V2Market, a Horizon 2020 project to incorporate EV batteries to the system and reward owners, takes off

March 24, 2022

The project plans include a pilot site in the Barcelona Metropolitan Area, in-depth market research and the creation of new financial resources and business models.

V2Market, a Horizon 2020 project to incorporate electric vehicles batteries to the electricity system and reward owners has recently launched. The project also aims to tackle the financial and cultural barriers to the adoption of the Vehicle-to-Grid technologies.

To achieve these objectives, V2Market is currently working on a comprehensive market study and analysing the potential of integrating EVs in the electricity markets. Later on, the project plans to include a pilot site in the Barcelona Metropolitan Area and the creation of new financial resources and business models. All these activities aim to develop the market framework conditions to mainstream Vehicle-To-Grid (V2G) and Vehicle-To-Building (V2B) services in the electricity markets.

V2G and V2B technologies allow the use of batteries from electric vehicles, not only to charge electricity from the system, but to store and discharge electricity from the EV battery to the grid or into a building. This will result in measurable energy savings and improved performance for the overall energy system. Although the V2G and V2B technology is market-ready, the market conditions are still to be defined. V2Market will tackle these barriers to develop a business case that incentives all the actors across the value chain (end-users, V2G service providers, DSOs, and other market participants).

V2Market has kick-started in September 2021 under the Horizon 2020 programme: the European Union funding programme for research and innovation that provides grants through open and competitive calls for proposals. The goal is to produce world-class science, remove barriers to innovation and make it easier for the public and private sectors to work together in delivering innovation.

The consortium behind the V2Market project involves all the key market stakeholders providing cross-cutting knowledge for the project: Ecoserveis (energy consultancy and project coordinator), Barcelona Metropolitan Area (public authority that will implement the pilot), Nuvve Denmark ApS (V2G technology provider), OMIEOperador del Mercado Ibérico – Polo Españolde la Energía (Spanish Nominated Electricity Market Operator [NEMO]), Holaluz (electricity retail company), ANESESpanish Association of ESCos (energy services companies’ representative), EnerSave Capital (financial services’ provider), smartEnSmart Energy Europe (European business association) and IDAE – Instituto para la Diversificación y Ahorro de la Energía (Spanish National Energy Agency). Project updates are available on the V2Market website and social media channels (LinkedIn and Twitter).