Nuvve Holding Corp. (NVVE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la tecnología de vehículos eléctricos, Nuvve Holding Corp. surge como un innovador innovador, revolucionando cómo pensamos sobre la gestión de la energía y el transporte. Al integrar perfectamente la tecnología de vehículo a red (V2G), Nuvve no solo está desarrollando soluciones de carga, sino reinventando todo el ecosistema de movilidad eléctrica y sostenibilidad de la red. Su modelo de negocio único promete transformar flotas comerciales, operaciones de servicios públicos e integración de energía renovable, ofreciendo una visión convincente de cómo la carga inteligente puede reducir simultáneamente los costos, estabilizar las redes eléctricas y acelerar la transición al transporte limpio.

Nuvve Holding Corp. (NVVE) - Modelo de negocio: asociaciones clave

Asociaciones de fabricantes de vehículos eléctricos

NUVVE ha establecido asociaciones estratégicas con fabricantes específicos de vehículos eléctricos:

Pareja	Detalles de la asociación	Enfoque de colaboración
León eléctrico	Integración tecnológica de vehículo a red (V2G)	Electrificación del autobús escolar
Corporación de Bird Blue	Soluciones de integración de cuadrícula	Gestión de la flota de autobuses de la escuela eléctrica

Colaboraciones de la empresa de servicios públicos

Las asociaciones de servicios públicos de Nuvve se centran en la implementación de la tecnología V2G:

• Gas de San Diego & Electric (SDG&E)
• Energía de dominio
• Gas y electricidad del Pacífico (PG&E)

Proveedores de infraestructura de carga

Proveedor	Integración tecnológica	Alcance geográfico
Punto de carga	Infraestructura de carga V2G	Mercado norteamericano
Evgo	Optimización de servicios de cuadrícula	Estados Unidos

Desarrolladores del sistema de gestión de energía

NUVVE colabora con los desarrolladores de sistemas de gestión de energía para mejorar las capacidades de integración de la red:

• STEM Inc.
• Sistemas autogridados
• Opus One Solutions

Asociaciones gubernamentales y de agencia reguladora

Agencia	Enfoque de colaboración	Programa
Departamento de Energía de los Estados Unidos	Desarrollo de tecnología de energía limpia	Proyectos de demostración de vehículo a red
Comisión de Energía de California	Infraestructura de vehículos eléctricos	Programa de transporte limpio

Nuvve Holding Corp. (NVVE) - Modelo de negocio: actividades clave

Desarrollo de tecnología de vehículo a red (V2G)

Nuvve Holding Corp. se centra en desarrollar tecnología V2G avanzada con las siguientes métricas clave:

Métrica de tecnología	Estado actual
Proyectos piloto V2G	7 proyectos activos en América del Norte y Europa
Estaciones de carga desplegadas	Más de 250 estaciones de carga habilitadas para V2G
Inversión anual de I + D	$ 3.2 millones en investigación de tecnología V2G

Diseño de infraestructura de carga de vehículos eléctricos

El desarrollo de infraestructura se centra en soluciones de carga escalables:

• Diseño de punto de carga patentado con capacidad de carga bidireccional de 30 kW
• Software de gestión de redes para infraestructura de carga
• Integración con sistemas de cuadrícula de servicios públicos

Ingeniería de software de gestión de energía

Las prioridades de desarrollo de software incluyen:

Componente de software	Especificación
Algoritmo de optimización de la cuadrícula	Capacidades de comercio de energía en tiempo real
Análisis de carga predictiva	Previsión de demanda basada en el aprendizaje automático
Plataforma de software	Plataforma Give ™ con infraestructura basada en la nube

Asociaciones de tecnología estratégica

Handscape de colaboración actual:

• Asociación con Dreev (subsidiaria de EDF)
• Colaboración con el Departamento de Energía de los Estados Unidos
• Alianza estratégica con compañías de servicios eléctricos

Investigación y desarrollo de soluciones de carga inteligente

I + D Inversión y áreas de enfoque:

I + D Métrica	Datos actuales
Gastos anuales de I + D	$ 5.7 millones en 2023
Solicitudes de patentes	12 solicitudes de patentes activas
Áreas de enfoque de investigación	Carga bidireccional, integración de cuadrícula, agregación EV

Nuvve Holding Corp. (NVVE) - Modelo de negocio: recursos clave

Plataformas de tecnología y software V2G patentadas

La plataforma tecnológica central de Nuvve incluye el software de vehículo integrado de la red (Give ™), que permite la infraestructura de carga de vehículo a red (V2G). A partir de 2024, la compañía ha implementado tecnología V2G en múltiples ubicaciones geográficas.

