential as EVs become more common on the roadways. Globally, an estimated 550 million EVs will be on the road by 2040, representing more than two-thirds of passenger vehicle sales. If every vehicle used Nuvve’s technology, that would represent a $420 billion to $840 billion annual opportunity, according to the company.

It's Not Nuvve’s First Rodeo

Nuvve isn’t new to the cleantech game, which the company is hoping gives it an edge. It has more than 25 years of V2G research and development under its belt, 20 MW under management across the world and seven years of continuous V2G commercial operations in Denmark, where the company launched commercial operation in 2016. The company reports that vehicles in Denmark using its technology have been generating about $3,000 in savings per year over seven years, which amounts to about 40% of the total cost of ownership of those vehicles.

It's bringing that success to the U.S., recently announcing a deal with Blue Bird Corp. (NASDAQ: BLBD) – a maker of electric and low-emission school buses – to transition a school district in Texas to an all-electric school bus fleet.

The company is also growing the number of V2G charging stations at a record-setting rate. In October Nuvve achieved 38 AC and DC bidirectional charging station connections, a record for the company. All were linked to its V2G GIVe software platform, providing charging services to an additional 38 electric school buses (or 1.42 MW of capacity). The new charging stations increase Nuvve’s megawatts under management by 1.4 and bring the total to 22.7 as of the end of October. That’s 30% more than it’s 17.4 megawatts under management at the end of 2022.

Revenue Grows In Third Quarter

The growth isn’t only showing up in megawatts, it’s also showing in the company’s revenue growth. In the third quarter, Nuvve reported revenue of $2.7 million, up 389.9% year-over-year. The company reduced its cash operating loss to $7.3 million from $7.4 million in the year-ago third quarter.

"Through the third quarter of 2023, Nuvve is on pace to increase its revenues by more than 50% this year as orders, sales and deployments of charging stations connected to our GIVe V2G software platform, as well as grid service revenues, have all shown a substantial improvement over 2022 levels,” said Nuvve CEO Gregory Poilasne said when announcing quarterly results. “We believe we are laying the foundation for continued momentum as we go into 2024 and for the inflection in electrification that we feel is inevitable in the back half of this decade.”

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

Contact Details

Benzinga

+1 877-440-9464

info@benzinga.com

Company Website

http://www.benzinga.com

View source version on newsdirect.com: https://newsdirect.com/news/thinking-big-with-nuvves-vehicle-to-grid-solution-946650802

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