Nuvve Holding Corp. (NASDAQ: NVVE) has landed a lucrative $400 million contract with the State of New Mexico (SONM) to provide comprehensive electrification solutions over the next 4 years. The contract, awarded after Nuvve’s submission to the ‘Electrify New Mexico’ RFP in December 2024, aims to support the state’s zero-emission vehicle adoption and renewable energy goals. The contract includes electrifying over 5,000 fleet vehicles, including school buses and state-owned transit and white fleet vehicles. Nuvve will generate multiple revenue streams, such as EV selection and qualification, infrastructure deployment, V2G services, and the deployment of 24 V2G hubs.
This significant contract represents a transformative opportunity for Nuvve, with a value exceeding the company’s market cap by 129 times. The agreement positions Nuvve as a key player in grid modernization and V2G technology, offering turnkey solutions that support the adoption of electric vehicles and clean energy initiatives. The contract also includes innovative financial models and asset management strategies to streamline fleet conversion and enhance grid resilience. Nuvve’s role as a full-solution provider highlights their evolution from a technology vendor to a comprehensive electrification partner.
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