Nuvve Holding Corp., a global provider of grid modernization and vehicle-to-grid (V2G) technology, announced it has been awarded a contract by the State of New Mexico (SONM) to provide a comprehensive, turnkey electrification solution to support New Mexico’s ambitious zero-emission vehicle (ZEV) adoption and renewable energy goals.
Nuvve estimates this contract’s total addressable market (TAM) for the SONM’s fleet electrification and supporting infrastructure to be approximately $400 million.
The contract is structured as a Statewide Price Agreement (SWPA), enabling long-term progress across public agencies throughout New Mexico. Nuvve is expected to announce the first project by the end of Q2.
The contract will advance New Mexico’s “Vehicles as a Service” (VaaS) program, designed to facilitate fleet electrification through:
- Turnkey EV charging solutions – Deployment of advanced 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 to reduce costs and enhance grid resilience.
- Corridor charging stations – Establishing key EV charging sites along state highways for inter-city travel.
- EV leasing and infrastructure financing – Providing innovative financial models to streamline fleet conversion.
- Asset transition and management – Purchasing and retiring internal combustion engine (ICE) vehicles, ensuring efficient fleet turnover.
Nuvve’s partnership with the State of New Mexico establishes a forward-thinking framework for large-scale EV adoption and renewable energy integration. The team is now working on finalizing the contracts with its key project partners that will be announced in the near future.
Filed Under: Charging, Technology News, Vehicle-to-Grid (V2G)