Nuvve Partners with Sourcewell to Streamline Access to Intelligent Electric Vehicle Charging
Partnership gives governments, nonprofits, and other publicly funded entities instant access to Nuvve’s intelligent energy platform
SAN DIEGO, CA (Sept. 21, 2021) — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, announced today that it has earned a competitively awarded contract with Sourcewell, a cooperative purchasing organization, making it quicker and easier for participating agencies to transition to electric vehicle (EV) fleets while taking advantage of the economic and sustainability benefits of Nuvve’s intelligent energy platform. Through this awarded contract, government, education, and nonprofit entities can also leverage Nuvve technology and expertise to better manage their EV assets and future-proof their investments.
Normally, government, education, and nonprofit agencies looking to electrify their transportation need to go through a burdensome bidding process before receiving approval to begin the electrification of their fleets. Through Nuvve’s contract with Sourcewell, the bidding process has already been completed and awarded, thereby affording Sourcewell clients immediate access to Nuvve’s V2G platform and EV charging solutions, including Level 2 AC chargers and V2G DC fast chargers.
“Electrifying fleet vehicles using Nuvve’s technology presents a fantastic opportunity to slash greenhouse gas emissions within the transportation sector while also making our energy grid cleaner and more resilient,” said Gregory Poilasne, chairman and CEO of Nuvve. “Now, the 50,000 Sourcewell users can take advantage of our proprietary, industry-leading turnkey electrification solutions and expertise in transitioning fleets to electric now while optimizing their EV investments for the future.”
Nuvve’s software platform always prioritizes vehicles having enough charge to perform daily driving duties and work within OEM battery warranty limits. It also creates cost savings by precisely controlling the flow of energy between EV batteries and charging stations, and by charging when utility rates are lower. Additionally, Nuvve’s V2G technology allows EV batteries to store and discharge energy and then use this excess, stored energy to perform services that help stabilize the grid. Nuvve can earn revenue from these services that vary by region but start at $2,000 per vehicle per year for light-duty vans. The combination of charging savings and revenue generation reduces the total cost of ownership of an EV to be on par with their combustion engine counterparts over the lifetime of the vehicle. Furthermore, the technology enables EVs to act as “storage on wheels” for renewable energy, including solar and wind that is intermittent by nature, and helps integrate these resources into the grid in a more reliable way.
For more information on Nuvve’s Sourcewell partnership, visit nuvve.com/sourcewell.
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About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) is accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) technology. Its mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. Nuvve’s Grid Integrated Vehicle, GIVe™, platform is refueling the next generation of electric vehicle fleets through intelligent, bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on five continents and is deploying commercial services worldwide by developing partnerships with utilities, automakers, and electric vehicle fleets. Nuvve is headquartered in San Diego, California, and can be found online at www.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.
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Robert Blum or Joe Dorame
Forward Looking Statements
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