Nuvve Corp., a San Diego-based company focused on “vehicle-to-grid” technology, recently raised a Series A financing of more than $10 million.
Strategic investors Toyota Tsusho Corp. (TTC) and EDF Renewable Energy (EDF RE) led the round; an unnamed private equity fund also participated.
EDF RE is a subsidiary of the renewable energy arm of EDF Group, the French electric utility company.
Nuvve said it will use the proceeds to accelerate commercialization of its cloud-connected applications, which enable an electric vehicle (EV) to store and resell energy to the electric grid and thereby lower the cost of EV ownership.
The company’s NUVVEgives Grid Integrated Vehicle platform ensures a vehicle has sufficient charge for its next trip before calculating remaining capacity available to sell.
Nuvve’s chief technology officer, Willett Kempton, developed the technology at the University of Delaware. The financing enabled the company to acquire full rights to Kempton’s intellectual property, it said Dec. 15.
CEO Gregory Poilasne said the financing will support the company’s expansion from Western Europe and North America to new markets, such as Japan.