Nuvve and Great Power Announce Strategic Partnership to Accelerate Electric Vehicle Integration and Renewable Energy Adoption

SAN DIEGO and GUANGZHOU, China, April 30, 2024 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve") (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary energy management and aggregation platform, and  Guangzhou Great Power Energy and Technology Corporation ("Great Power)" (NCY: 300438.SZ), a global leader in lithium-ion battery manufacturing and research and development, are pleased to announce a strategic partnership to accelerate stationary storage battery deployments and their integration with the grid.

Great Power, established in 2001 with a vision to become a global leader in battery storage technology, recognizes the potential of combining its stationary batteries with electric vehicle charging infrastructure to offer significant product differentiation and market advantage.  By leveraging Nuvve's expertise in energy management, flexibility, monetization, and aggregation platforms, Great Power aims to expand its global footprint while enabling savings and new revenue streams for its customers.

Gregory Poilasne, CEO of Nuvve, states, "We're excited about the partnership with Great Power, a leading global battery manufacturer, and their alignment with our energy management approach to electrification.  By integrating stationary storage solutions at the edge of the grid where it is the weakest, we're able to strengthen it while enabling a smarter integration of EVs and renewables."

Yang Xia, Head of Great Power global ESS of Great Power, states, "I am thrilled to announce our partnership with Nuvve to deploy advanced battery systems for electric vehicle (EV) charging solutions.  Great Power's state-of-the-art battery technology, powered by Nuvve's industry leading software platform will significantly reduce cost and charging times, helping to eliminate one of the main barriers to EV adoption and paving the way towards a more sustainable future and asserting our leadership in global battery technology."

Nuvve's GIVe™ platform, known for its bidirectional energy management capabilities and energy management solutions, will play a pivotal role in transforming electric vehicles and stationary batteries into grid-integrated energy storage resources.  This partnership will enable consumers, fleet operators, utilities, municipalities, and public organizations to optimize energy usage, reduce costs, and support the integration of renewable energy sources such as solar and wind.

Some of the key aspects of this partnership include:

• Nuvve serving as the preferred energy manager and flexibility aggregator for Great Power solutions.
• Great Power supplying Nuvve-branded pre-validated Battery Energy Storage Systems (BESS) that are pre-integrated with Nuvve's GIVe™ platform, enhancing the value proposition for customers seeking optimized energy solutions.
• Mutual interests in accelerating the electrification of vehicles, providing energy management and aggregation software platforms, enhancing smart charging and V2G services, and unlocking new sources of savings and revenues for customers.

The Nuvve-Great Power integrated solution will enable lower energy costs, resiliency via microgrid, and system control of charging and discharging to utility service limitations.  "Our techno-economic modeling demonstrates significant energy savings from Nuvve's total energy management for customers, particularly in areas with high energy rates or demand charges.  In the San Diego area, a typical school district purchasing energy from the local utility could save up to 40% or more on their bill by adding in a single Nuvve 400 kilowatt-hour (kWh) BESS.  V2G technology and grid services like Demand Response increase those savings." said Hamza Lemsaddek, Nuvve's Vice President of Technology and Astrea AI.

A key milestone of this partnership will be the completion of the integration of the Great Power battery solutions with Nuvve's EMS and GIVe platform, in Q3 2024.  Nuvve and Great Power will solidify the commitment of both organizations in a long-term relationship aimed at driving innovation and sustainability in the electric vehicle and renewable energy sectors by packaging a joint offer, including EV infrastructure, stationary storage, and energy management.

"We are witnessing a remarkable era of growth in the sectors of energy storage and electric vehicle (EV) charging, pivotal to advancing the clean energy transitions," said Dr. Evan Bierman, President of Great Power North America. "By collaborating with local partners, we aim to tailor our cutting-edge solutions to better meet the unique needs of the American market and ensure that the infrastructure for EVs is both robust and resilient.  This strategic move not only enhances the US supply chain but significantly bolsters the local economies and supports the U.S. in maintaining its competitive edge in green technology on the global stage." 

Initial deployments include Nuvve's RESCHOOL and Fresno projects, as well as deployments at other select school districts. The two companies are also working on a combined project pipeline throughout North America, Europe, and Asia.

For more information about Nuvve and Great Power, please visit www.nuvve.com.  Details about Great Power's battery manufacturing can be found on its official website www.greatpower.net.

About Great Power
Established in 2001 and listed on the stock market in 2015 (stock code:  300438), Great Power is a pioneer in manufacturing stationary energy storage system (ESS) batteries.  With a focus on innovation and a long-term commitment to providing products and solutions, the company has over 20 years of experience specializing in lithium-ion battery manufacturing, research, and development.

About Nuvve 
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information, please visit www.nuvve.com. 

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This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning the Company's expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new product launches, potential clinical successes, and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially.  Some of these risks and uncertainties can be found in Nuvve's most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com/ or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve's filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

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SOURCE Nuvve Holding Corp.