Agreement adds three stationary batteries in Kyoto and Toki, increasing grid service capabilities through an existing partnership
SAN DIEGO, (Dec. 16, 2022) — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, and Japan’s Chubu Electric Power Miraiz Company (Chubu), a high-tech demand response company, are strengthening an existing commercial agreement with the addition of three stationary, vehicle-to-grid (or V2G) capable lithium-ion batteries in two new locations in Japan to enhance grid service capabilities. The batteries are expected to serve both as a power source and to provide a variety of balancing and demand response services to the grid.
Chubu and Toyota Tsusho Corporation partnered with Nuvve in order to receive approval from the Japanese transmission system operator (TSO) earlier in 2022. Nuvve has over a decade of experience working with multiple TSOs worldwide to qualify aggregated electric vehicles and stationary batteries to provide and get paid for bi-directional grid services. In the case of this Japan-based deployment, TSO qualification allows the companies to bid available capacity and energy from stationary batteries into the Japanese market to provide flexibility and demand response services, generating revenues in return. These batteries will be added to two existing sites in Chita and Komaki for participation in Japan’s energy market.
This latest phase of the program connects Nuvve’s Grid Integrated Vehicle (GIVe™) platform to two industrial stationary storage batteries in Kyoto (1.425 MWh /500kW and 0.178 MWh/125kW) and one in Toki (0.534 MWh/250kW), for a combined total of 2.137 MWh/875kW capacity.
Japan is a unique commercial market with the country divided into two main regional electric systems. In 2021, the industry ministry and energy operators announced plans to double its electricity grid capacity to 23 million kilowatts (kW) as a way to help reduce greenhouse gas emissions to net-zero by 2050. Using stationary battery storage and stacking it with potential capacity and services provided by EVs using V2G can help Japan reach this goal.
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.
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