EDF Renewable Energy Closes Series A Investment in Vehicle-to-Grid (V2G) Start-up

Investment enables increased renewable energy while stabilizing
the grid and lowering EV cost of ownership

SAN DIEGO–(BUSINESS WIRE)–#EDFRE—EDF
Renewable Energy (EDF RE) today announced it has closed on a Series
A investment in San Diego-based Nuvve
Corporation (Nuvve), a pioneer in Vehicle-to-Grid (V2G) technology.
The investment and partnership with Nuvve is part of EDF Renewable
Energy’s strategic growth in the distributed electricity and storage
market. EDF RE joins Nuvve with Toyota Tsusho in the Series A round.

Nuvve’s proven V2G solution allows parked electric vehicles (EVs) to
serve as a virtual power plant by enabling bi-directional charging
aligned to the needs of the grid. Nuvve’s platform is the first of its
kind to provide commercial grid-balancing services. EDF RE and Nuvve
look forward to working with grid operators and regulators to accelerate
V2G participation in grid ancillary markets.

The partnership will also bring V2G charging and on-site solar to U.S.
based Corporate & Industrial (C&I) customers who would like to offer
workplace charging. The availability of workplace
charging is recognized by the Department of Energy as a key driver
to EV adoption, but can result in significant electricity costs for site
hosts. By combining on-site solar with V2G charging, C&I customers will
be able to recognize a net savings on their electric bill.

Raphael Declercq, Vice President of Portfolio Strategy at EDF Renewable
Energy, who has been appointed as a board member of the company, said,
“C&Is are increasingly asking for electric vehicle charging
infrastructure to offer the onsite benefit to employees and customers.
EDF RE can deliver cost-effective, clean and reliable solar power to
charge the EVs, while Nuvve brings a V2G solution that can reduce
charging costs and serve the local grid. The investment in Nuvve aligns
nicely with our distributed energy strategy to provide C&I customers
with a complete solution to optimize their electricity needs.”

The investment of EDF RE in Nuvve is also a testament to the vitality of
the energy startup ecosystem in San Diego. Nuvve, a San Diego Regional
Energy Innovation Network company,
was recently awarded a $4.2M grant from the California Energy Commission
(CEC) to support a V2G demonstration at UC San Diego. EDF Renewable
Energy, a board member at Cleantech
San Diego, supplies over 300 MW of wind and solar energy to San
Diego and provides workplace charging to its 350 local employees.

EDF RE launched the Distributed
Electricity and Storage (DES) business unit in March 2017 to focus
on distributed solar, storage and emerging opportunities in order to
provide unique products and services to C&I and utility customers in the
United States. The group has rapidly expanded in resources and expertise
and recently was selected as the sole
awardee to provide Pacific Gas and Electric (PG&E) with 40 MWh
of behind-the-meter battery storage projects for C&I customer within the
PG&E service territory.

About EDF Renewable Energy:

EDF Renewable Energy is a leading US independent power producer with
over 30 years of expertise in the renewable industry, covering all range
of services from project origination, development, sales and marketing,
to long-term asset management. EDF Renewable Energy specializes in wind
and solar photovoltaic with presence in other segments of the renewable
energy market: distributed electricity, storage, biogas, and biomass.
EDF Renewable Energy’s North American portfolio consists of 9 gigawatts
of developed projects with 4.4 gigawatts of installed capacity
throughout the US, Canada, and Mexico. The operations and maintenance
subsidiary, EDF Renewable Services, operates 13 gigawatts throughout
North America. EDF Renewable Energy is a subsidiary of EDF Energies
Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF
group, the leading electricity company in the world. For more
information visit: www.edf-re.com.

Contacts

EDF Renewable Energy
Sandi Briner
858-521-3525
[email protected]