Nuvve Highlights Details of Recent State of New Mexico Contract

Rhea-AI Summary

Nuvve Holding Corp. (NASDAQ: NVVE) has secured a significant $400 million contract from the State of New Mexico (SONM) to provide comprehensive electrification solutions over the next 4 years. The contract, awarded following Nuvve's December 2024 submittal to the 'Electrify New Mexico' RFP, aims to support the state's zero-emission vehicle adoption and renewable energy goals.

The contract encompasses:

• $150 million for electrifying over 2,000 school buses
• $250 million for converting 3,500+ state-owned transit and white fleet vehicles

The agreement includes multiple revenue streams for Nuvve, including EV selection and qualification, infrastructure deployment with 20-50% gross margins, V2G services with 30% margins, and the deployment of 24 V2G hubs. The project will feature turnkey EV charging solutions, V2G and microgrid development, corridor charging stations, and innovative financing models.

Positive

• Secured exclusive $400M contract with New Mexico state
• Multiple revenue streams with attractive margins (20-50% for hardware, 30% for V2G)
• Large-scale deployment: 5,500+ vehicles electrification
• 24 V2G hubs deployment planned

Negative

• Project execution dependent on future partner announcements
• Implementation timeline and specific development plans still pending

Insights

Financial Analyst

Nuvve's newly secured $400 million contract with the State of New Mexico represents a transformative opportunity for this microcap company. With a current market capitalization of just $3.1 million, this single contract's value exceeds Nuvve's market cap by approximately 129 times, potentially reshaping the company's financial trajectory.

The contract structure reveals multiple revenue streams with attractive margins: hardware sales at 20-50% gross margins and V2G platform services at approximately 30% margins. The contract's scope is comprehensive, covering 2,000 school buses ($150 million) and 3,500 state vehicles ($250 million).

Particularly notable is Nuvve's exclusive contractor position—the State awarded no other contracts from the "Electrify New Mexico" RFP respondents. The planned deployment of 24 V2G hubs represents significant infrastructure development that could generate recurring revenue beyond the initial implementation.

While the contract's full execution depends on several factors including financing partnerships (to be announced next month) and EPC partner selection, this agreement provides Nuvve with a clear blueprint for their stated growth strategy. The company's role in orchestrating everything from vehicle selection to infrastructure deployment positions them as a full-solution provider rather than just a technology vendor.

Energy Infrastructure Specialist

This New Mexico contract showcases Nuvve's comprehensive vehicle-to-grid (V2G) technology strategy beyond simple EV charging. The 24 planned V2G hubs represent sophisticated energy management systems that incorporate bidirectional power flow, allowing vehicles to serve as distributed energy resources.

The contract's structure addresses key infrastructure challenges in grid-scale electrification: Nuvve will deploy charging infrastructure with V2G capabilities, develop microgrids integrating vehicle batteries with stationary storage and solar generation, and establish corridor charging stations along highways.

This approach tackles the "chicken and egg" problem of transportation electrification by simultaneously developing vehicles, charging infrastructure, and grid integration capabilities. The microgrid and stationary storage components are particularly significant as they position EVs as grid assets rather than merely additional load.

For a state like New Mexico with substantial renewable energy resources but rural infrastructure challenges, this integrated approach offers significant advantages over piecemeal electrification efforts. The contract's framework creates multiple revenue opportunities: upfront infrastructure sales, ongoing platform management fees, and potential energy market participation through aggregated vehicle batteries.

The inclusion of financing solutions and asset transition management demonstrates Nuvve's evolution from a technology provider to a full-service electrification partner—expanding their addressable market while creating stickier, longer-term customer relationships.

A $400 million opportunity over the next 4 years for electrification of over 5,000 fleet vehicles and supporting infrastructure throughout the state

SAN DIEGO--(BUSINESS WIRE)-- Nuvve Holding Corp. (NASDAQ: NVVE), a global leader in grid modernization and vehicle-to-grid (V2G) technology, announced on Tuesday, Feb. 25, 2025 it was awarded a contract from the State of New Mexico (SONM), a $400 million¹ opportunity over the next 4 years, to provide a comprehensive, turnkey electrification solution to support New Mexico’s ambitious zero-emission vehicle (ZEV) adoption and renewable energy goals. This contract is based on Nuvve’s December 2024 submittal to the SONM’s “Electrify New Mexico” Request for Proposal (RFP). The SONM has awarded no other contracts to respondents of its “Electrify New Mexico” RFP.

The Nuvve contract will address the SONM’s fleet electrification and supporting infrastructure. This includes $150 million to support the electrification of the SONM’s school bus fleet of over 2,000 buses and $250 million to support the electrification of the SONM’s transit and white fleets of over 3,500 state-owned vehicles across New Mexico.

“The partnership with the State of New Mexico is the blueprint for Nuvve’s growth strategy,” said Gregory Poilasne, CEO and Founder of Nuvve. “Our role is to enable grid load growth through intelligent solutions that reduce energy costs, limit the need for grid upgrades, and promote energy equity.”

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.

The contract provides for multiple sources of revenue to Nuvve, as the leading contractor:

• Electric vehicle selection and qualification – Nuvve will manage EV transit solutions design, including selecting and qualifying electric vehicles procured by New Mexico governmental entities. Financing solutions will be provided by Nuvve’s partners to be announced next month.
• Electric vehicle infrastructure – Nuvve will procure and deploy a variety of electric vehicle infrastructure solutions, including bidirectional charging to provide V2G services to the local energy markets and utilities. Nuvve can recognize hardware revenues with gross margins generally ranging between 20% to 50%. Nuvve’s GIVe™ platform can also generate incremental revenues through the V2G infrastructure, which can earn gross margins of approximately 30%.
• V2G Hubs – Nuvve will deploy V2G hubs that can include local generation such as solar and storage and are often combined with other grid loads for full local energy optimization combined with Grid Services. Nuvve’s current estimates include 24 V2G hubs for the SONM. This infrastructure will be provided by Nuvve and procured from existing partners.
• Stationary Storage – Nuvve can deploy stationary storage solutions when combined with the GIVe^TM platform, helping local utilities modernize their grid and integrate the EV on top of the grid load increase.
• EPC Services – New Mexico-based EPC partners will perform Engineering, procurement, and construction (EPC) services that will also be announced soon.

Multiple sites are currently being reviewed, and the specific development plans will soon be underway.

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/20250228559856/en/

Media Contact:

Wes Robinson

wrobinson@olmsteadwilliams.com

310.824.9000

Source: Nuvve Holding Corp.

FAQ

What is the total value and duration of Nuvve's (NVVE) New Mexico state contract?

The contract is valued at $400 million over 4 years, awarded in February 2025.

How many vehicles will be electrified under NVVE's New Mexico contract?

Over 5,000 vehicles total: 2,000+ school buses and 3,500+ state-owned transit and white fleet vehicles.

What are the expected gross margins for NVVE's hardware and V2G services in the New Mexico contract?

Hardware gross margins range from 20-50%, while V2G infrastructure services can earn approximately 30% margins.

How many V2G hubs will Nuvve (NVVE) deploy in New Mexico under this contract?

Nuvve plans to deploy 24 V2G hubs across the State of New Mexico.