Nuvve Awarded State of New Mexico Contract to Accelerate EV Infrastructure and Renewable Energy Development

Rhea-AI Summary

Nuvve Holding Corp. (NASDAQ: NVVE) has secured a contract with the State of New Mexico to deliver comprehensive electrification solutions supporting the state's zero-emission vehicle adoption and renewable energy goals. The contract, structured as a Statewide Price Agreement (SWPA), has an estimated total addressable market of approximately $400 million for fleet electrification and infrastructure.

The agreement will advance New Mexico's "Vehicles as a Service" (VaaS) program through several key initiatives:

• Turnkey EV charging solutions
• Vehicle-to-Grid (V2G) and microgrid development
• Corridor charging stations along state highways
• EV leasing and infrastructure financing
• Asset transition and management

Nuvve expects to announce the first project by the end of Q2. The partnership aims to integrate vehicle electrification with clean energy solutions while maintaining equitable energy costs and supporting Governor Michelle Lujan Grisham's executive order to transition the state fleet to zero emissions.

Positive

• Secured $400M total addressable market contract with State of New Mexico
• Contract structured as Statewide Price Agreement enabling long-term progress
• First project announcement expected by end of Q2
• Comprehensive service offering including V2G technology and infrastructure
• Supports state-mandated fleet transition to zero emissions

Negative

• Actual revenue realization timeline from the $400M TAM not specified
• No guaranteed minimum contract value mentioned
• Dependent on state budget allocations and implementation timeline

Insights

Financial Analyst

Nuvve's newly secured contract with the State of New Mexico represents a potentially transformative opportunity for this microcap company. With an estimated Total Addressable Market (TAM) of $400 million against Nuvve's current market cap of just $3.17 million, this agreement deserves serious investor attention—though with appropriate caution.

This contract's structure as a Statewide Price Agreement creates a long-term revenue pathway across multiple New Mexico agencies. The comprehensive scope—covering charging infrastructure, V2G technology implementation, corridor charging stations, financing solutions, and ICE vehicle retirement—positions Nuvve as an end-to-end provider rather than a single-solution vendor.

However, investors should understand several critical nuances:

• The $400 million figure represents the total addressable market, not guaranteed revenue—actual contract value will materialize gradually as specific projects are implemented
• As a microcap with resources, Nuvve will likely need partnerships (which they're currently finalizing) and possibly additional financing to fully capitalize on this opportunity
• Government contracts typically have extended implementation timelines, suggesting revenue recognition will spread across multiple years

The announcement of the first project expected by Q2's end will provide important visibility into initial revenue potential and implementation timeline. This contract aligns perfectly with Nuvve's core V2G technology value proposition, potentially validating their business model at meaningful scale.

For context, Nuvve reported just $1.64 million in revenue for the first nine months of 2024 with significant operating losses. While this contract won't immediately solve cash flow challenges, it substantially improves the company's growth narrative and could attract both institutional interest and potential strategic partners.

The broader significance extends beyond immediate financials—this represents one of the most comprehensive state-level V2G implementation agreements to date, potentially creating a replicable model for other states pursuing similar decarbonization goals. Success in New Mexico could position Nuvve for additional government contracts nationwide.

Investors should monitor upcoming announcements regarding project partner selection, initial deployment timelines, and any capital raising activities that might be necessary to support execution on this significant opportunity.

SAN DIEGO--(BUSINESS WIRE)-- Nuvve Holding Corp. (NASDAQ: NVVE), a global leader in grid modernization and vehicle-to-grid (V2G) technology, today announced it has been awarded a contract by the State of New Mexico (SONM) to provide a comprehensive, turnkey electrification solution to support New Mexico’s ambitious zero-emission vehicle (ZEV) adoption and renewable energy goals. Nuvve estimates this contract’s total addressable market (TAM) for the SONM’s fleet electrification and supporting infrastructure to be approximately $400¹ million. The contract is structured as a Statewide Price Agreement (SWPA), enabling long-term progress across public agencies throughout New Mexico. Nuvve is expected to announce the first project by the end of Q2.

“New Mexico’s commitment to decarbonization and grid modernization aligns perfectly with Nuvve’s mission to integrate vehicle electrification with clean energy solutions while keeping the cost of energy equitable,” said Gregory Poilasne, CEO and founder of Nuvve. “We are driving meaningful progress for communities statewide and accelerating the transition to sustainable transportation while modernizing the grid.”

