Nuvve Holding Corp - NVVE STOCK NEWS

Nuvve Holding Corp. (Nasdaq: NVVE) announced that 10 school districts have secured $24.15 million through the EPA Clean School Bus Rebate Program for 61 electric vehicle-to-grid (V2G) capable school buses and chargers. This funding allows districts in Arizona, Texas, and California to commence plans for site design and development. The rebates consist of $1.22 million for Nuvve's charging infrastructure and $22.9 million for electric school buses manufactured by partners. Potential grid service revenues could reach $4.4 million over the vehicles' lifespan.

Nuvve Holding Corp (Nasdaq: NVVE) and Blue Bird Corporation (Nasdaq: BLBD) have launched the largest vehicle-to-grid (V2G) project for electric school buses in Ramona Unified School District, California. Eight electric school buses, equipped with Nuvve's GIVe™ technology, will sell stored energy back to the grid during peak demand, generating potential savings of up to $7,200 per bus annually through SDG&E's Emergency Load Reduction Program. This initiative supports the transition to zero-emission transportation, bolstered by the Biden-Harris Administration's Clean School Bus Rebate program, which allocates nearly $1 billion for such projects.

Nuvve Holding Corp. (Nasdaq: NVVE) reported a second quarter 2022 revenue of $1.3 million, up 32.6% from the previous year. Key developments included partnerships with Switch and the U.S. Department of Energy to enhance vehicle-to-grid (V2G) technology. However, the company faced a net loss of $53.4 million, a 762.3% increase year-over-year, attributed to rising operating and other expenses. Cash reserves stand at $14.9 million as of June 30, 2022. Nuvve is optimistic about future growth, leveraging federal support for electric school buses and expanding utility partnerships.

Nuvve Holding Corp. (NVVE) has partnered with Maine Maritime Academy to establish a Center for Maritime Vehicle-to-Grid (V2G) solutions. This initiative aims to enhance capabilities in data science, cybersecurity, and artificial intelligence, specifically for maritime applications. The collaboration will explore V2G technologies in ports and waterways, transforming marine vessels into grid resources. The partnership also includes workforce training programs related to V2G technology, enhancing both academic and practical skills for students. This strategic move is positioned to support the transition to cleaner energy in maritime operations.

Nuvve (Nasdaq: NVVE) has partnered with Vistra (NYSE: VST) to assist U.S. school districts in electrifying their bus fleets. The collaboration aids districts in accessing over $4.5M in grant funding to replace older diesel buses with electric ones. This initiative not only reduces greenhouse gas emissions but also leverages Nuvve's vehicle-to-grid (V2G) technology for energy management. This innovative approach allows schools to potentially earn revenue by returning energy to the grid, while benefiting from reduced maintenance costs and enhanced fleet management.

Nuvve Holding Corp. (NASDAQ: NVVE) announced a registered direct offering of 2.15 million shares at $3.50 per share, along with pre-funded warrants for 1.85 million shares priced at $3.4999 each, and warrants for 4 million shares at an exercise price of $3.75. The gross proceeds are estimated at $14 million, to be used for working capital and general corporate purposes. The offering is expected to close around July 29, 2022, pending customary conditions. Craig-Hallum Capital Group LLC is the exclusive placement agent.

San Diego Gas & Electric (SDG&E) has launched a pioneering vehicle-to-grid (V2G) project, allowing eight electric school buses to supply electricity back to the grid, particularly during peak demand. This initiative, a collaboration with Nuvve and Cajon Valley Union School District, is the first of its kind in Southern California and follows the U.S. Department of Energy’s V2X initiative. With the installation of six 60kW bi-directional chargers, this pilot project aims to enhance energy security while promoting eco-friendly solutions.

Nuvve Holding Corp. (Nasdaq: NVVE) has partnered with San Diego Gas and Electric (SDG&E) to implement an Emergency Load Reduction Program (ELRP) utilizing its Vehicle-to-Grid (V2G) technology. This initiative enables electric school buses to return energy to the grid during peak demands, generating revenue of $2 per kWh for verified load reductions. The collaboration aims to alleviate stress on California's energy grid and support school districts in offsetting electric fleet costs while ensuring buses remain charged for their routes.