Nuvve Continues Scaling Effort Into Japanese Stationary Battery Segment.
Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, along with Toyota Tsusho Corporation and Japan’s Chubu Electric Power Miraiz Company (Chubu) are expanding their existing commercial agreement with the addition of a new stationary, vehicle-to-grid (“V2G”) capable lithium-ion batteries located in Japan to provide additional capacity, ancillary power and stabilizing services to the grid.
In support of the Japanese government’s green transformation initiatives and its 2050 carbon neutral goal, Chubu Electric Power Miraiz is scaling its participation in Japan’s energy market beginning with stationary batteries at sites located in Chubu area, 30MWh in total. Nuvve’s GIVe™ (Grid Integrated Vehicle) platform, which is fully integrated with the deployed Japanese stationary batteries, controls the flow of power from the batteries to provide complex grid services and mitigate demand fluctuations during times of forecasted grid stress from peak power sources.
The latest addition includes stationary battery systems from Nissin Electric Co. (Nissin). Successful integration and testing of Nissin’s stationary battery system, with Nuvve’s GIVe platform paves the way for additional scaled deployments in Japan required for grid support by providing revenue-generating demand response and flexibility services. Based on a 2021 IEEJ report, annual grid service revenues for stationary batteries (for example, sized at 150kwh with 50kw of capacity) could amount to $75,000 to $150,000.
Japan announced a grid expansion masterplan in March 2023 at an estimated cost of ¥6 to ¥7 trillion (US$45 billion to US$55 billion) by 2050. Japan’s peak load will be managed by solar and wind power in the coming decades. Deployment of grid-scale Storage batteries are a necessary back-up power source to stabilize power grids in Japan as the country seeks to expand its use of renewables. The country’s Battery Market Size was valued at USD 11.29 Billion in 2022 and is expected to reach USD 27.64 billion by 2032, and ancillary grid services from such distributed resources are expected to be valued via an auction system through a competitive bidding process beginning in 2024.
Gregory Poilasne, CEO of Nuvve, said:
Nuvve’s core V2G technology transforms EVs, which are inherently difficult grid assets to manage because they can be plugged or unplugged at any time, into reliable, dispatchable and monetizable assets that can perform complex and demanding grid services.
“These capabilities also allow us to aggregate and manage stationary storage batteries. With our advanced AI-driven platform, we can extract more value from these batteries, which enables us to accelerate Nuvve’s growth of megawatts under management.”
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Nuvve Continues Scaling Effort Into Japanese Stationary Battery Segment. source
