Nuvve, a pioneer in grid modernization and vehicle-to-grid (V2G) technology, has won a contract with the State of New Mexico to provide a turnkey electrification solution. Nuvve estimates the contract’s total addressable market for the state’s fleet electrification and supporting infrastructure to be approximately $400 million.

Nuvve is expected to announce the first project by the end of Q2.

The contract, structured as a Statewide Price Agreement, will advance New Mexico’s Vehicles as a Service (VaaS) program, which is designed to facilitate fleet electrification through:

• Turnkey EV charging solutions—deployment of 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;
• Corridor charging stations—establishing key EV charging sites along state highways for intercity travel;
• EV leasing and infrastructure financing—providing innovative financial models to streamline fleet conversion;
• Asset transition—purchasing and retiring legacy ICE vehicles to aid efficient fleet turnover.

“These agreements play a crucial role in fulfilling the objective of Governor Michelle Lujan Grisham’s executive order to transition our state fleet to zero emissions,” said DOT Cabinet Secretary Ricky Serna. “These contracts ensure that state fleets transition to cleaner technology in a manner that is both efficient and economically viable.”

“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.”

Source: Nuvve