Nuvve Holding Corp., a global leader in grid modernization and vehicle-to-grid (V2G) technology, today 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 $4001 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.
“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,” said Gregory Poilasne, CEO and founder of Nuvve. “We are driving meaningful progress for communities statewide and accelerating the transition to sustainable transportation while modernizing the grid.”
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.
“These agreements play a crucial role in fulfilling the objective of Gov. Michelle Lujan Grisham’s executive order to transition our state fleet to zero emissions,” said NMDOT Cabinet Secretary, Ricky Serna. He continued, “These contracts ensure that state fleets transition to cleaner technology in a manner that is both efficient and economically viable.”
Nuvve’s proven track record of successful deployments, customer experience, and its freedom to operate were key factors in SONM’s selection. Nuvve’s partnership with the State of New Mexico establishes a forward-thinking framework for large-scale EV adoption and renewable energy integration.
“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 while ensuring the state meets its sustainability goals without compromising operational efficiency.”
The Nuvve team is now working on finalizing the contracts with its key project partners that will be announced in the near future.
SOURCE: Nuvve
