SB 233 would require two-way charging capability in new EVs sold in California by 2027

SACRAMENTO, Calif., April 18, 2023 /PRNewswire/ -- The CEO of Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), Gregory Poilasne, testified before the California Senate Energy, Utilities and Communications Committee today in support of proposed legislation which would establish state goals for bidirectional charging, increase funding for bidirectional infrastructure, advance interoperability testing and require new EVs sold in the state to have bidirectional charging capability by 2027.

California Senate Bill 233, authored by Sen. Nancy Skinner and sponsored by The Climate Center, aims to make bidirectional charging for EVs the norm ahead of the mandate to make all new cars and light trucks sold in the state be electric by 2035. The committee passed the bill with an amendment.

Bidirectional charging is an essential component to vehicle-to-grid (V2G) integration which provides grid resiliency by turning EV batteries into mobile storage. V2G accelerates EV adoption by lowering the total cost of ownership by enabling EV owners to earn revenue through electricity exports during times when the grid is under stress. V2G is also essential to keep the cost of energy equitable while supporting EV deployment.

"California must approach V2G the same way it has treated rooftop solar or EV adoption—with goals, incentives and fostering stakeholder collaboration," said Poilasne during today's testimony. "SB 233 does all three and will help transform today's kilowatts and megawatts of mobile grid storage into tomorrow's gigawatts."

As the global leader in V2G technology and commercial V2G deployments, Nuvve offers the industry's most widely deployed platform for monetizing electric fleet investments while providing grid resilience.

About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is the global leader in vehicle-to-grid technology serving the mission-critical needs of commercial fleets. The company's intelligent, cloud-based software, Nuvve GIVe™, is a platform that transforms electric fleets into utility-scale, resource-neutral sources of mobile energy storage. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience and generate recurring revenues to offset fleet operation costs. Committed to accelerating the planet's transition to a net-zero future, Nuvve is securing fleet electrification partners across the e-mobility and grid value chain and supports active deployments around the world with 17.4 megawatts currently under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about the value of V2G, futureproofing EV infrastructure and using EVs for grid resilience, visit nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

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Forward Looking Statements

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