On February 25, 2025, Nuvve Holding Corp. (NASDAQ: NVVE), recognized as a global leader in grid modernization and vehicle-to-grid (V2G) technology, announced a significant milestone in its growth trajectory. The company has been awarded a contract by the State of New Mexico (SONM) to deliver a comprehensive electrification solution aimed at supporting the state's ambitious goals for zero-emission vehicle (ZEV) adoption and renewable energy development.

2. Contract Scope and Market Potential

The contract is structured as a Statewide Price Agreement (SWPA), facilitating long-term progress across public agencies throughout New Mexico. Nuvve estimates that the total addressable market (TAM) associated with this initiative could reach approximately $400 million. This substantial contract underscores New Mexico's commitment to decarbonization and the modernization of its energy grid.

CEO and founder Gregory Poilasne emphasized the alignment of Nuvve's mission with New Mexico's objectives, stating, “We are driving meaningful progress for communities statewide and accelerating the transition to sustainable transportation while modernizing the grid.”

3. Key Features of the Electrification Solution

Nuvve’s proposal is set to advance New Mexico's "Vehicles as a Service" (VaaS) program, which is designed to facilitate fleet electrification through several key components:

Turnkey EV Charging Solutions: Deployment of advanced EV charging infrastructure, including operations and data management.

Vehicle-to-Grid (V2G) and Microgrid Development: Scalable solutions that integrate V2G-capable fleets, stationary battery storage, and solar energy to enhance grid resilience and reduce costs.

Corridor Charging Stations: Establishment of essential EV charging sites along state highways for inter-city travel, promoting convenience and accessibility.

EV Leasing and Infrastructure Financing: Innovative financial models aimed at streamlining the conversion of fleets to electric.

Asset Transition and Management: Efficient turnover of internal combustion engine (ICE) vehicles through purchasing and retiring programs.

4. Strong Support from State Officials

Ricky Serna, the Cabinet Secretary of the New Mexico Department of Transportation (NMDOT), highlighted the significance of these agreements in fulfilling Governor Michelle Lujan Grisham’s executive order to transition the state fleet to zero emissions. He noted that the contracts would ensure that state fleets move to cleaner technology in an efficient and economically viable manner.

5. Nuvve’s Competitive Edge

Nuvve's selection by SONM was influenced by its proven track record of successful deployments and the comprehensive nature of its electrification solutions. Ted Smith, President and COO of Nuvve, remarked, “Nuvve continues to lead in deploying real-world, scalable solutions for the benefit of both our customers and the utility grid.” He expressed confidence that the deployment would provide New Mexico with advanced technology, financing, and implementation strategies to meet sustainability goals without compromising operational efficiency.

6. Future Developments on the Horizon

As Nuvve prepares to finalize contracts with key project partners, the company anticipates announcing its first project by the end of Q2 2025. This initiative marks a pivotal step in Nuvve’s strategic plans to expand its footprint in the electrification market while contributing to the broader goals of renewable energy integration and sustainable transportation.

7. Conclusion

Nuvve Holding Corp.’s recent contract with the State of New Mexico represents not only a financial opportunity estimated at $400 million but also a significant leap towards advancing sustainable transportation and a resilient energy grid. As the company embarks on this promising venture, it stands poised to make a lasting impact on the electrification landscape in New Mexico and beyond.

Original press release