The contract will advance New Mexico’s “Vehicles as a Service” (VaaS) program, designed to facilitate fleet electrification through:

• Turnkey EV Charging Solutions – Deployment of advanced EV charging infrastructure, operations, and data management.
• Vehicle-to-Grid (V2G) and Microgrid Development – Scalable solutions integrating V2G-capable fleets, stationary battery storage, and solar energy to reduce costs and enhance grid resilience.
• Corridor Charging Stations – Establishing key EV charging sites along state highways for inter-city travel.
• EV Leasing and Infrastructure Financing – Providing innovative financial models to streamline fleet conversion.
• Asset Transition and Management – Purchasing and retiring internal combustion engine (ICE) vehicles, ensuring efficient fleet turnover.

“These agreements play a crucial role in fulfilling the objective of Gov. Michelle Lujan Grisham’s executive order to transition our state fleet to zero emissions,” said NMDOT Cabinet Secretary, Ricky Serna. He continued, “These contracts ensure that state fleets transition to cleaner technology in a manner that is both efficient and economically viable.”

Nuvve’s proven track record of successful deployments, customer experience, and its freedom to operate were key factors in SONM’s selection. Nuvve’s partnership with the State of New Mexico establishes a forward-thinking framework for large-scale EV adoption and renewable energy integration.

“Nuvve continues to lead in deploying real-world, scalable solutions for the benefit of both our customers and the utility grid,” said Ted Smith, President and COO of Nuvve. “We believe this deployment provides New Mexico with best-in-class technology, financing, and implementation strategies while ensuring the state meets its sustainability goals without compromising operational efficiency.”

The Nuvve team is now working on finalizing the contracts with its key project partners that will be announced in the near future.

About Nuvve

Founded in 2010, Nuvve Holding Corp. (Nasdaq: NVVE) has successfully deployed vehicle-to-grid (V2G) on five continents, offering turnkey electrification solutions for fleets of all types. Nuvve combines the world’s most advanced V2G technology and an ecosystem of electrification partners, delivering new value to electric vehicle (EV) owners, accelerating the adoption of EVs, and supporting a global transition to clean energy. Nuvve is making the grid more resilient, transforming EVs into mobile energy storage assets, enhancing sustainable transportation, and supporting energy equity in an electrified world. Nuvve is headquartered in San Diego, Calif., and can be found online at nuvve.com.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements relate to, among other things, the projected revenue growth and discussion of other select financial results, the successful expansion of Nuvve in new markets, the impact of certain events on Nuvve's business, and Nuvve's ability to grow and to capitalize on certain strategic opportunities, the realization of any benefits from Nuvve’s partnership with SONM, the size of the potential total addressable market relating to the SONM contract, the timing and amounts of revenues received under the SONM contract, if any, and the timing an benefits received from the closing of any projects under the arrangement. These forward-looking statements are based on Nuvve's current expectations, estimates and projections about its business and industry, management's beliefs, and certain assumptions made by Nuvve, all of which are subject to change. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "achieve," "aim," "ambitions," "anticipate," "believe," "committed," "continue," "could," "designed," "estimate," "expect," "forecast," "future," "goals," "grow," "guidance," "intend," "likely," "may," "milestone," "objective," "on track," "opportunity," "outlook," "pending," "plan," "position," "possible," "potential," "predict," "progress," "promises," "roadmap," "seek," "should," "strive," "targets," "to be," "upcoming," "will," "would," and variations of such words and similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks are described under the "Risk Factors" section included in Nuvve's most recent Annual Report on Form 10-K and any subsequent quarterly filings on Form 10-Q filed with the Securities and Exchange Commission (available at www.sec.gov). Nuvve cautions you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Nuvve assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

____________________

¹ Represents the estimated potential total addressable market based on certain New Mexico state records and archives, a portion of which may utilize the contract awarded to Nuvve.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250225001770/en/

Media Contact:

Wes Robinson

wrobinson@olmsteadwilliams.com

310.824.9000

Source: Nuvve Holding Corp.

FAQ

What is the estimated value of Nuvve's contract with the State of New Mexico?

Nuvve estimates the total addressable market (TAM) for New Mexico's fleet electrification and supporting infrastructure to be approximately $400 million under this contract.

When will Nuvve (NVVE) announce the first project under the New Mexico contract?

Nuvve expects to announce the first project under the New Mexico contract by the end of Q2.

What services will Nuvve (NVVE) provide under the New Mexico Vehicles as a Service program?

Nuvve will provide turnkey EV charging solutions, V2G and microgrid development, corridor charging stations, EV leasing and infrastructure financing, and asset transition and management services.

How does the Nuvve (NVVE) contract support New Mexico's environmental goals?

The contract supports Governor Michelle Lujan Grisham's executive order to transition the state fleet to zero emissions while integrating vehicle electrification with clean energy solutions.

What type of agreement is the Nuvve (NVVE) contract with New Mexico structured as?

The contract is structured as a Statewide Price Agreement (SWPA), enabling long-term progress across public agencies throughout New Mexico.