New partnerships will see vehicle-to-grid (V2G) technology provider Nuvve’s infrastructure expanded in Europe and the US.
In Europe, Nuvve is partnering with the Danish charging solution provider Spirii. Under the agreement, the two companies’ platforms will be integrated to provide unidirectional grid services and bidirectional customer offers for electric vehicle (EV) fleets in Denmark, the Nordics and northern Europe.
In the US, Nuvve is partnering with the private equity firm Stonepeak Partners to form a joint venture, Levo Mobility, to accelerate the deployment of V2G infrastructure for electric buses and other electric fleets.
The Nuvve operations in Denmark have been at the forefront of V2G operations in Europe with multiple EV fleets. Over the last four years, Nuvve has provided frequency regulation for the Danish transmission system operator Energinet, based on the Nuvve GIVe V2G software platform.
“The partnership with Spirii is a strategic step to fulfil the rising demand for vehicle-grid integration solutions in northern Europe,” says Mogens Løkke, Nuvve director of business development in the Nordics.
The rollout in the US will take place through Nuvve’s newly launched ‘V2G hubs and Transportation as a service’ offering, which centralises renewable energy generation, bidirectional EV charging stations and a suite of EV services while providing financing options to purchase EVs.
The combination is intended to make it easier for fleet service operators to electrify by reducing the large upfront capital costs, with the V2G technology reducing the cost of fleet ownership through the sale of stored energy to the grid.
Levo plans flexible options including a fully financed offering that covers the upfront costs of electric buses coupled with a complete charging solution powered by Nuvve’s V2G technology. Levo’s customers would sign contracts for their electric fleets, regardless of size, that would provide predictable and known budget savings.
Stonepeak, along with its portfolio company Evolve Transition Infrastructure, plans to deploy up to an aggregate $750 million capital commitment to the Levo joint venture.
V2G is set to be key to integrating the fast growing number of EVs that are expected in the years ahead.
According to the IEA’s latest global EV outlook, there were 10 million EVs on the world’s roads at the end of 2020. Current policies indicate the number could reach 145 million in 2030 and more if efforts are accelerated.