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Nuvve, Toyota Tsusho, and Chubu Electric Power Now Qualified to Start Commercial Participation in Japanese Energy Markets
V2G leader and its local strategic partners received approval from Japanese transmission system operator to use stationary batteries for power regulation SAN
About this update from Nuvve Holding Corp.
[{"type":"text","content":"V2G leader and its local strategic partners received approval from Japanese transmission system operator to use stationary batteries for power regulation\nSAN DIEGO, April 6, 2022 /PRNewswire/ -- 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.\n\n \n \n \n \n \n \n\n \nToyota 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).\nIn 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.\n\"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.\"\nThe recent demonstration ...