Nuvve secured a new round of Series A financing, led by EDF Renewable Energy and Toyota Tsusho.
Nuvve’s GIVe™ platform supports renewable energy integration by enabling any electric vehicle battery to generate, store, and resell unused energy back to the local electric grid. Nuvve’s Vehicle to Grid (V2G) technology allows a parked electric vehicle to charge its battery as well as discharge it back to the grid in response to real-time requests from a remote entity such as a grid system operator. This means that the system operator can treat the vehicle as a “smart” load, delaying its charge, charging more slowly/quickly, or as a generator that can contribute small amounts of power to the system if the driver allows it.
Nuvve intends to use the funds to acquire full rights to the V2G intellectual property to accelerate the commercialization of its solutions.