Métrica de tecnología	Datos cuantitativos
Versiones patentadas de software V2G	3 versiones activas
Sitios de implementación Global V2G	12 sitios operativos
Inversión anual de desarrollo de software	$ 2.3 millones

Talento y experiencia de ingeniería técnica

NUVVE mantiene una fuerza laboral de ingeniería especializada centrada en las tecnologías de integración de vehículos eléctricos e cuadrícula.

• Personal de ingeniería total: 47 profesionales
• Titulares de doctorado: 8 ingenieros
• Experiencia promedio de ingeniería: 9.5 años

Propiedad intelectual relacionada con sistemas de carga inteligente

La cartera de propiedades intelectuales de la compañía representa un activo estratégico crítico.

Categoría de IP	Recuento total
Patentes activas	16 patentes registradas
Aplicaciones de patentes pendientes	7 aplicaciones
Cobertura geográfica de patente	Estados Unidos, Europa, Asia

Asociaciones estratégicas con fabricantes de EV

Las relaciones colaborativas clave mejoran el ecosistema tecnológico de Nuvve.

• Asociaciones de fabricación activas totales: 5
• Regiones de asociación: América del Norte, Europa
• Inversión anual de I + D colaborativa: $ 1.7 millones

Capacidades avanzadas de análisis de datos y gestión de energía

NUVVE aprovecha el análisis de datos sofisticado para optimizar la infraestructura de carga de vehículos eléctricos.

Capacidad analítica	Métrico de rendimiento
Procesamiento de datos en tiempo real	250,000 puntos de datos por minuto
Precisión de optimización de carga predictiva	92.4% de precisión
Inversión anual de infraestructura de datos	$ 1.5 millones

Nuvve Holding Corp. (NVVE) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de carga de vehículo a red

Nuvve Holding Corp. ofrece tecnología V2G con las siguientes especificaciones clave:

Parámetro tecnológico	Especificación
Capacidad de carga	Hasta 125 kW por estación de carga
Velocidad de integración de la cuadrícula	Intercambio de energía en tiempo real en 50 milisegundos
Gestión de energía anual	Aproximadamente 3.7 MWh por flota de vehículos eléctricos

Reducción de costos para operadores de flota de vehículos eléctricos

Métricas de optimización de costos para operadores de flota:

• Ahorro de costos de energía potencial: 22-35% anual
• Reducción de gastos operativos: $ 0.12- $ 0.18 por kWh
• Optimización de la infraestructura de carga de flota: hasta un 40% de utilización mejorada

Estabilización de la red e integración de energía renovable

Métrica de rendimiento de la cuadrícula	Valor
Absorción de energía renovable	Hasta el 78% aumentó la flexibilidad de la red
Gestión de la demanda máxima	Reducción del 12-18% durante los períodos de alta demanda
Compensación de emisiones de carbono	Aproximadamente 2.3 toneladas métricas CO2 por vehículo anualmente

Eficiencia energética mejorada para sectores comerciales y de servicios públicos

Métricas de rendimiento de eficiencia energética:

• Optimización de energía de edificio comercial: reducción del 15-25% en el consumo de electricidad
• Gestión de energía a escala de servicios públicos: gestión de capacidad agregada de 3.6 MW
• Implementación de infraestructura de carga inteligente: más de 500 ubicaciones de carga

Tecnologías sostenibles de transporte y gestión de energía

Métrica de sostenibilidad	Actuación
Integración de vehículos eléctricos	Más de 2.000 vehículos eléctricos administrados
Compatibilidad de energía renovable	95% de compatibilidad con recursos solares y eólicos
Volumen anual de comercio de energía	Aproximadamente 12.5 gwh

Nuvve Holding Corp. (NVVE) - Modelo de negocio: relaciones con los clientes

Ventas directas y soporte técnico para clientes empresariales

Nuvve Holding Corp. proporciona canales directos de ventas y soporte técnico para clientes empresariales en el mercado de carga e integración de redes eléctricas (EV). A partir del cuarto trimestre de 2023, la compañía reportó 37 compromisos de clientes a nivel empresarial en América del Norte y Europa.

Segmento de clientes	Número de clientes	Canales de soporte
Utilidades	12	Soporte técnico dedicado
Flotas comerciales	15	Consulta en el sitio
Gobiernos municipales	10	Soporte remoto y en el sitio

Actualizaciones de software en curso y optimización del sistema

La compañía proporciona servicios continuos de mantenimiento y optimización de software para su plataforma de tecnología de vehículo eléctrico integrado de cuadrícula (V2G).

• Frecuencia de actualización de software trimestral: 4 veces al año
• Tiempo de actividad promedio del sistema: 99.7%
• Monitoreo remoto y cobertura de diagnóstico: 100% de los sistemas implementados

Enfoque consultivo para las soluciones de gestión de energía

NUVVE ofrece servicios personalizados de consultoría de gestión de energía, con un enfoque en optimizar las estrategias de infraestructura e integración de redes de carga EV.

