Nuvve Holding Corp. (NVVE): Canvas de modèle commercial [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie des véhicules électriques en évolution, Nuvve Holding Corp. émerge comme un innovateur révolutionnaire, révolutionnant la façon dont nous pensons à la gestion et au transport de l'énergie. En intégrant de manière transparente la technologie de véhicule à réseau (V2G), NUVVE ne fait pas seulement développer des solutions de charge, mais réinventer l'ensemble de l'écosystème de la mobilité électrique et de la durabilité du réseau. Leur modèle commercial unique promet de transformer les flottes commerciales, les opérations de services publics et l'intégration des énergies renouvelables, offrant une vision convaincante de la façon dont la charge intelligente peut réduire simultanément les coûts, stabiliser les réseaux électriques et accélérer la transition vers un transport propre.

Nuvve Holding Corp. (NVVE) - Modèle commercial: partenariats clés

Partenariats des fabricants de véhicules électriques

Nuvve a établi des partenariats stratégiques avec des fabricants de véhicules électriques spécifiques:

Partenaire	Détails du partenariat	Focus de la collaboration
Lion électrique	Intégration technologique de véhicule à réseau (V2G)	Électrification d'autobus scolaire
Blue Bird Corporation	Solutions d'intégration de la grille	Gestion de la flotte d'autobus scolaires électriques

Collaborations d'entreprises de services publics

Les partenariats utilitaires de Nuvve se concentrent sur la mise en œuvre de la technologie V2G:

• Gaz de San Diego & Électrique (SDG & E)
• Énergie dominante
• Gas du Pacifique et électrique (PG&E)

Facturer les fournisseurs d'infrastructures

Fournisseur	Intégration technologique	Portée géographique
Point de charge	Infrastructure de charge V2G	Marché nord-américain
Evgo	Optimisation des services de grille	États-Unis

Développeurs du système de gestion de l'énergie

NUVVE collabore avec les développeurs de systèmes de gestion de l'énergie pour améliorer les capacités d'intégration du réseau:

• STEM Inc.
• Systèmes autoguriques
• Opus One Solutions

Partenariats du gouvernement et des agences de réglementation

Agence	Focus de la collaboration	Programme
Département américain de l'énergie	Développement de la technologie de l'énergie propre	Projets de démonstration de véhicule à réseau
California Energy Commission	Infrastructure de véhicules électriques	Programme de transport propre

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: Activités clés

Développement technologique de véhicule à réseau (V2G)

Nuvve Holding Corp. se concentre sur le développement de la technologie V2G avancée avec les mesures clés suivantes:

Métrique technologique	État actuel
Projets pilotes V2G	7 projets actifs à travers l'Amérique du Nord et l'Europe
Stations de charge déployées	Plus de 250 bornes de charge compatibles V2G
Investissement annuel de R&D	3,2 millions de dollars en recherche technologique V2G

Conception d'infrastructures de charge de véhicule électrique

Le développement des infrastructures se concentre sur les solutions de charge évolutives:

• Conception de point de charge propriétaire avec une capacité de charge bidirectionnelle de 30 kW
• Logiciel de gestion de réseau pour la charge de l'infrastructure
• Intégration avec les systèmes de grille utilitaire

Génie logiciel de gestion de l'énergie

Les priorités de développement logiciel comprennent:

Composant logiciel	Spécification
Algorithme d'optimisation de la grille	Capacités de trading d'énergie en temps réel
Analyse de charge prédictive	Prévision de la demande basée sur l'apprentissage automatique
Plate-forme logicielle	Give ™ Plateforme avec une infrastructure basée sur le cloud

Partenariats technologiques stratégiques

Paysage de collaboration actuel:

• Partenariat avec DREEV (filiale EDF)
• Collaboration avec le Département américain de l'énergie
• Alliance stratégique avec les sociétés de services publics électriques

Recherche et développement de solutions de charge intelligentes

Investissement en R&D et zones de mise au point:

Métrique de R&D	Données actuelles
Dépenses annuelles de R&D	5,7 millions de dollars en 2023
Demandes de brevet	12 demandes de brevet actives
Les domaines de recherche sur la recherche	Charge bidirectionnelle, intégration de la grille, agrégation EV

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: Ressources clés

Technologie et plateformes logicielles V2G propriétaires

La plate-forme technologique principale de Nuvve comprend le logiciel de véhicule intégré de grille (Give ™), qui permet une infrastructure de charge de véhicule à réseau (V2G). En 2024, la société a déployé la technologie V2G sur plusieurs emplacements géographiques.

Métrique technologique	Données quantitatives
Versions logicielles brevetées V2G	3 versions actives
Sites de déploiement Global V2G	12 sites opérationnels
Investissement annuel de développement de logiciels	2,3 millions de dollars

Talent et expertise technique d'ingénierie

NUVVE maintient une main-d'œuvre d'ingénierie spécialisée axée sur les technologies d'intégration des véhicules électriques et du réseau.

