Nuvve Holding Corp. (NASDAQ:NVVE) shares are trading higher on Friday after the company was awarded a $400 million contract from the State of New Mexico.

The Details: Under the contract, Nuvve will over the next four years provide a comprehensive, turnkey electrification solution to support New Mexico’s zero-emission vehicle adoption and renewable energy goals.

Specifically, the company will address New Mexico’s fleet electrification and supporting infrastructure, including $150 million for the electrification of the state’s school bus fleet and $250 million for the electrification of its transit and white fleets, which consist of over 3,500 state-owned vehicles.

Nuvve will support the infrastructure with turnkey electric vehicle charging solutions, focusing on deploying and managing advanced charging stations. The company will also establish corridor charging stations, creating key EV charging sites along state highways to support inter-city travel.

The contract provides the company with multiple methods for revenue, such as deploying EV infrastructure and bidirectional charging solutions that generate income through Vehicle-to-Grid services.

“The partnership with the State of New Mexico is the blueprint for Nuvve’s growth strategy,” said Gregory Poilasne, CEO and Founder of Nuvve. “Our role is to enable grid load growth through intelligent solutions that reduce energy costs, limit the need for grid upgrades, and promote energy equity.”

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NVVE Price Action: At the time of writing, Nuvve stock is trading 25.0% higher at $3.00, according to data from Benzinga Pro.

Image: This illustration was generated using artificial intelligence via Midjourney.