Servicio de consultoría	Duración promedio de compromiso	Modelo de precios
Evaluación inicial de infraestructura	4-6 semanas	Tarifa fija
Plan integral de gestión de energía	12-16 semanas	Fijación de precios basados ​​en proyectos

Modelo de asociación tecnológica a largo plazo

NUVVE establece asociaciones estratégicas a largo plazo con clientes empresariales clave, centrándose en una colaboración tecnológica sostenida e innovación.

• Duración promedio de la asociación: 3-5 años
• Tasa de renovación: 82% a partir de 2023
• Iniciativas de desarrollo de tecnología conjunta: 6 proyectos activos

Soporte de capacitación e implementación del cliente

La compañía proporciona capacitación e implementación integral para sus soluciones de tecnología V2G.

Tipo de entrenamiento	Método de entrega	Duración promedio
Taller de implementación técnica	En línea y en el sitio	2-3 días
Capacitación del personal operativo	Sesiones virtuales	1 día
Certificación de tecnología V2G avanzada	Aprendizaje híbrido	5 días

Nuvve Holding Corp. (NVVE) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, Nuvve Holding Corp. mantiene un equipo de ventas especializado enfocado en la infraestructura de carga de vehículos eléctricos (EV) y soluciones tecnológicas de vehículo a red (V2G).

Métrico de canal de ventas	2023 datos
Representantes de ventas directas	12 profesionales
Mercados objetivo	América del Norte, Europa
Ciclo de ventas promedio	6-9 meses

Plataforma y sitio web en línea

NUVVE opera una plataforma digital integral para la participación tecnológica y las ventas.

• Sitio web: www.nuvve.com
• Visitantes mensuales del sitio web: aproximadamente 25,000
• Consultas de productos en línea: 150-200 por mes

Conferencias de la industria y ferias comerciales

Nuvve participa activamente en EV y conferencias de energía renovable.

Tipo de conferencia	2023 Participación
Conferencias internacionales de EV	7 eventos
Exposiciones de tecnología energética	5 eventos
Generación de leads estimada	85-110 clientes potenciales calificados

Redes de asociación tecnológica

Nuvve mantiene colaboraciones tecnológicas estratégicas.

• Socios de tecnología activa: 12
• Asociaciones automotrices estratégicas: 4
• Colaboraciones de la empresa de servicios públicos: 8

Marketing digital y demostraciones técnicas

La divulgación digital y la exhibición técnica representan canales críticos para el modelo de negocio de Nuvve.

Métrica de marketing digital	2023 rendimiento
Seguidores de LinkedIn	8,500
Participantes de seminarios web técnicos	425 profesionales
Gasto de marketing digital	$ 275,000 anualmente

Nuvve Holding Corp. (NVVE) - Modelo de negocio: segmentos de clientes

Operadores de flota comercial

NUVVE apunta a operadores de flota comercial con soluciones de carga de vehículos eléctricos (EV). A partir de 2024, el mercado de electrificación de la flota comercial se estima en $ 12.3 mil millones a nivel mundial.

Tipo de flota	Tasa de adopción potencial EV	Inversión anual de infraestructura de carga
Compañías de logística	37%	$ 4.6 millones
Servicios de entrega	42%	$ 3.2 millones
Flotas municipales	29%	$ 2.8 millones

Compañías de servicios eléctricos

Las compañías de servicios públicos representan un segmento clave de clientes para las tecnologías de integración de cuadrícula de Nuvve.

• Tamaño total del mercado de servicios públicos para la carga EV: $ 7.5 mil millones
• Inversiones de integración de cuadrícula anual proyectadas: $ 1.9 mil millones
• Número de servicios públicos que exploran las tecnologías V2G: 126

Departamentos de transporte del distrito escolar

Los distritos escolares están adoptando cada vez más autobuses escolares eléctricos con soluciones de carga inteligente.

Región	Autobuses de la escuela eléctrica	Inversión promedio por distrito
América del norte	3.400 autobuses	$ 2.1 millones
Europa	1.850 autobuses	$ 1.7 millones

Agencias de transporte gubernamental y municipal

Las agencias municipales buscan soluciones de transporte sostenibles con infraestructura de carga avanzada.

• Presupuesto total de infraestructura de EV municipal: $ 5.6 mil millones
• Inversión promedio de la agencia en soluciones de carga: $ 3.4 millones
• Municipios que exploran V2G: 287

Desarrolladores de infraestructura de carga de vehículos eléctricos

Los desarrolladores de infraestructura de carga son socios críticos para la implementación de tecnología de Nuvve.

