Nuvve and 2021.AI Announce Plans to Increase Artificial Intelligence Capabilities of Nuvve’s V2G Platform
Intelligent energy management leader and proven AI company plan topursue a Joint Venture to Collaborate on Artificial Intelligence Development
SAN DIEGO, CA (February 17, 2022) — 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 plans to form a joint venture with 2021.AI Aps (2021.AI) to integrate their artificial intelligence (AI) platform, Grace, to Nuvve’s GIVe (Grid Integrated Vehicle) V2G platform. The joint venture – which will be named Astrea AITM – will leverage Nuvve’s extensive e-mobility and energy expertise and 2021.AI’s proven AI platform to broaden and optimize the services offered by Nuvve’s V2G technology today.
2021.AI has developed a platform that handles the full life cycle of AI development and operation, including robust security, privacy, and governance features. The integration with Nuvve’s software will enable forecasting and optimization models for the e-mobility and energy sectors through AI, deep learning, machine learning, and neural networks. This will allow Nuvve to provide robust, predictive analysis and energy insights to both EV and utility customers.
“Partnering with 2021.AI to integrate AI will take our platform to the next level, offering even greater benefits to our customers and the electric grid as a whole,” said Gregory Poilasne, chairman and CEO of Nuvve.
An example use case to be developed by Astrea AITM is using predictive modeling to forecast a fleet driver’s behavior and understand the highly specific level of energy needed for that driver’s EV to perform its daily driving duties. Based on that highly accurate forecast, Nuvve’s system will be able to provide various grid services for longer periods of time and charge to those forecasted amounts. This will help improve the efficiency and performance of EV fleets while contributing even more services to the grid to increase capacity and resilience.
“2021.AI has been helping companies deliver real-time insights across industries and we are looking forward to expanding our work with Nuvve at this very important intersection of transportation and energy,” said Mikael Munck, CEO & Founder of 2021.AI. “This new partnership will allow us to work closely together to integrate the latest AI advancements into Nuvve’s proven platform.”
In addition to advanced fleet analytics, Astrea AITM will help Nuvve strengthen bidding strategies to take tariffs, volatility, and capacity needs on the grid side into account. This has immense potential benefits to the entire energy ecosystem including municipalities, energy cooperatives, investor-owned utilities, transmission operators, and energy retailers, especially as more and more EVs are introduced to the grid causing capacity strains.
To register your interest, visit AstreaAI.com.
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.
2021.AI serves the growing enterprise need for full management and oversight of applied AI. Our data science expertise combined with the Grace Enterprise AI Platform is a business differentiator for clients and partners worldwide. Grace helps data scientists solve some of the most complex business problems with automated machine learning while providing organizations with the most comprehensive data and AI Governance capability for responsible, transparent, and trustworthy model development. 2021.AI is headquartered in Copenhagen, with employees in five locations globally.
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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, including reference to a possible joint venture with 2021.AI, 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.