Nuvve Launches New Mexico Subsidiary to Advance State’s Multibillion Clean Transportation and Energy Goals

Rhea-AI Summary

Nuvve Holding Corp. (Nasdaq: NVVE) has established Nuvve New Mexico , appointing Ted Smith as CEO to execute a recently awarded State of New Mexico contract. This strategic move aligns with New Mexico's ambitious clean transportation and energy initiatives, supported by Governor Michelle Lujan Grisham's executive orders.

The state's 2025 legislative session includes over 50 bills proposing more than $6 billion in appropriations for various clean energy initiatives, including:

• Electric school buses
• EV charging infrastructure
• Zero-emission vehicle adoption
• Advanced grid technologies
• Microgrids
• Resilience planning

The new subsidiary will focus on implementing Nuvve's vehicle-to-grid (V2G) and energy management solutions to optimize energy use, reduce costs, and enhance grid resilience across New Mexico.

Positive

• Secured major state contract in New Mexico
• Strategic expansion into a state with $6B+ clean energy appropriations
• Established dedicated subsidiary to enhance local market presence

Negative

• None.

Insights

Financial Analyst

Nuvve's formation of a New Mexico subsidiary represents a strategic market expansion directly aligned with the state's substantial clean energy initiatives. The news signals enhanced revenue potential for this micro-cap company ($2.16 million market cap), though specific contract values remain undisclosed.

The most significant aspect is Nuvve's positioning within New Mexico's proposed $6 billion legislative appropriations for clean transportation and energy programs. For a company of Nuvve's size, capturing even a small fraction of this government spending could substantially impact financial performance. The state's focus on electric school buses, EV charging infrastructure, and grid technologies aligns perfectly with Nuvve's V2G solutions.

Establishing a dedicated regional entity with specialized leadership demonstrates a structured approach to secure state contracts and build relationships with local stakeholders. This localization strategy could serve as a blueprint for expansion into other states with similar clean energy mandates.

While positive, investors should note the execution risk inherent in government contracts and the typically lengthy procurement cycles. The appointment of Ted Smith, an external hire specifically for this initiative, adds credibility but also indicates Nuvve is investing resources before guaranteed returns materialize.

Ted Smith appointed CEO of Nuvve New Mexico LLC to drive project success

SAN DIEGO--(BUSINESS WIRE)-- Nuvve Holding Corp. (Nasdaq: NVVE), a global leader in grid modernization and vehicle-to-grid (V2G) technology, today announced the formation of Nuvve New Mexico LLC, a new subsidiary created to support the company’s recently awarded State of New Mexico contract. The new entity will serve as a regional representative company, ensuring the successful execution of the contract and the expansion of Nuvve’s innovative energy solutions across the state.

The award comes as New Mexico advances transportation electrification and grid modernization initiatives. The state has taken a proactive stance with strong leadership from Governor Michelle Lujan Grisham’s executive orders and a current legislative session that includes over 50 bills for appropriations that support electrification. The 2025 legislative session’s bills together propose over $6 billion in appropriations, funding programs and incentives for electric school buses, EV charging infrastructure, zero-emission vehicle adoption, advanced grid technologies, microgrids, and resilience planning.

Ted Smith, a leader in clean energy deployment and strategic market development, will spearhead this initiative and serve as CEO of Nuvve New Mexico LLC. Smith will oversee day-to-day operations in New Mexico and work closely with local stakeholders to ensure project success.

“This new LLC reflects Nuvve’s commitment to delivering on our promises and maximizing the impact of our work in New Mexico,” said Gregory Poilasne, CEO and Founder of Nuvve. “Ted’s leadership will be instrumental in ensuring the seamless integration of our technology and creating long-term value for the state.”

Nuvve’s V2G and energy management solutions optimize energy use, reduce costs, and support grid resilience—critical benefits for states investing in sustainable infrastructure. By establishing a dedicated New Mexico entity, Nuvve aims to accelerate deployment, enhance local engagement, and solidify its role as a key partner in the state’s clean energy transition.

For more information about Nuvve and its cutting-edge energy solutions, visit www.nuvve.com.

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 and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250313314157/en/

Media Contact:

Wes Robinson

wrobinson@olmsteadwilliams.com

310.824.9000

Source: Nuvve Holding Corp.

FAQ

What is the value of New Mexico's proposed clean energy appropriations for 2025?

New Mexico's 2025 legislative session includes over 50 bills proposing more than $6 billion in appropriations for clean energy initiatives.

Who was appointed as CEO of Nuvve New Mexico ?

Ted Smith, a leader in clean energy deployment and strategic market development, was appointed as CEO of Nuvve New Mexico

What specific clean energy initiatives will New Mexico's appropriations support?

The appropriations will support electric school buses, EV charging infrastructure, zero-emission vehicles, advanced grid technologies, microgrids, and resilience planning.

How will Nuvve's V2G technology benefit New Mexico's energy infrastructure?

Nuvve's V2G technology will optimize energy use, reduce costs, and support grid resilience across New Mexico's energy infrastructure.