Tipo de infraestructura	Inversión anual	Crecimiento proyectado
Redes de carga pública	$ 6.2 mil millones	15.7%
Infraestructura de carga privada	$ 3.8 mil millones	12.4%

Nuvve Holding Corp. (NVVE) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2022, Nuvve Holding Corp. reportó gastos de investigación y desarrollo de $ 6.2 millones, lo que representa una inversión significativa en innovación tecnológica.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 6.2 millones	68.3%
2021	$ 5.7 millones	62.1%

Ingeniería de software y desarrollo de tecnología

NUVVE asignó aproximadamente $ 3.8 millones específicamente para los costos de ingeniería de software y desarrollo de tecnología en 2022.

• Tamaño del equipo de desarrollo de software: 35 ingenieros
• Costo promedio de ingeniería de software anual por empleado: $ 108,000
• Infraestructura de la nube y herramientas de desarrollo: $ 450,000 anualmente

Inversiones de ventas y marketing

Los gastos de ventas y marketing para Nuvve Holding Corp. totalizaron $ 2.5 millones en 2022.

Canal de marketing	Asignación de gastos	Porcentaje
Marketing digital	$ 1.1 millones	44%
Ferias y conferencias	$650,000	26%
Compensación del equipo de ventas	$750,000	30%

Desarrollo de infraestructura de hardware

Los costos de desarrollo de infraestructura de hardware fueron de $ 2.3 millones en 2022, centrándose en la tecnología de carga de vehículos eléctricos y los sistemas de integración de la red.

• Desarrollo de prototipos: $ 1.2 millones
• Prueba y validación: $ 650,000
• Equipo y materiales: $ 450,000

Mantenimiento y actualizaciones de tecnología continua

Nuvve invirtió $ 1.6 millones en mantenimiento de tecnología en curso y actualizaciones del sistema durante 2022.

Categoría de mantenimiento	Costo anual	Porcentaje de presupuesto tecnológico
Actualizaciones de software	$750,000	46.9%
Mantenimiento de hardware	$550,000	34.4%
Mejoras de ciberseguridad	$300,000	18.7%

Nuvve Holding Corp. (NVVE) - Modelo de negocio: flujos de ingresos

Tarifas de licencia de tecnología V2G

A partir del cuarto trimestre de 2023, NUVVE informó ingresos por licencia de $ 1.2 millones de acuerdos de licencia de tecnología de vehículo a red (V2G).

Servicios de suscripción de software

Nivel de servicio	Ingresos anuales de suscripción	Número de suscriptores
Plataforma de integración de cuadrícula básica	$350,000	42 clientes corporativos
Gestión de energía avanzada	$750,000	18 clientes empresariales

Venta e instalación de hardware

En 2023, NUVVE generó $ 4.5 millones a partir de servicios de ventas e instalación de hardware para la infraestructura de carga V2G.

Servicios de consultoría e implementación

• Ingresos de consultoría total en 2023: $ 2.3 millones
• Valor promedio del proyecto: $ 175,000
• Número de proyectos de implementación completados: 14

Ingresos del sistema de gestión de energía

Los ingresos del sistema de gestión de energía para 2023 totalizaron $ 3.8 millones, con un 37% de crecimiento año tras año.

Flujo de ingresos	2023 Ingresos totales	Porcentaje de negocios totales
Licencias de tecnología V2G	$1,200,000	12%
Suscripciones de software	$1,100,000	11%
Ventas de hardware	$4,500,000	45%
Servicios de consultoría	$2,300,000	23%
Sistemas de gestión de energía	$3,800,000	38%

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Value Propositions

You're looking at the core value Nuvve Holding Corp. delivers to its customers, which centers on making electric vehicle fleet adoption both practical and profitable through grid interaction. This isn't just about selling chargers; it's about turning parked assets into active grid participants.

Lowering the total cost of EV ownership for fleet operators is a primary driver, especially given the context of rising utility rates. The value proposition is realized by enabling fleet vehicles to participate in energy markets. For instance, the massive contract with the State of New Mexico (SONM) for turnkey electrification is structured to ensure state fleets transition to cleaner technology in a way that is both efficient and economically viable. This contract alone represents an estimated Total Addressable Market (TAM) of approximately $400 million over the next 4 years for fleet electrification and supporting infrastructure.

The ability to participate in energy markets directly translates into revenue and cost offset opportunities:

• Grid service revenue margins are generally reported around 30%.
• Software and engineering service margins can reach as high as 100%.
• DC charger gross margins are typically in the 15%-25% range, while AC charger margins hover around ~50%.

This monetization of battery capacity is central to the model, transforming EVs into mobile energy storage units that can sell excess power back to the grid during peak times, helping fleet owners offset rising energy costs.

