V2G specialist Nuvve increases MW under management 10% in Q2

LinkedIn
Twitter
Reddit
Facebook
Email

Vehicle-to-grid (V2G) company Nuvve grew its MW under management by 10% in quarter two 2022 and is eying applications for school buses and the marine sector.

The San Diego-headquartered company provides an energy management system (EMS) platform and bidirectional charging infrastructure to allow electric vehicles (EVs) to provide power to the grid. Its EMS aggregate fleets of vehicles into virtual power plants (VPPs) which can then provide power and ancillary services in the same way as a utility-scale battery energy storage system (BESS).

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company has released its latest financial results amidst a host of partnerships to rollout its tech, which holds huge potential considering the size of the EV market, across multiple sectors and geographies.

Financial results see net loss balloon for Nuvve

Revenue for the three months to June 30 stood at US$1.3 million, a 32.6% increase year-on-year. The bulk of this, US$1.12 million, was products and services revenue: the sale of its bidirectional charging infrastructure contributing US$1 million, grid services contributing US$50,000 and engineering services revenue coming in at US$30,000.

However, net loss grew from US$6.2 million in Q2 2021 to US$47.2 million in Q2 2022, a 760% increase. Selling, general and administrative expenses totalled US$8.1 million, research and development expenses were US$2.2 million while US$43.5 million in costs was attributed to ‘other income (expense)’.

The latter comprises interest expense, impairment of deferred finance costs, change in fair value of private warrants liability and derivative liability. Some of this may be related to a stock market listing in March 2021 through a business combination with Newborn Acquisition Corp, a special purpose acquisition company (SPAC).

Operational highlights and new partnerships

Its MW under management reached 16.1MW by the end of Q2, a 10% increase quarter-on-quarter, and it announced several new partnerships.

One of those is a memorandum of understanding (MOU) with the Maine Maritime Academy to create a framework of V2G clean-energy solutions across various maritime applications. The work will be carried out at a new ‘Center for Maritime V2G’ at the Academy’s headquarters.

Nuvve COO Ted Smith said the Center would serve to demonstrate the application of Nuvve’s V2G technology in maritime use cases at ports, islands and waterways.

“Integrating Nuvve’s patented V2G technology into maritime infrastructure enables electrified transportation – including marine vessels – to become valuable grid resources,” he said.

The company has also partnered with energy company Vistra to help school districts modernise bus fleets by easing their access to available grant funding. The two have already helped districts apply for more than US$4.5 million in grant funding to replace diesel-powered buses with electric school buses (ESBs).

The ESBs would then hold significant potential as V2G assets as Gregory Poilasne, CEO of Nuvve, explained: “With large batteries on-board and predictable operation times, ESBs are a perfect use-case for vehicle-to-grid (V2G) technology, especially in those markets where energy costs have shown significant volatility.”

Alongside the bidirectional charging and EMS platform making this possible, Nuvve’s technology also allows districts to ensure their buses have enough energy to complete daily routes through its smart fleet-management tools. The tool helps monitor battery levels and intelligently schedule bus operation times.

Vistra is known in the energy storage sector for being the project owner of the 400MW/1,600MWh Moss Landing Energy Storage Facility in California, the largest BESS in the world, and it expects to have 1,213MW of operational storage by 2026.

Nuvve’s existing partnerships

The deal with Vistra is similar to one the company struck with Californian utility SDG&E last month. The cooperation will see ESBs equipped with V2G charging infrastructure through Nuvve’s platform to provide energy to the grid during emergency load reduction events.

The Emergency Load Reduction Program (ELRP) was kickstarted by the California Public Utilities Commission in October 2021 to allow electricity users to reduce usage to help avoid grid outages during peak summer season.

In April, Nuvve gained the right to provide ancillary services in Japan using its platform while the month before it, along with a host of other groups in the space, signed an MOU with the US Department of Energy to accelerate the commercialisation of V2G technologies.

And in March, it partnered with Swell Energy which also has a VPP network but uses distributed energy resources (DERs) like rooftop solar PV and home energy storage. The pair are investigating how EVs and associated infrastructure and hardware can participate in Swell’s VPP network.

Nuvve is listed on the Nasdaq and has a market capitalisation of US$80.6 million at the time of writing.

Read Next

July 2, 2025
Developer Atmos Renewables has successfully achieved financial close on its 400MWh Merredin battery energy storage system (BESS) in Western Australia.
June 27, 2025
The Australian Energy Market Commission (AEMC) predicts South Australia and New South Wales could experience reliability gaps from 2026-27 and 2027-28.
Premium
June 25, 2025
Energy storage virtual power plant (VPP) provider Sonnen has launched its first VPP in Canada with utility Epcor, electric retail provider Solartility, the University of Alberta and construction company Landmark Homes.
June 24, 2025
AEMO has issued a call for 6-hour duration BESS in Western Australia to support grid reliability as coal-fired power plants are withdrawn.
June 23, 2025
The Australian government is set to cut CIS tender process times to around six months as a 576MWh solar-plus-storage site has been approved in Tasmania.

Most Popular

Email Newsletter