Shares of Nuvve Holding Corp. (NASDAQ: NVVE) were up 2.20% at $0.6745 at the time of the most recent check in after-hours trading following the release of its quarterly updates.
What update has NVVE provided?
This week, Nuvve (NVVE) released an update for the third quarter of 2022.
- In order to support the grid during emergency load reduction events, Nuvve announced a partnership with San Diego Gas & Electric. This service was first utilized in the Cajon Valley Union School District in San Diego, where six high-capacity chargers were put into operation.
- The NVVE and Vistra partnership helped school districts in Texas receive rebate awards in the first round of the EPA’s Clean School Bus Program funding allocations. During the quarter, NVVE also worked with Vistra to help school districts access available grant funding from both federal and state agencies.
- Additionally, NVVE was successful in lowering cash operating expenses in the third quarter on a sequential basis from $8.3 million in the second quarter to $7.8 million.
- As of September 30, 2022, NVVE has 16.3 megawatts under management, up from 16.1, and a $4.2 million backlog, up from $3.9 million.
- As of September 30, 2022, NVVE has $21.6 million in cash and cash equivalents.
NVVE’s Certified Products:
The GIVe (Grid Integrated Vehicle) vehicle-to-grid (V2G) platform from Nuvve is now an IEEE 2030-compliant certified product. The GIVe V2G platform from Nuvve can connect to and interact with the top Distributed Energy Resources Management Systems (DERMS) thanks to this certification, which is the most extensively used communications standard between Distributed Energy Resources (DER). To aid in the certification process, Tantalus Systems’ Congruence.IQ (C.IQ) software was chosen by Nuvve. Tantalus Systems is a smart grid technology business that focuses on assisting in the development of sustainable utilities.
Why NVVE chose Tantalus?
Due to Tantalus’ broad and established experience with utility data interoperability, Nuvve (NVVE) has chosen Tantalus to assist with the SunSpec certification process of their novel V2G bi-directional charging system. With the help of NVVE’s V2G technology, car batteries may charge throughout the day when energy, especially renewable energy like solar, is plentiful and discharged during periods of high demand or when renewable energy sources are less readily accessible.