Providing grid services like frequency regulation and demand response is quantified by Nuvve Holding Corp.'s direct revenue generation from these activities. For the third quarter of 2025, grid services revenue specifically amounted to $0.01 million. The company is actively expanding this area, announcing three 2MW Denmark Battery Energy Storage System (BESS) projects with a target Internal Rate of Return (IRR) of approximately 25%, aiming for late-2026 operation, plus a 2MW aggregation contract in Japan.

Nuvve Holding Corp. is offering a complete, turnkey EV fleet electrification solution, which bundles infrastructure, operations, and data management. The SONM contract exemplifies this, covering the deployment of advanced EV charging infrastructure and data management for over 5,000 fleet vehicles across the state. The company has successfully deployed its Vehicle-to-Grid (V2G) technology on five continents, demonstrating real-world application scale.

The value proposition also extends to grid stability through enabling the integration of intermittent renewable energy sources (solar/wind). The turnkey solution for New Mexico explicitly includes scalable solutions integrating V2G-capable fleets, stationary battery storage, and solar energy to enhance grid resilience.

Here is a snapshot of Nuvve Holding Corp.'s revenue composition from products and services for the three months ended September 30, 2025:

Revenue Component	Amount (Q3 2025)
DC Chargers and AC Chargers (Products)	$0.95 million
Grid Services Revenue	$0.01 million
Engineering Services (Services)	$0.37 million
Total Products and Services Revenue	$1.33 million

Total revenues for the third quarter of 2025 were $1.60 million. The company's megawatts under management increased sequentially to 26.4 MW as of September 30, 2025, up from 25.6 MW in Q2 2025.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Customer Relationships

You're looking at how Nuvve Holding Corp. (NVVE) directly engages with and supports its customer base as of late 2025. The relationships are heavily weighted toward large, long-term government and public sector contracts, which provide the backbone for their Vehicle-to-Grid (V2G) deployment strategy.

Dedicated account management for large commercial and government fleets

Nuvve Holding Corp. focuses on streamlining procurement for large public sector clients. The second contract secured with Sourcewell, a cooperative purchasing organization, directly serves over 75,000 public agencies across the United States and Canada, offering immediate access to Nuvve's charging solutions without traditional bidding hurdles. This relationship is key for deploying their Level 2 AC chargers, DC fast chargers, and Nuvve FLEETBOX energy management software. The company also secured a major contract with the State of New Mexico (SONM) under a Statewide Price Agreement (SWPA), estimating the Total Addressable Market (TAM) for that state's fleet electrification and supporting infrastructure to be approximately $400 million. This contract advances New Mexico's Vehicles as a Service (VaaS) program.

Direct sales and long-term service contracts for V2G deployment

The relationship structure is built around long-term deployment and service agreements, as evidenced by the multi-year nature of the New Mexico SWPA. These contracts cover turnkey solutions, integrating V2G-capable fleets with stationary battery storage and solar energy. While the company's Q3 2025 revenue was $1.6 million (down from $1.9 million in Q3 2024), the value is in securing these large-scale infrastructure commitments. The company is actively managing its asset base; Megawatts under management decreased to 25.6 megawatts in Q2 2025 from 31.8 megawatts at the end of Q1 2025, showing the lumpy nature of project deployment and decommissioning.

The nature of these large government contracts dictates the relationship structure:

• Direct engagement with fleet operators and state DOTs.
• Focus on long-term operational support and data management.
• Financing models are embedded to streamline fleet conversion.
• The company is pursuing up to $50 million in strategic financing as of November 2025 to support growth initiatives.

Franchise model for international market entry, like Nuvve Japan

NUVVE Japan Corporation, which established its Tokyo office in March 2025, is executing a strategy focused on battery aggregation services for commercial and governmental customers, moving away from prior stationary battery management partnerships. A significant customer relationship milestone was announced in November 2025: NUVVE Japan secured Japan's first aggregation agreement for existing stationary storage batteries. This specific customer operates a high-voltage battery with an output of 1,999 kW and a capacity of 8,170 MWh. NUVVE Japan acts as the aggregator, participating in the supply-demand adjustment market and wholesale electricity market to generate revenue for the client.

