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San Diego
Thursday, May 30, 2024

Nuvve Partners with Chinese Company for New Expansion

EVS: Signs $16M Agreement with Fresno for V2G Charging

SAN DIEGO – Nuvve Holding Corp. is preparing for a significant expansion after partnering with the Chinese company Guangzhou Great Power Energy and Technology Corp., which will use the San Diego company’s technology in their batteries for electricity storage.

Nuvve already has about 500 electric vehicle chargers in schools across the United States, and about 40% use Nuvve’s bidirectional technology that allows EV batteries to both receive and give power to the grid.

The vehicle-to-grid (V2G) technology means an electric vehicle owner can sell electricity back to the grid when not needed for the vehicle, then buy it back at a cheaper rate at another time.

Hamza Lemsaddek
VP, Technology & Astrea AI
Nuvve Holding Corp.

Hamza Lemsaddek, vice president of technology and Astrea AI for Nuvve, said school districts using the V2G technology will see even greater savings through the new partnership because the storage batteries are more affordable and efficient.

Lemsaddek said V2G isn’t practical for many vehicles at this time but is ideal for electric school buses because they are on the road for a limited time each day and have large batteries.

The Chinese company has more than 20 years’ experience specializing in lithium-ion battery manufacturing, research and development. While most battery companies must take their cells from other suppliers, Great Power makes their own and even builds their own cabinets, significantly reducing the cost of their end product, Lemsaddek explained.

The partnership also will give Guangzhou Great Power an opportunity to expand its global footprint while leveraging Nuvve’s expertise in energy management, flexibility, monetization, and aggregation platforms.

“Great Power’s state-of-the-art battery technology, powered by Nuvve’s industry leading software platform, will significantly reduce cost and charging times, helping to eliminate one of the main barriers to EV adoption and paving the way towards a more sustainable future and asserting our leadership in global battery technology,” stated Yang Xia, head of Great Power global energy storage system.

A Solution for School Districts

Last October, Nuvve received $1.9 million from the California Energy Commission under the CEC’s Electric School Bus Bi-Directional Infrastructure funding opportunity.

The grant funded Nuvve’s Resilient Energy Solutions for Schools (RESCHOOL) project, which will showcase how electric school buses and bi-direction chargers can enhance the resilience of the state’s power grid. The project’s first phase includes plans to produce a model other California school districts can follow.

Lemsaddek said the partnership with Great Power will go live in the third quarter of this year, with the company’s batteries in place at Cajon Valley Union School District and San Diego Unified, which already are using the V2G technology.

“Our techno-economic modeling demonstrates significant energy savings from Nuvve’s total energy management for customers, particularly in areas with high energy rates or demand charges,” Lemsaddek said. “In the San Diego area, a typical school district purchasing energy from the local utility could save up to 40 percent or more on their bill by adding in a single Nuvve 400 kilowatt-hour.”

In January, Nuvve received $16 million from the board of the Fresno Economic Opportunities Commission to implement an electrification program for the city’s 50-shuttle fleet.

Lemsaddek said Great Power batteries also will be used in Fresno, with plans to expand through North America, Europe and Asia.

Adding Resilience to Power Grid

Besides the cost savings, Lemsaddek said the partnership with Great Power will improve the resiliency of the power grid.

Great Power makes stationary storage batteries that will be next to charging stations. In one example of its use, a client such as a school may have solar panels on its roof that will charge the battery.

While the bus is on the road during peak daylight hours, the battery will collect and store energy from the solar panels. Later, that energy could be used to recharge the buses or could be sold to the grid, depending on the needs of the school or local regulations, Lemsaddek said.

“Beyond the savings and potential revenue, it’s also bringing in resiliency,” he said. “In California, if the grid goes down, then that battery can power the building.”

The partnership could help reduce energy costs for fleet operators, utilities, municipalities and public organizations while also harvesting more renewable energy sources such as solar and wind.

Lemsaddek said as battery technology evolves, there could be a time when electric vehicle owners will come home after work, use a V2G charger to sell their car’s power back to the grid at peak hours and then re-charge later that night when the cost is lower, benefiting both the EV owner and the power grid.

Nuvve Holding Corp.
CEO: Gregory Poilasne
HEADQUARTERS: San Diego, Liberty Station
BUSINESS: Intelligent energy platform combining advanced V2G technology and an ecosystem of electrification partners.
STOCK: NVVE (Nasdaq)
REVENUE: $8.3 million
NOTABLE: Nuvve has deployed V2G on five continents.


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