Commercial, Energy Storage, Industrial, Commercial, Industrial, Solar - December 18, 2017
EDF, Toyota invest in vehicle-to-grid company
In a move aimed at providing options for corporate and industrial companies that want to offer workplace charging, EDF Renewable Energy and Toyota Tsusho have closed on a Series A investment in San-Diego based Nuvve Corp., a startup focused on vehicle-to-grid solutions.
EDF Renewable Energy said in news release Dec. 18 that the investment is part of its strategic growth in the distributed electricity and storage market. According to the release, the partnership will not only bring vehicle-to-grid charging solutions to C&I customers, but will also include onsite solar. EDF said in its release:
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.
The round of financing also included a smaller participation from a private equity fund, according to a statement from Nuvve.
"The electrification of transportation has brought forth innovative and important technologies and we believe Nuvve's transformational technology enables electric vehicles to become more affordable while assisting in balancing the grid and reducing the overall CO2 emissions," Toyota Tsusho said in a Dec. 15 statement.
EDF Renewable Energy has been building out its Distributed Electricity and Storage business unit since its launch in March 2017 to focus on distributed solar, storage and emerging opportunities for U.S. C&I and utility customers.