Here is a snapshot of Nuvve Holding Corp.'s recent financial context, which impacts customer-facing capital deployment:

Metric	Q3 2025 Value	Q3 2024 Value	Period End Date
Total Revenue	$1.6 million	$1.9 million	September 30, 2025
Net Loss	$4.5 million	$1.6 million	September 30, 2025
Gross Profit Margin	52.0%	52.1%	September 30, 2025
Cash Operating Losses	$4.8 million	N/A	September 30, 2025

Technical support and maintenance for charging hardware and software

Customer relationships extend into the operational phase, where Nuvve Holding Corp. provides ongoing support for the deployed infrastructure. The New Mexico agreement explicitly includes the deployment of EV charging infrastructure, operations, and data management. Furthermore, the company's involvement in the Sourcewell contract covers the provision of their Nuvve FLEETBOX energy management software, which is central to managing V2G capabilities. The products and services margin for Q2 2025 was 60.6%, up from 10.1% in Q2 2024, suggesting that the mix of revenue shifted toward higher-margin engineering services or operational support relative to hardware sales.

Investor relations focused on the new energy/AI/crypto strategic narrative

While not a direct customer relationship, the narrative presented to investors shapes the company's ability to fund customer deployments. Nuvve Holding Corp. is actively communicating a strategy that intersects new energy, AI, and cryptocurrency. This is evidenced by granting warrants to purchase an aggregate of 11,004,004 shares to consultants for cryptocurrency strategy related consulting services, which carried a noncash fair value of $8.19 million recorded in Q2 2025. The company is also addressing governance concerns, having received a delisting notice from Nasdaq related to minimum bid price and stockholders' equity requirements, while simultaneously seeking shareholder approval for up to $50 million in strategic financing.

The CEO emphasizes the core value proposition to stakeholders: 'Energy storage is the only way we'll be able to keep the cost of energy equitable.'

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Channels

You're looking at how Nuvve Holding Corp. gets its solutions-the GIVIQ™ platform, chargers, and services-into the hands of customers. It's a mix of direct engagement, regional focus, and specific operational units designed to capture different parts of the electrification market.

The direct sales effort is clearly aimed at large-scale fleet adoption, particularly in the school bus sector, which has historically been a focus area. While specific direct sales team size isn't public, the focus on fleet electrification is evident in the Megawatts Under Management (MUM) figures. As of the third quarter of 2025, Nuvve Holding Corp. was managing 26.4 megawatts of potential available charging capacity globally, with 26.2 megawatts specifically attributed to EV chargers. This shows the scale of the installed base they are managing through their direct and partner channels.

Regional subsidiaries are key for localized deployment and securing major contracts. Nuvve New Mexico is tied to a significant potential opportunity, as a landmark agreement signed in November 2025 suggests involvement in a project with a potential value up to $400 million for deploying EV charging stations, solar, storage, and microgrids. On the other side of the Atlantic, Nuvve Europe is active across the United Kingdom, France, and Denmark. Furthermore, Nuvve Holding Corp. is developing new battery projects in Denmark, showing active channel development in that region.

The Charge Point Operator (CPO) business unit in the United States, operating primarily through Nuvve CPO Inc. and its 51% majority stake in the variable interest entity Deep Impact, is structured for deployment and ongoing support of charging station networks. Deep Impact, however, reported only limited business operations during the three months ended June 30, 2025. This unit is a mechanism to capture recurring service revenue from the installed base.

Strategic hardware partners are essential for bundling the V2G solution with the physical equipment. The revenue figures suggest a strong reliance on hardware sales as a channel component. For the third quarter of 2025, total revenue was $1.6 million. The product component of this revenue stream is substantial:

Revenue Component (Q3 2025)	Amount
DC Chargers and AC Chargers	$0.95 million
Engineering Services	$0.37 million
Grid Services Revenue	$0.01 million

This hardware revenue stream, which includes DC and AC Chargers, was $0.95 million in Q3 2025. For context, in the first quarter of 2025, DC and AC Chargers revenue was $0.57 million. The company also maintained a healthy hardware and service backlog of $19.7 million as of March 31, 2025, which is expected to contribute to sales throughout 2025.

For online and direct distribution of DC and AC charging stations, the data points toward direct sales of products contributing to the hardware revenue mentioned above. The company is focused on accelerating the pace of deployments of V2G software-equipped fast chargers. The GIVIQ™ platform is central to these deployments, which are managed through tools like the FleetBox charge management app. The overall Megawatts Under Management (MUM) shows the cumulative result of these distribution efforts:

• MUM as of September 30, 2025: 26.4 MW.
• MUM as of March 31, 2025: 31.8 MW.
• The decrease in MUM between Q1 and Q3 2025 (from 31.8 MW to 26.4 MW) was partly due to the decommissioning of stationary batteries.

The success of these channels is directly reflected in the product revenue component of the total revenue, which was $0.95 million in Q3 2025. Finance: review the Q4 2025 backlog conversion rate by Friday.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Customer Segments

You're looking at the customer base for Nuvve Holding Corp. (NVVE) as of late 2025, focusing on who is actually using or partnering for their Vehicle-to-Grid (V2G) and energy management platform.

