Monday, December 18, 2017

Nuvve Raises Series A Funding To Connect EVs To The Power Grid

San Diego-based Nuvve, a developer of technology which helps connect electric vehicles into the power grid for better balancing power consumption across the grid, has raised a Series A investment round. Size of that investment was not announced. The funding came from EDF Renewable Energy, and also included Toota Tsusho. Nuvve develops software that helps use unused power capacity stored in the batteries of electric vehicles, to balance out uneven loads on the power grid--essentially, using EV batteries for meeting instantaneous power demand on the electric grid. EDF RE said that Nuvve also recently received a $4.2M grant to demonstrate its vehicle-to-grid systems at UC San Diego.