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