Investors should keep an eye on the vehicle-to-grid (V2G) market. Currently valued at $5.059 billion as of 2024, the market is expected to soar to $25.54 billion by 2029. All thanks to surging demand for electricity with the adoption of electric vehicles and the expansion of grid infrastructure, which should positively impact companies, such as Nuvve Holding Corp. (NASDAQ: NVVE), Enphase Energy (NASDAQ: ENPH), ChargePoint Holdings (NYSE: CHPT), Schneider Electric (OTC: SBGSY) and SolarEdge Technologies (NASDAQ: SEDG).
According to Research and Markets, “The expanding demand for electricity and power worldwide is estimated to play a significant role for the growth of the vehicle-to-grid market. The demand for energy and power is forecasted to growth rapidly, majorly with the continuous rise in population, growing urbanization, and developing industrial landscape, especially in the developing nations. With the growing demand for energy, V2G technology can emerge as a viable solution that can turn electric vehicles into active participants in the energy market. V2G enables EVs to provide excess energy stored in their batteries back into the grid during periods of high demand.”
Look at Nuvve Holding Corp. (NASDAQ: NVVE), For Example
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 $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 close some early projects very soon.
“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. “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’s team is now working on finalizing the contracts with its key project partners that will be announced in the near future.
Other related developments from around the markets include:
Enphase Energy, a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced today that it is expanding its support for grid services programs – or virtual power plants (VPPs) – in Puerto Rico, Colorado, and Nova Scotia, Canada, powered by the IQ Battery 5P. Grid services programs are offered by electric utilities and often use energy stored in home batteries to help reduce load on the electric grid when it is needed most, like during periods of peak electricity demand. This reduces reliance on costly and polluting power plants for electricity and, in return, can provide incentives to homeowners from their utility company. Incentives may be provided as a discount on the purchase of an Enphase Energy System with IQ Batteries or as ongoing payments to participating homeowners.
Schneider Electric, the leader in the digital transformation of energy management and automation, today published details of its sustainability performance for the final quarter of 2024, alongside its full-year financial results. The company’s Sustainability Impact (SSI) score reached 7.55 out of ten, surpassing the 2024 end-year target of 7.40. Monitoring and reporting on the 11 global commitments of its SSI’s quarterly progress is fundamental to achieving the company’s goals tied to all dimensions of environmental, social, and governance (ESG). “In 2024, Schneider Electric was recognized by TIME and Statista as the World’s Most Sustainable Company. Earlier this year, we were honored to receive the same recognition from Corporate Knights as part of its Global 100 ranking – marking our second time topping this list and a first for any corporation. These remarkable achievements, alongside other key ESG recognitions inspire us to reach even greater heights in 2025,” said Chris Leong, Chief Sustainability Officer at Schneider Electric. “As we enter the final year of our Sustainability Impact program, we are determined to continue transforming ambition into action. There’s still work ahead, but with the support of our extensive ecosystem, our people, and all our Impact Makers, we will succeed.”
SolarEdge Technologies, a global leader in smart energy technology, today announced its financial results for the fourth quarter ended December 31, 2024 and full year ended December 31, 2024. “There are exciting opportunities ahead for SolarEdge,” said Shuki Nir, CEO of SolarEdge. “We are just getting started on our turnaround story. The return to positive free cash flow generation in Q4 is a solid first step, and we expect to be free cash flow positive in Q1 2025 and for the full year 2025.” The Company reported revenues of $196.2 million, down 17% from $235.4 million in the prior quarter. Revenues from the solar segment were $189.0 million, down 15% from $222.1 million in the prior quarter.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Nuvve Holding Corp. by Nuvve Holding Corp. We own ZERO shares of Nuvve Holding Corp. Please click here for disclaimer.
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