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Collaborative Demonstration of Vehicle-to-Grid Integration by Leading EV Innovators, Utilities, and Grid Operators
NEWARK, Del., Oct. 2, 2024 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global leader in Vehicle-to-Grid (V2G) technology, showcased a major breakthrough in AC V2G solutions at an exclusive event hosted by Exelon at the Delmarva Power New Castle Regional Office. This event demonstrated Nuvve's ability to provide scalable and practical solutions that meet the growing demand for grid-stabilizing technologies, a critical component for the global transition to clean energy.
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 USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 20341. 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. Nuvve is positioned to capture a significant share of this market through its innovative, scalable solutions.
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."