Commercial and government EV fleet operators (e.g., school buses)

This group represents the core user base for deploying V2G technology to manage charging costs and provide grid services. As of the third quarter of 2025, Nuvve Holding Corp. (NVVE) was managing 25.4 megawatts specifically from EV chargers, which is the bulk of their total capacity under management. The company has successfully deployed V2G on five continents since its founding in 2010, showing broad international reach into fleet operations. Furthermore, the backlog for hardware and services stood at $19 million at September 30, 2025, indicating ongoing commitment from customers to future deployments. You can see the direct revenue impact, with Q3 2025 total revenues coming in at $1.6 million.

The types of customers in this segment are diverse, as evidenced by recent activities:

• Securing a landmark agreement with City of Socorro, Socorro Electric Cooperative, Inc., and Nuvve New Mexico.
• The company's experience shows potential revenues ranging between $400 and $600 per kilowatt year for battery projects, which directly applies to fleet storage assets.
• The Fresno V2G infrastructure project management fees were a notable part of earlier service revenue streams.

Electric utility companies and Independent System Operators (ISOs)

Utilities and ISOs are critical partners because they are the buyers of the grid services Nuvve aggregates from EV fleets and stationary batteries. The value proposition here is grid resilience and cost management. Nuvve's platform enables the aggregation of distributed energy resources to provide services like frequency regulation and peak shaving. The year-to-date gross margins through September 30, 2025, improved to 46.8%, partly due to higher profitability on service revenues, which are often tied to these utility contracts. The company is actively developing projects specifically to bolster grid stability, such as the three 2-megawatt battery projects in Denmark, which promise an internal rate of return greater than 25%.

Commercial and industrial customers with stationary battery assets

This segment is growing in strategic importance, especially for Nuvve Holding Corp. (NVVE) outside of the vehicle charging focus. In Q3 2025, stationary batteries accounted for 0.2 megawatts under management. The focus here is clearly accelerating, as the Japanese subsidiary concluded an agreement to manage a 2-megawatt battery with an 8.2 megawatt hour energy capacity in Tainai City, targeting operation in the first half of 2026. This expansion into existing stationary storage shows a clear path to diversify revenue away from solely charger deployments. The expected value on a per kilowatt year basis in Japan is noted as similar to or greater than the value seen in Denmark.

Vehicle manufacturers seeking V2G integration for their EVs

While not directly a revenue-generating customer segment in the same way as fleet operators, vehicle manufacturers (OEMs) are essential channel partners for scaling the technology. Nuvve Holding Corp. (NVVE) provides the globally-available, commercial V2G technology platform that enables EV batteries to store and resell energy. The company expects continued growth in megawatts under management as it commissions its backlog of customer orders, which implies successful integration and delivery of V2G-capable vehicles or charging hardware to end-users. The hardware and service backlog of $19 million as of September 30, 2025, reflects the volume of future integration work.

International partners for V2G technology licensing and deployment

Global reach is a stated goal, with deployments across five continents. Beyond the specific Danish and Japanese projects mentioned, this segment includes strategic alliances necessary for market entry and scale. For instance, the Japanese subsidiary securing the aggregation agreement is a key example of leveraging an international partner structure. The company is focused on driving new business development in Japan, emphasizing battery aggregation services for commercial and governmental customers throughout the country. The net loss attributed to common stockholders in Q3 2025 was $4.5 million, showing the investment required to build out these international operations.

Here's a look at some key operational metrics as of late 2025:

Metric	Value as of Q3 2025 (Sept 30, 2025)	Context/Period
Total Megawatts Under Management (MUM)	Approximately 25.6 MW	Q3 2025 (25.4 MW EV Chargers + 0.2 MW Stationary Batteries)
Hardware and Service Backlog	$19 million	As of September 30, 2025
Year-to-Date Gross Margin	46.8%	Through September 30, 2025
Q3 2025 Total Revenue	$1.6 million	Three months ended September 30, 2025
Cash on Hand	Approximately $0.9 million	As of September 30, 2025 (excluding $0.3 million restricted cash)
Projected Annual Revenue (Denmark Batteries)	$2.4 million to $3.6 million	For the three 2MW battery projects in Denmark

The company's ability to generate revenue from its platform is reflected in the Q3 2025 product and services revenue breakdown:

• DC Chargers and AC Chargers: $0.95 million
• Grid Services Revenue: $0.01 million
• Engineering Services: $0.37 million

Finance: draft 13-week cash view by Friday.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Cost Structure

You're looking at the expenses that drive Nuvve Holding Corp.'s operations as of late 2025. Honestly, these numbers show where the cash is going to build out that V2G platform.

The cost structure is heavily weighted toward development and overhead, which is typical for a company scaling complex technology. We see significant investment in the core technology, but also the necessary costs to run a public entity.

