Shares of Nuvve Holding Corp. (NASDAQ: NVVE) are soaring 45.20% in the pre-market trading Friday. This surge follows the company’s announcement regarding the launch of a new artificial intelligence technology called Astrea AI. The purpose of this technology is to optimize revenue from ancillary services provided to Nordic transmission system operators by Nuvve’s V2G fleet customers.
Astrea AI is an advanced system that continuously forecasts prices and capacity for Nordic primary reserves. By doing so, it optimizes energy market bids, allowing Nuvve and its fleet customers to maximize their revenues. This advanced technology builds upon Nuvve’s extensive experience of over six years in offering regulation services in the field.
Primary reserves are crucial services that help maintain the frequency of electricity on the EU’s transmission grids at 50 hertz. Bids for these reserves are based on projections made one or two days in advance and consider a wide range of factors. Over the years, bid prices and the quantities of grid services auctioned have increased due to shifts in electricity production and consumption patterns.
Astrea AI’s forecasts have proven to be highly accurate, boasting a 97% success rate. This enables Nuvve and its fleet customers to maximize their revenues by making the right bids that match the available fleet capacity and cater to the optimal frequency regulation market. The integration of Astrea AI technology with Nuvve’s GIVe™ platform for Vehicle-to-Grid (V2G) and charge management automates future bidding and frequency regulation market selection.
The development of Astrea AI by Nuvve in early 2022 aims to enhance their GIVe™ technology by offering improved forecasting, a comprehensive worldwide tariff database, predictive maintenance, and valuable energy insights and reporting.