8-K: Nuvve Secures Task Order with Resource Innovations and ComEd to Explore Bidirectional Charging

Nuvve Holding Corp. enters into a Task Order Agreement with Resource Innovations and ComEd to assess the benefits of bidirectional charging using electric school buses in northern Illinois.

Summary

• Nuvve Holding Corp. has entered into a Task Order Agreement with Resource Innovations and ComEd to explore the benefits of bidirectional charging using electric school buses.
• The project will be deployed in 2025 across three school districts within ComEd's service area in northern Illinois.
• The goal is to assess the environmental, societal, and grid impacts of integrating vehicle-to-grid (V2G) technology into clean transportation.
• Nuvve will receive approximately $0.6 million in professional service revenues during the term of the agreement, with $537,000 for labor and $54,500 for other direct costs.
• The project involves various milestones, including customer enrollment, site preparation, V2G testing, and final reporting.
• The Task Order is effective from January 1, 2025, to December 31, 2025.

Sentiment

Score: 7

Explanation: The document is a standard business announcement about a new project. The sentiment is neutral to positive, reflecting the potential benefits of the project for Nuvve and the broader industry.

Positives

• The project aims to improve grid reliability and stability by using ESBs as distributed energy resources.
• The project will evaluate the economic advantages for both the utility and customers through V2G systems.
• The project will demonstrate the technical viability of V2G systems.
• The project aims to increase customer participation and engagement in V2G programs.
• The project will collect and analyze data on V2G operations to gain insights into usage patterns and system performance.

Risks

• The document mentions the need for a cybersecurity plan to protect sensitive information.
• The document mentions the need for a risk assessment plan and safety protocols to ensure the safety and reliability of the school buses participating in the pilot program.
• The document mentions the need for interoperability testing between Nuvve infrastructure and the electric buses that the school districts use.

Future Outlook

Nuvve will support RI to prepare additional sites as part of the outreach and engagement scope, delivering a list of school districts that would be prepared to participate in a larger pilot program as early as 2026.

Management Comments

• Gregory Poilasne, Chief Executive Officer, signed the report on behalf of Nuvve Holding Corp.

Industry Context

The announcement reflects the growing interest in V2G technology as a means to enhance grid stability and promote clean transportation.

Comparison to Industry Standards

• The project aligns with industry trends towards integrating electric vehicles with grid infrastructure to provide ancillary services.
• Comparable projects include utility-led V2G initiatives in other regions, such as those by companies like Tesla and Nissan, which have explored similar bidirectional charging capabilities.
• The $0.6 million professional service revenues are within the typical range for pilot projects of this scale, but the ultimate success will depend on the actual performance and impact of the V2G technology.

Stakeholder Impact

• Shareholders: Positive, as it represents new revenue and potential growth.
• Employees: Positive, as it creates new project opportunities.
• Customers: Positive, as it may lead to more reliable and sustainable energy solutions.
• Suppliers: Positive, as it may increase demand for related technologies and services.
• Creditors: Neutral, as it does not significantly alter the company's financial position.

Next Steps

• Nuvve will work with RI and ComEd to finalize the pilot design.
• Nuvve will develop execution and test plans.
• Nuvve will perform pilot operations including customer enrollment, engagement with participants, engagement with original equipment manufacturers (OEM), data monitoring, collection and reporting, and marketing and outreach activities.

Key Dates

Keywords

V2G, bidirectional charging, electric school buses, Nuvve, Resource Innovations, ComEd, vehicle-to-grid, clean transportation, grid reliability, energy resources