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By Meg Flippin, Benzinga

Electric vehicles seem poised to take over the roads, reducing global emissions and helping the world achieve a greener future. They can also act as storage devices that can help support the power grid and even make their owners money thanks to vehicle-to-grid (V2G) technology being developed by companies like Nuvve Holding Corp. (NASDAQ: NVVE). The global cleantech firm from San Diego creates storage systems from the batteries of EVs and aggregates energy and power capacity from multiple EV battery sources to form virtual power plants or VPPs. A VPP can provide energy to the grid, helping stabilize it and prevent blackouts.

The technology is getting a lot of interest from automakers and regulators as concerns about the future of the power grid mount. As it stands, the current network is largely regarded as antiquated and decaying, and incapable of handling the demand. One study found power outages more than doubled over the past six years compared to the previous six years. That is only expected to get worse as more electric vehicles are produced. By 2040, 550 million EVs could be on the road, representing more than two-thirds of passenger vehicles sold globally. By 2040, EVs are projected to make up 10% of total electricity demand in the U.S. and Europe.

Money Pouring In To Support EVs

That isn’t lost on regulators around the world, including the U.S. Department of Energy. This past summer it announced a $2 billion investment from the Inflation Reduction Act to accelerate domestic manufacturing of electrified vehicles and related technology. Nuvve was selected as one of the recipients of some of that investment. Vehicle makers also want to make sure the infrastructure is in place to support all the EVs they hope to sell and as a result are also backing this technology. All of this is creating a growing market opportunity for vehicle-to-grid technology players including Nuvve. In 2021, the market was valued at $2.78 billion. By 2031, it is forecast to reach $20.06 billion, growing at a CAGR of 21.4%.

Nuvve Stakes Its Claim

Nuvve is hoping to be a serious player in this market, given its experience, track record and most importantly its green technology. Its storage systems allow EVs to serve as distributed energy resources with the ability to charge and discharge energy from their batteries. The stored energy from EV batteries is then used to add capacity to the grid and/or perform services that help stabilize it and prevent blackouts. That reduces costs and can even make a driver money. The driver plugs in their EV, charges in V2G mode, and can either sell excess power to the grid or save money by using stored energy.

With Nuvve’s technology, a fleet of electric buses could be charged overnight when energy demand is low, drive their regular schedule and then discharge excess energy to the grid while parked. Its technology also allows power from multiple EVs to be combined creating a VPP. The combined energy can be sold to the energy market or used for grid services. The company says its technology not only provides a new revenue stream for fleet owners but also reduces the overall cost of owning EVs by putting the batteries to work when the vehicles are not being driven.

Partnerships Abound

The company is partnering with Blue Bird Corp. (NASDAQ: BLBD), a maker of electric and low-emission school buses to showcase its technology. Through the partnership, a school district in Texas will be the first to have an all-electric school bus fleet, which consists of five Blue Bird Vision electric buses, five Nuvve Level II chargers and the AI-powered Nuvve FleetBox 2.0 charge management software.

Black Bird is just one example of the types of partnerships Nuvve is forging as it turns EVs into distributed storage devices. It has assembled an ecosystem of electrification partners including automakers, EV dealers, charging infrastructure providers, technology solutions and utilities to offer its technology for different types of fleets, from school buses to municipal and last-mile delivery vehicles.

EVs are no longer a question of if, the question now is when they will be the majority of vehicles on the road. If it's by 2040, the nation and Europe will need the infrastructure to support it. Companies like Nuvve are betting V2G will be an important player in a greener tomorrow.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.

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