Forecasts future price and capacity for Nordic TSOs’ primary reserves
Optimizes revenue generation from ancillary market services
Integrated with Nuvve GIVe V2G platform to benefit electric fleet customers
SAN DIEGO, June 22, 2023 /PRNewswire/ — Nuvve Holding Corporation (Nasdaq: NVVE), a global leader in vehicle-to-grid technology and deployments, has launched its Astrea AI artificial intelligence technology to optimize revenue from ancillary services to Nordic transmission system operators from its V2G fleet customers.
Astrea AI continuously forecasts prices and capacity for Nordic primary reserves to optimize energy market bids. This technology is based on Nuvve’s six plus years of experience providing regulation services in the field. Primary reserves are frequency regulation services designed to keep electricity on the EU’s transmission grids at a frequency of 50 hertz. Bids are based on one- or two-day-ahead projections and calculated based on a wide variety of factors. Bid prices and auctioned grid service quantities have been growing in recent years due to changes in how electricity is produced and consumed.
Astrea AI forecasts have demonstrated 97% accuracy and provide Nuvve and its fleet customers the opportunity to maximize revenues with the right bid matched to available fleet capacity and for the optimal frequency regulation market. Astrea AI technology is integrated with Nuvve’s GIVe™ platform for V2G and charge management and will automate future bidding and frequency regulation market selection. Nuvve formed Astrea AI in early 2022 to provide improved forecasting, a worldwide tariff database, predictive maintenance and energy insights and reporting, among other benefits, thereby strengthening its GIVe™ technology even further.
“Europe and the Nordics remain at the forefront of the energy transition, and Nuvve continues to advance its capabilities even further in these markets. Astrea AI makes energy markets easier and more accurate to predict, enabling us to further optimize revenue from our market participation. We are excited for this first deployment in production,” said Nuvve CEO Gregory Poilasne.
“By applying artificial intelligence to the task of price and capacity modeling and forecasting, we’ve improved accuracy and saved time. Our Astrea AI solution works 24/7 365 days a year to ensure that we maximize the revenue potential from electric vehicles,” says Massimiliano Garella, Nuvve’s Product Manager for Grid Services.
Primary reserves are categorized into three markets available for dispatchable electricity sources, such as power plants and batteries, to participate in. These are FCR-N, which manages small and continuous frequency deviations, and FCR-D, which is for more severe and rare deviations and includes two markets: one for regulating frequency down and another for regulating it up. Astrea AI forecasts prices and capacity for all three.
Nuvve has been providing frequency regulation for a Danish transmission system operator for three years, dispatching electricity and adjusting the rate of charge for the electric fleets it manages second-by-second. Similar services are also available to electric fleet customers in Norway, Sweden and Finland with additional EU rollout possible in the future.
A similar model and approach could be applied to other regions with ancillary services open for Distributed Energy Resources (DERs), which could potentially include the United States. In the U.S., FERC Order 2222 was approved in September 2020 and will require that independent system operators (ISO) and regional transmission organizations (RTO) develop plans to allow DERs access to wholesale energy markets, with implementation expected in the 2024 to 2026 timeframe.
About Nuvve Holding Corp.Nuvve Holding Corp. (Nasdaq: NVVE) is the global leader in vehicle-to-grid technology serving the mission-critical needs of commercial fleets. The company’s intelligent, cloud-based software, Nuvve GIVe™, is a platform that transforms electric fleets into mobile storage resources allowing them to contribute, and not just consume, electricity. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience while also generating recurring revenues to offset fleet operation costs. Committed to accelerating the planet’s transition to a net-zero future, Nuvve is securing fleet electrification partners across the e-mobility and grid value chain and supports active deployments around the world with 18.3 megawatts currently under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about the value of V2G, futureproofing EV infrastructure and using EVs for grid resilience, visit nuvve.com.
Nuvve Press Contact(W)right On Communications, David Cumpston
[email protected], +1 415-902-4461
Nuvve Investor Contact ICR Inc.
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SOURCE Nuvve Holding Corp.