• Personnel d'ingénierie total: 47 professionnels
• Porte-doctorants: 8 ingénieurs
• Expérience d'ingénierie moyenne: 9,5 ans

Propriété intellectuelle liée aux systèmes de charge intelligente

Le portefeuille de propriété intellectuelle de la société représente un actif stratégique critique.

Catégorie IP	Compte total
Brevets actifs	16 brevets enregistrés
Demandes de brevet en instance	7 applications
Couverture géographique des brevets	États-Unis, Europe, Asie

Partenariats stratégiques avec les fabricants de véhicules électriques

Les relations collaboratives clés améliorent l'écosystème technologique de Nuvve.

• Partenariats totaux de fabrication active: 5
• Régions de partenariat: Amérique du Nord, Europe
• Investissement annuel de R&D collaboratif: 1,7 million de dollars

Capacités avancées d'analyse des données et de gestion de l'énergie

NUVVE exploite l'analyse des données sophistiquée pour l'optimisation de l'infrastructure de charge des véhicules électriques.

Capacité d'analyse	Métrique de performance
Traitement des données en temps réel	250 000 points de données par minute
Précision prédictive de l'optimisation de la charge	92,4% de précision
Investissement annuel sur les infrastructures de données	1,5 million de dollars

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: propositions de valeur

Solutions de charge de véhicule à grille innovantes

Nuvve Holding Corp. propose une technologie V2G avec les spécifications clés suivantes:

Paramètre technologique	Spécification
Capacité de charge	Jusqu'à 125 kW par station de charge
Vitesse d'intégration de la grille	Échange d'énergie en temps réel dans les 50 millisecondes
Gestion annuelle de l'énergie	Environ 3,7 MWh par flotte de véhicules électriques

Réduction des coûts pour les opérateurs de flotte de véhicules électriques

Mesures d'optimisation des coûts pour les opérateurs de flotte:

• Économies potentielles des coûts énergétiques: 22 à 35% par an
• Réduction des dépenses opérationnelles: 0,12 $ - 0,18 $ par kWh
• Optimisation des infrastructures de charge de la flotte: jusqu'à 40% d'amélioration de l'utilisation

Stabilisation de la grille et intégration des énergies renouvelables

Métrique de performance de la grille	Valeur
Absorption d'énergie renouvelable	Jusqu'à 78% d'augmentation de la flexibilité de la grille
Gestion de la demande de pointe	Réduction de 12 à 18% pendant les périodes à forte demande
Décalage d'émission de carbone	Environ 2,3 tonnes métriques CO2 par véhicule annuellement

Efficacité énergétique améliorée pour les secteurs commerciaux et utilitaires

Métriques de performance de l'efficacité énergétique:

• Optimisation d'énergie commerciale du bâtiment: 15-25% de réduction de la consommation d'électricité
• Gestion de l'énergie à l'échelle des services publics: Gestion de la capacité globale de 3,6 MW
• Déploiement de l'infrastructure de charge intelligente: plus de 500 emplacements de charge

Technologies de transport durable et de gestion de l'énergie

Métrique de la durabilité	Performance
Intégration des véhicules électriques	Plus de 2 000 véhicules électriques gérés
Compatibilité des énergies renouvelables	95% de compatibilité avec les ressources solaires et éoliennes
Volume annuel de trading d'énergie	Environ 12,5 GWh

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: relations avec les clients

Ventes directes et support technique pour les clients d'entreprise

Nuvve Holding Corp. fournit des canaux directs de vente et de support technique pour les clients des entreprises sur le marché de la charge des véhicules électriques (EV) et de l'intégration du réseau. Au quatrième trimestre 2023, la société a signalé 37 engagements clients de niveau d'entreprise à travers l'Amérique du Nord et l'Europe.

Segment de clientèle	Nombre de clients	Canaux de support
Services publics	12	Assistance technique dédiée
Flottes commerciales	15	Consultation sur place
Gouvernements municipaux	10	Support à distance et sur place

Mises à jour logicielles en cours et optimisation du système

La société fournit des services de maintenance et d'optimisation des logiciels continus pour sa plate-forme technologique de véhicules électriques intégrée (V2G) Grid.

• Fréquence de mise à jour logicielle trimestrielle: 4 fois par an
• Temps de disponibilité moyen du système: 99,7%
• Couverture de surveillance et de diagnostic à distance: 100% des systèmes déployés

Approche consultative des solutions de gestion de l'énergie

NUVVE propose des services de conseil en gestion d'énergie personnalisés, en mettant l'accent sur l'optimisation des stratégies d'infrastructure de charge EV et d'intégration de la grille.

