Electric vehicles seem poised to take over the roads, reducing global emissions and helping the world achieve a greener future. They can also act as storage devices that can help support the power grid and even make their owners money thanks to vehicle-to-grid (V2G) technology being developed by companies like Nuvve Holding Corp. The global cleantech firm from San Diego creates storage systems from the batteries of EVs and aggregates energy and power capacity from multiple EV battery sources to form virtual power plants or VPPs. A VPP can provide energy to the grid, helping stabilize it and prevent blackouts.
Category
🗞
NewsTranscript
00:00 Electric vehicles seem poised to take over the roads, reducing global emissions and helping the world achieve a greener future.
00:08 They can also act as storage devices that can help support the power grid and even make their owners money thanks to vehicle to grid V2G
00:17 technology being developed by companies like Nuvi Holding Corp., Nasdaq and VVE.
00:22 The global cleantech firm from San Diego creates storage systems from the batteries of EVs and aggregates energy and power capacity from multiple EV battery sources to form virtual power plants or VPPs.
00:34 This past summer, it announced a $2 billion investment from the Inflation Reduction Act to accelerate domestic manufacturing of electrified vehicles and related technology.
00:43 Nuvi was selected as one of the recipients of some of that investment.
00:47 Vehicle makers also want to make sure the infrastructure is in place to support all the EVs they hope to sell and as a result are also backing this technology.
00:55 All of this is creating a growing market opportunity for vehicle to grid technology players, including Nuvi.
01:01 In 2021, the market was valued at $2.78 billion.
01:06 By 2031, it is forecast to reach $20.06 billion, growing at a CAGR of 21.4%.
01:15 Nuvi is hoping to be a serious player in this market, given its experience, track record and most importantly, its green technology.
01:23 With Nuvi's technology, a fleet of electric buses could be charged overnight when energy demand is low, drive their regular schedule and then discharge excess energy to the grid while parked.
01:34 Its technology also allows power from multiple EVs to be combined, creating a VPP.
01:41 The company is partnering with Bluebird Corp., a maker of electric and low emission school buses, to showcase its technology.
01:47 Through the partnership, a school district in Texas will be the first to have an all electric school bus fleet, which consists of five Bluebird Vision electric buses, five Nuvi Level 2 chargers and the AI-powered Nuvi Fleetbox 2.0 charge management software.
02:02 It has assembled an ecosystem of electrification partners, including automakers, EV dealers, charging infrastructure providers, technology solutions and utilities to offer its technology for different types of fleets, from school buses to municipal and last mile delivery vehicles.
02:18 Companies like Nuvi are betting V2G will be an important player in a greener tomorrow.
02:23 [MUSIC PLAYING]