Nuvve Holding Corp
NASDAQ:NVVE
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Nuvve Holding Corp
Nuvve Holding Corp. engages in the provision of a commercial vehicle-to-grid (V2G) technology platform. The company is headquartered in San Diego, California and currently employs 61 full-time employees. The company went IPO on 2020-04-30. The firm provides commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provide other grid services. The Company’s V2G technology enables to link multiple EV batteries into a virtual power plant to provide bi-directional services to the electrical grid. The firm offers its customers networked charging stations, infrastructure, software, professional services, support, monitoring and parts and labor warranties required to run electric vehicle fleets. The Company’s customers and partners include owner/operators of light duty fleets, heavy duty fleets (including school buses), automotive manufacturers, charge point operators, and strategic partners. The firm also operates a small number of charging stations serving as demonstration projects funded by government grants.
Nuvve Holding Corp. engages in the provision of a commercial vehicle-to-grid (V2G) technology platform. The company is headquartered in San Diego, California and currently employs 61 full-time employees. The company went IPO on 2020-04-30. The firm provides commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provide other grid services. The Company’s V2G technology enables to link multiple EV batteries into a virtual power plant to provide bi-directional services to the electrical grid. The firm offers its customers networked charging stations, infrastructure, software, professional services, support, monitoring and parts and labor warranties required to run electric vehicle fleets. The Company’s customers and partners include owner/operators of light duty fleets, heavy duty fleets (including school buses), automotive manufacturers, charge point operators, and strategic partners. The firm also operates a small number of charging stations serving as demonstration projects funded by government grants.
Revenue Decline: Nuvve reported Q3 revenue of $1.6 million, down from $1.9 million a year ago, mainly due to lower service revenue related to the Fresno EV infrastructure project.
Margin Expansion: Year-to-date gross margins improved to 46.8% from 42% last year, driven by better profitability on service revenues.
Stationary Battery Growth: The company is increasing its focus on stationary battery projects, including three new 2-megawatt projects in Denmark and a new agreement in Japan.
Operating Costs Up: Operating costs rose to $5.9 million in Q3, higher than last year, partly due to spending on digital asset strategy consultants.
Cash Position: Cash decreased to $0.9 million at quarter-end, down $0.8 million from last quarter, due to operating losses and debt repayment.
Megawatts Under Management: Increased slightly to 26.4 megawatts, up 3.1% from last quarter, but down 9.6% year-over-year.
Outlook: Management expects further growth in stationary storage projects, improvement in cash burn, and is confident about addressing NASDAQ listing requirements.
