Nuvve

Nuvve offers vehicle-to-grid (V2G) infrastructure and services. The company’s V2G technology enables compatible EVs to communicate with the grid to supply unused energy (from the EV) back to the grid during peak hours.

Nuvve earns revenue from selling V2G infrastructure and services to its customers. The company also launched a transportation-as-a-service (TaaS) model, where it partners with a third-party EV maker to provide a subscription-based solution that covers leasing EVs, charging infrastructure, energy costs, vehicle storage, and vehicle maintenance. Nuvve launched a USD 750 million JV called “Levo” with Stonepeak (a private equity firm). The JV was to provide TaaS solutions for school buses and other commercial fleets. Levo partnered with Blue Bird to install up to 200 charging stations for up to 400 V2G-enabled electric buses in the latter’s delivery facility in Georgia, US, in November 2021.

Key customers and partnerships 

Nuvve launched a USD 750 million JV called “Levo” with Stonepeak (a private equity firm). The JV was to provide TaaS solutions for school buses and other commercial fleets. Levo partnered with Blue Bird to install up to 200 charging stations for up to 400 V2G-enabled electric buses in the latter’s delivery facility in Georgia, US, in November 2021.

Nuvve had operations ​​across the US and Europe as of February 2022. Its operations in Belgium, France, Italy, and the UK are managed by DREEV, a JV between Nuvve and the French electricity utility EDF. Nuvve has also signed a Memorandum of Understanding (MoU) with several government agencies, utilities, and electrification industry leaders to accelerate commercialization of V2G technology in the US in April 2022.

Funding and financials

In January 2024, Nuvve reported the pricing of an underwritten public offering for gross proceeds of ~USD 9.6 million. The company did not disclose what it intended to use the funds for. Prior to this, in October 2023, Nuvve priced an underwritten public offering of 7,142,857 shares of common stock at USD 0.14 per share, with expected gross proceeds of ~USD 1 million. The company intended to use the net proceeds from the offering for working capital and general corporate purposes.

Nuvve reported revenue of USD 5.4 million (+28.2% YoY) and an operating loss of USD 36.9 million (+35.7% YoY) in FY2022. The company was listed on Nasdaq through a SPAC merger in March 2021. The deal raised USD 62 million at a valuation of USD 102 million. The proceeds were to be used to develop Nuvve’s offerings further.