SAN DIEGO, Dec. 15, 2017 /PRNewswire/ -- Nuvve Corporation, a San Diego based company focused on vehicle-to-grid (V2G) solutions, today announced it has completed its series A financing.
Led by two strategic investors, EDF Renewable Energy (EDF RE) and Toyota Tsusho Corporation (TTC), with additional participation from a private equity fund, this round of financing will allow Nuvve to accelerate the commercialization of its NUVVEgivesTM solutions.
Nuvve offers the world's first and only commercially available true V2G solution enabling select electric vehicles to store and resell energy to the electric grid.
The NUVVEgives™ aggregation technology is a cloud connected application that ensures each vehicle has sufficient charge for its next trip before calculating how much remaining capacity is available to sell to the grid. Nuvve's Chief Technology Officer, Willett Kempton, PhD, developed this technology at the University of Delaware beginning in 1996. The proceeds of this round of financing also enabled Nuvve to acquire full rights to the V2G intellectual property developed by Prof. Kempton.
Gregory Poilasne, CEO of Nuvve remarked, "We're delighted to have two strategic partners leading this financing round. We anticipate our partners will help us build on our successes in Western Europe and North America and open up new markets like Japan."
Raphael Declercq, VP Portfolio Strategy at EDF RE added, "Commercial and industrial organizations are increasingly asking for electric vehicle charging infrastructure to offer the onsite benefit to employees and customers. EDF RE can deliver cost-effective, clean and reliable solar power to charge the EVs, while Nuvve brings a V2G solution that can reduce the cost of the kWh for the growing number of EV drivers while serving the local grid."
Soichiro Matsudaira, CTO at TTC said, "We are looking forward to a great partnership with Nuvve and EDF RE. The electrification of transportation has brought forth innovative and important technologies and we believe Nuvve's transformational technology enables electric vehicles to become more affordable while assisting in balancing the grid and reducing the overall CO2 emissions."
About Nuvve Corp.
Nuvve's mission is to lower the cost of electrical vehicle (EV) ownership while supporting the integration of renewable energy sources such as wind and solar. The NUVVEgives™ Grid Integrated Vehicle platform transforms EVs into grid assets when charging while guaranteeing the expected level of charge when the vehicle owner needs it. The NUVVEgives™ platform aggregates thousands of electric vehicles into a virtual power plant, allowing Nuvve to participate in electricity markets with a power capacity comparable to traditional generators. Based on "Vehicle-to-Grid" technology or "V2G" the NUVVEgives™ platform benefits public organizations, businesses and homes by reducing the cost of electric infrastructure and reducing CO2 emissions. www.nuvve.com
About Toyota Tsusho Corp.
Toyota Tsusho Corporation (TTC), based in Nagoya and Tokyo, is a trading company and member of the Toyota Group. Toyota Tsusho has a worldwide presence through its many subsidiaries and operating divisions, including over 150 offices, and 900 subsidiaries and affiliates around the world. While its primary role is to support its automotive partners, Toyota Tsusho's business is very diverse, spanning industrial, commercial, and consumer sectors. Business areas include industrial raw materials, agricultural products, high technology, and renewable energy. www.toyota-tsusho.com
About EDF Renewable Energy
EDF Renewable Energy is a leading US independent power producer with over 30 years of expertise in the renewable industry, covering a range of services from project origination, development, sales and marketing, to long-term asset management. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: distributed electricity, storage, biogas, and biomass. EDF Renewable Energy's North American portfolio consists of 9 gigawatts of developed projects with 4.4 gigawatts of installed capacity throughout the US, Canada, and Mexico. The operations and maintenance subsidiary, EDF Renewable Services, operates 13 gigawatts globally. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com
SOURCE Nuvve Corporation