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Vehicle-to-grid technology company Nuvve Holding Corp. shares have experienced a wild ride in 2025, with shares fluctuating from a high of $8.20, most recently bottoming out to a low of 18 cents in August. 

Interest in the company is forming, as on Monday, trading volume surpassed 49 million, a 20-fold increase over its average daily volume, in a wild trading day that saw shares increase by over 80% intraday before closing up 17%. 

Nuvve is a San Diego-based company that focuses on Vehicle-to-Grid (V2G) technology, enabling the use of fleet electric vehicles (EVs) to help stabilize the electric grid through its SaaS platform, GIVe. 

'Mobile Power Plant'

V2G technology enables EVs to function as bidirectional charging entities, allowing them to send power back to the electrical grid. Other applications of V2G technology include vehicle-to-home (V2H) and vehicle-to-building (V2B) systems.  

V2G technology began gaining interest in Japan in 2011, following multiple natural disasters and subsequent power outages, where electric vehicles became a valuable backup power source.Link multiple EVs together, and they can serve as a mobile power plant, providing power back to the grid with zero emissions.

For customers, Nuvve's value proposition is that its GIVe platform lowers the total cost of EV ownership for fleets by generating revenue from the vehicle's battery by selling power back to the grid. Simultaneously, municipalities benefit from the stabilization. 

Estimates of the current market size of the V2G industry range from $1.8 billion to $15.85 billion, with one study predicting the global market to reach $49 billion by 2034.

Nuvve New Mexico

The state of New Mexico, in its push towards a 100% zero-carbon emission grid by 2045, chose Nuvve to lead a $400 million contract to "provide a comprehensive, turnkey electrification solution to support New Mexico's ambitious zero-emission vehicle (ZEV) adoption and renewable energy goals," according to a press release. 

As a result of the deal, the company created a subsidiary, Nuvve New Mexico LLC, in March. 

"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," Nuvve CEO and Founder Gregory Poilasne said following the contract. 

Road To Recovery

Nuvve has had a tumultuous history since its public offering following the merger with Newborn Acquisition Group in 2021. Poilasne called 2024 "extremely challenging" after experiencing its first fall in revenue since 2021, attributed to delays in the company's purchase orders. 

In the most recent quarter (Q2), the company reported a 59% year-over-year decrease in revenue to $0.33 million.

In June, the company filed a $300 million mixed securities shelf registration, providing Nuvve with key financial flexibility to issue securities over a period of up to three years, enabling growth initiatives; however, this creates future dilution risk. 

These challenges are not unique to publicly traded clean-tech companies, where quarterly short-term expectations create pressure on long-term initiatives.

Buying Into Crypto 'Hype' 

Nuvve has officially entered the crypto space after investing $3 million in Hyperliquid (HYPE), a crypto asset that the company sees as holding strategic value beyond asset appreciation. The purchase is the first step in its 'blockchain-driven growth initiative,' announced on July 31st. 

When asked why HYPE was chosen as the preferred cryptocurrency, Poilasne told San Diego Business Journal,

"We are very good at distributed energy resources, how to manage those resources either locally or in a centralized way, so we wanted to find something that had similar characteristics and that potentially could also be used in our activity."

Nuvve Works To Regain Compliance

As a NASDAQ-listed company, Nuvve received a notice of delisting due to its stock price being under the $1 threshold for over 30 days. On September 4th, the company announced it has requested a hearing with NASDAQ staff, where Nuvve intends to present its plan to regain and maintain compliance with all applicable Nasdaq listing requirements."

This is not unfamiliar territory for Nuvve, as the company completed two reverse stock splits in 2024, most recently in September 2024, where it completed a 1-for-10 stock split to regain compliance with Nasdaq.

Looking Forward

While a highly speculative stock, Nuvve fits the lottery ticket category in terms of portfolio allocation. The company possesses numerous catalysts through its government contracts and crypto investment in the HYPE token. However, with its cash burn at nearly $5.5 million per quarter, the company is highly dependent on raising additional funding or creating rapid revenue growth. Nuvve presents asymmetrical upside if the company can execute, but it is not for the faint of heart. 

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