SAN DIEGO, CA – March 4, 2021 – Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet at the intersection of energy and transportation through its intelligent energy platform, and Swell Energy Inc. (Swell), a renewable energy and advanced grid services company, today announced they are launching a strategic engagement to advance opportunities for electric vehicle (EV) participation in Swell’s virtual power plant (VPP) network. Together, the companies aim to advance distributed energy resource (DER) management technology in both residential and commercial markets.
This collaboration will expand opportunities for residential customers to combine battery storage, solar, and smart EV charging into a comprehensive home energy system. These advanced optimization capabilities cater to both residential consumer energy use and EV transportation needs. Nuvve’s cloud-based software platform, GIVe™ (Grid Integrated Vehicle), enables EVs to perform intelligent, bidirectional vehicle-to-grid (V2G) charging, transforming EVs into reliable DERs that can provide grid services, vehicle-level service, and grid-connected building load management. Swell’s GridAmp™ distributed energy resource management system maximizes DER value for utilities by simultaneously delivering multiple grid services to the utilities in its VPP networks and offering utility customers GridRevenue™ payments for participating in the virtual power plants.
“Integrating intelligent EV charging operations into Swell’s smart home energy system is a necessary next step in bridging to an increasingly electrified future where customers have greater control of their assets, opportunities to transact with the power grid, and have dependable energy resources available around the clock,” said Suleman Khan, CEO of Swell Energy. “By working with Nuvve we are accelerating the technologies necessary for that future and enabling EVs to be net contributors to the grid”.
Beyond the residential segment, Swell’s strengths in managing stationary DERs and VPPs will be combined with Nuvve’s strengths in managing EV fleets and V2G solutions to create market-leading, comprehensive offerings to owners and operators of both commercial buildings and commercial EV fleets.
“By working with Swell to integrate with solar and stationary storage, we are creating a comprehensive solution for our commercial customers and expanding Nuvve’s business to the residential market, including single-family homes,” said Gregory Poilasne, CEO and chairman of Nuvve. “This is one more way we are catalyzing the adoption of EVs, creating a more resilient grid, and fulfilling our vision to accelerate the transition to clean energy.”
As an initial target of the strategic engagement, 2 MW of capacity from existing Swell utility contracts will be made available for Nuvve to access in 2022 with opportunities for significant growth in the near future. Integrating Nuvve EV resources with Swell’s VPPs will provide the grid with much-needed flexibility and allows Nuvve to earn valuable grid service revenue.
The two companies are aligned in their missions to enable increased renewable energy penetration via adaptive, responsive, predictable, and reliable smart grid resources. The combined solution will potentially integrate millions of additional stationary and mobile DERs intelligently to provide important capacity and services to customer sites and the grid. The companies will align their technologies to achieve greater energy efficiency and cost savings for all customer segments.
About Nuuve 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.
About Swell Energy Inc.
Swell Energy is creating a greater grid for the greater good. The energy management and smart grid solutions provider is accelerating the mass adoption of distributed clean energy technologies by enabling consumers to take control of their energy use and cost, achieve energy security, and participate in the transactive grid. Swell Energy provides homeowners and businesses with financing and virtual power plant programs, while partnering with trusted local solar and solar+storage companies for seamless, high-quality installations. By creating a critical mass of dynamic and responsive clean energy resources within utility service areas across the United States, Swell Energy also delivers resilient virtual power plant networks and grid-balancing services to utilities, which are fundamental to our future, carbon-free, distributed renewable energy system.