The stock value of Nuvve Holding Corp. (NASDAQ: NVVE) increased significantly, rising 23.75% to $2.97 as of the last check. Following the company’s recent announcement of a key deal with the State of New Mexico, which presents a significant growth opportunity, NVVE’s shares have surged.
Multi-Million Dollar Agreement with New Mexico
Nuvve shared that on Tuesday, it has won a four-year, $400 million deal with the State of New Mexico (SONM). Under the terms of the deal, NVVE will provide a complete electrification solution to help the state achieve its lofty objectives of increasing renewable energy projects and switching to zero-emission vehicles (ZEVs).
The award follows Nuvve’s proposal submission in December 2024 as part of the SONM’s “Electrify New Mexico” Request for Proposal (RFP), and no other contracts were granted under the RFP.
Fleet Electrification and Infrastructure Development
As part of the agreement, Nuvve will focus on electrifying the state’s vehicle fleets, including over 2,000 school buses and 3,500 transit and white fleet vehicles. The project’s overall worth is split into two main categories: $250 million will be used for the state’s transit and white fleets, and $150 million will be used to electrify the school bus fleet. This project is expected to be crucial to New Mexico’s efforts to promote greener transportation and sustainable energy.
A Strategic Development Route for Nuvve
A key component of Nuvve’s expansion plan, the collaboration enhances the company’s capacity for energy optimization and grid load control. NVVE wants to reduce energy prices and help grid modernization by using smart solutions including Vehicle-to-Grid (V2G) technology and Microgrid Development.
Additionally, Nuvve will contribute significantly to New Mexico’s “Vehicles as a Service” (VaaS) initiative by supplying local energy production, fleet electrification, and EV charging infrastructure. This partnership represents a major turning point in NVVE’s growth goals and positions the firm to take advantage of upcoming possibilities in the clean energy industry.