V2G leader and its local strategic partners received approval from Japanese transmission system operator to use stationary batteries for power regulation

Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global cleantech company electrifying the planet at the intersection of energy and transportation through its intelligent energy platform, Toyota Tsusho Corporation (Toyota Tsusho), the trading arm of the Toyota Group, and Chubu Electric Power Miraiz Company (Chubu), a high-tech demand response company in Japan, announced today they received approval from the Japanese transmission system operator (TSO) to participate in the energy market to provide ancillary power and stabilizing services to the grid. Toyota Tsusho, who serves as a local strategy partner, and Nuvve recently completed a series of tests with Chubu that successfully demonstrated the viability of their joint solution to serve as a power source and absorb demand fluctuations.

Toyota Tsusho and Nuvve previously teamed up on the METI project to demonstrate vehicle-to-grid (V2G) can support the stable delivery of safe and inexpensive power to the grid. That project proved Nuvve's system can successfully control small batteries like those in electric vehicles (EVs).

In 2022, Nuvve's GIVe™(Grid Integrated Vehicle) platform was used with large, industrial stationary storage batteries from NGK INSULATORS, LTD. ranging from 14MWh up to 17MWh to demonstrate participation in the ancillary market in Japan. Nuvve's system discharged power from the batteries to provide power to the grid and absorb demand fluctuations that result from peak power sources. The level of control had to be precise since peak power sources require high, frequent monitoring and a quick response to stay stable. The demonstration was successful and satisfied all the requirements for participation in the market.

"Japan helped create some of the EV standards still used in V2G today, so we are looking forward to expanding our commercial operations in Asia," said Gregory Poilasne, CEO and chairman of Nuvve. "By partnering with Toyota Tsusho and Chubu, we are using our platform in innovative ways to stack services with stationary storage and EVs. This is one of the ways we are intelligently electrifying the planet."

The recent demonstration used OpenADR 2.0b (Open Automated Demand Response) – a non-proprietary, standardized, and secure demand response (DR) interface – to communicate between Nuvve's platform and Chubu over the internet. OpenADR 2.0b is the communication standard used by all ten electric utilities in Japan, positioning Toyota Tsusho and Nuvve to expand its offering in the future.

Japan is an interesting commercial market with the country divided into two main regional electric systems. In 2021, the industry ministry and energy operators announced plans to double its electricity grid capacity to 23 million kilowatts (kW) as a way to help reduce greenhouse gas emissions to net-zero by 2050. Using stationary battery storage and stacking it with potential capacity and services provided by EVs using V2G can help Japan reach this goal.

"Toyota Tsusho's commitment is to find solutions that help stabilize the power grid by utilizing distributed energy resources, and to contribute to the expansion of renewable energy installations and carbon neutrality in Japan," said Takahiro Suga, Project Manager of Toyota Tsusho Energy Solutions Development Department.

With the TSO qualification, Nuvve and Toyota Tsusho recently signed a commercial agreement with Chubu to participate in the local energy market. This means the companies can now discharge energy from stationary batteries and bid to provide flexibility and demand response services and earn revenue in return.

About Nuvve Holding Corp.

Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world's most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world's transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, California, and can be found online at 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.

About Toyota Tsusho Corporation

Toyota Tsusho Corporation was founded in 1948 as the trading company for the Toyota Group in Japan. Today, Toyota Tsusho, with approximately 64,000 group employees in 120 countries, strives to contribute to the creation of prosperous societies. Toyota Tsusho continues to expand as a global leader in vehicle exports and automobile production support. The company has seven operating divisions (Metals/ Global Parts & Logistics/ Automotive/ Machinery, Energy & Project/ Chemicals & Electronics/ Food & Consumer Services/ Africa) focused three business fields - the Mobility field contributing to the future convenient society, the Resources & Environment field ensuring the sustainable society, and the Life & Community field supporting comfortable and healthy lifestyles.

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