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

By: Nuvve Holding Corp. via Business Wire

February 25, 2025 at 08:30 AM EST

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.

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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.