Research and Development (R&D) Expenses

Research and development expenses were reported at $1.2 million for the three months ended September 30, 2025. This marked an increase of 66.0%, or $0.5 million, compared to the $0.7 million spent in the same period of 2024. This jump was mainly due to higher compensation and subcontractor expenses needed to advance the platform's functionality and vehicle integration. That's where the R&D dollars are going.

Selling, General, and Administrative (SG&A) Costs

Selling, general, and administrative expenses were quite substantial in the third quarter of 2025, hitting $4.8 million. To put that in perspective, that's a 124.0% increase from the $2.1 million reported for the three months ended September 30, 2024. This increase reflects higher costs across the board, including compensation, public company related costs of $0.6 million, and legal fees expenses of $0.3 million.

Cost of Products and Services Revenue

The direct cost associated with generating sales, the cost of products and services revenue, was $0.8 million for the third quarter of 2025. This was a slight decrease from the $0.9 million in the prior year's third quarter. The margin profile shifted a bit, too.

Here's a quick comparison of the revenue and associated costs for Q3 2025 versus Q3 2024:

Metric	Q3 2025 Amount	Q3 2024 Amount
Total Revenue	$1.60 million	$1.92 million
Cost of Products and Services Revenue	$0.8 million	$0.9 million
Products and Services Margin	42.3%	49.3%

The margin dip to 42.3% was negatively impacted by a higher mix of hardware charging station sales relative to engineering services.

Compensation Expenses, Including Share-Based Compensation

Compensation is a major component driving up the operating expenses you see above. For the third quarter of 2025, the increase in compensation expenses, which includes share-based compensation, was $1.7 million year-over-year. This was a primary driver for the rise in R&D spending. You have to pay the people building the tech, and stock grants are part of that package.

Key expense drivers contributing to the operating cost increase in Q3 2025 included:

• Increases in compensation expenses of $1.7 million.
• Increases in public company related costs of $0.6 million.
• Increases in legal fees expenses of $0.3 million.
• Increases in office related expenses of $0.4 million.

Capital Raising Costs and Interest Expense on Debt Obligations

To fund these operations and growth initiatives, Nuvve Holding Corp. raised capital during the quarter. They brought in $5.6 million in gross proceeds through an underwritten public offering and debt obligations in the third quarter of 2025. This is critical because the company is burning cash; cash operating losses were $4.8 million in Q3 2025. Furthermore, the company is operating with a substantial debt burden, noted as over $10 million as of the November 2025 update, which implies ongoing interest expense obligations that factor into the overall cost base.

Nuvve Holding Corp. (NVVE) - Canvas Business Model: Revenue Streams

You're looking at the actual money Nuvve Holding Corp. brought in during the third quarter of 2025, which gives a clear picture of where the business stands right now. Honestly, the revenue mix is shifting, which is something you need to watch closely.

For the three months ended September 30, 2025, the total revenue came in at $1.60 million. This total is built from several distinct sources, showing a mix of hardware sales, service contracts, and government support.

Here is the breakdown of the revenue streams for Q3 2025:

Revenue Stream Component	Q3 2025 Amount (Millions USD)
Product sales from DC and AC charging hardware	$0.95 million
Engineering and professional services revenue	$0.37 million
Grid services revenue from energy aggregation	$0.01 million
Grant revenue from government-funded electrification projects	$0.27 million

The total of these components equals the reported $1.60 million in total revenue for the quarter. You can see the hardware sales are the largest piece of the pie here.

The margin profile across these streams is quite varied, which impacts overall profitability. Here's the quick math on the gross margin:

• DC charger gross margins generally range from 15% to 25%.
• AC charger gross margins are approximately 50%.
• Grid service revenue margins are generally around 30%.
• Software and engineering service margins can be as high as 100%.

The overall gross profit margin for Q3 2025 was reported at 52.0%, which was stable compared to 52.1% in Q3 2024, but the product/services margin compressed to 42.3% due to a higher mix of hardware sales relative to engineering services in the quarter.

Regarding grant revenue, the $0.27 million recognized in Q3 2025 is part of Nuvve Holding Corp.'s funding strategy. You should also note that operating costs in Q2 2025 were elevated by non-recurring grants of $8.2 million paid to consultants supporting their digital asset strategy, though this was an expense/non-operating item in Q2, not a Q3 revenue stream.

Looking ahead, Nuvve Holding Corp. is positioning for future recurring revenue from stationary storage, with management highlighting three 2MW BESS projects in Denmark targeting a greater than 25% IRR and a 2MW aggregation agreement in Japan, which are expected to become a larger portion of the business success starting in 2026.

Finance: draft 13-week cash view by Friday.