Service de conseil	Durée moyenne de l'engagement	Modèle de tarification
Évaluation initiale des infrastructures	4-6 semaines	Frais fixes
Plan de gestion de l'énergie complète	12-16 semaines	Prix ​​basés sur le projet

Modèle de partenariat technologique à long terme

NUVVE établit des partenariats stratégiques à long terme avec des clients clés de l'entreprise, en se concentrant sur la collaboration technologique et l'innovation prolongées.

• Durée du partenariat moyen: 3-5 ans
• Taux de renouvellement: 82% en 2023
• Initiatives de développement technologique conjointe: 6 projets actifs

Prise en charge de la formation client et de la mise en œuvre

L'entreprise fournit une formation complète et un support de mise en œuvre pour ses solutions technologiques V2G.

Type de formation	Méthode de livraison	Durée moyenne
Atelier de mise en œuvre technique	En ligne et sur place	2-3 jours
Formation du personnel opérationnel	Séances virtuelles	1 jour
Certification de technologie V2G avancée	Apprentissage hybride	5 jours

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: canaux

Équipe de vente directe

Depuis le quatrième trimestre 2023, Nuvve Holding Corp. maintient une équipe de vente spécialisée axée sur les solutions technologiques de facturation des véhicules électriques (EV) et de véhicules (V2G).

Métrique du canal de vente	2023 données
Représentants des ventes directes	12 professionnels
Marchés cibles	Amérique du Nord, Europe
Cycle de vente moyen	6-9 mois

Plate-forme et site Web en ligne

NUVVE exploite une plate-forme numérique complète pour l'engagement et les ventes technologiques.

• Site Web: www.nuvve.com
• Visiteurs mensuels du site Web: environ 25 000
• Demandes de produits en ligne: 150-200 par mois

Conférences et salons commerciaux de l'industrie

Nuvve participe activement aux conférences EV et énergies renouvelables.

Type de conférence	2023 Participation
Conférences internationales de véhicules électriques	7 événements
Expositions de technologie énergétique	5 événements
Génération de leads estimée	85-110 pistes qualifiées

Réseaux de partenariat technologique

NUVVE maintient des collaborations technologiques stratégiques.

• Partenaires technologiques actifs: 12
• Partenariats automobiles stratégiques: 4
• Collaborations des entreprises de services publics: 8

Marketing numérique et démonstrations techniques

La sensibilisation numérique et la présentation technique représentent des canaux critiques pour le modèle commercial de Nuvve.

Métrique du marketing numérique	Performance de 2023
LinkedIn adepte	8,500
Participants au webinaire technique	425 professionnels
Dépenses de marketing numérique	275 000 $ par an

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: segments de clientèle

Opérateurs de flotte commerciale

NUVVE cible les opérateurs de flotte commerciale avec des solutions de charge de véhicules électriques (EV). En 2024, le marché de l'électrification de la flotte commerciale est estimé à 12,3 milliards de dollars dans le monde.

Type de flotte	Taux d'adoption de EV potentiel	Investissement annuel sur les infrastructures de recharge
Sociétés de logistique	37%	4,6 millions de dollars
Services de livraison	42%	3,2 millions de dollars
Flottes municipales	29%	2,8 millions de dollars

Entreprises de services publics électriques

Les sociétés de services publics représentent un segment de clientèle clé pour les technologies d'intégration du réseau de NUVVE.

• Taille totale du marché des services publics pour la charge EV: 7,5 milliards de dollars
• Investissements annuels de grille annuels projetés: 1,9 milliard de dollars
• Nombre d'utilitaires explorant les technologies V2G: 126

Départements de transport du district scolaire

Les districts scolaires adoptent de plus en plus des autobus scolaires électriques avec des solutions de charge intelligentes.

Région	Autobus scolaires électriques	Investissement moyen par district
Amérique du Nord	3 400 bus	2,1 millions de dollars
Europe	1 850 bus	1,7 million de dollars

Agences de transport gouvernemental et municipal

Les agences municipales recherchent des solutions de transport durables avec une infrastructure de charge avancée.

• Budget total des infrastructures de véhicules électriques municipaux: 5,6 milliards de dollars
• Investissement moyen des agences dans des solutions de charge: 3,4 millions de dollars
• Municipalités explorant V2G: 287

Développeurs d'infrastructures de charge de véhicules électriques

Les développeurs d'infrastructures de facturation sont des partenaires essentiels pour le déploiement technologique de NUVVE.

Type d'infrastructure	Investissement annuel	Croissance projetée
Réseaux de chargement publics	6,2 milliards de dollars	15.7%
Infrastructure de charge privée	3,8 milliards de dollars	12.4%

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2022, Nuvve Holding Corp. a déclaré des frais de recherche et de développement de 6,2 millions de dollars, ce qui représente un investissement important dans l'innovation technologique.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	6,2 millions de dollars	68.3%
2021	5,7 millions de dollars	62.1%

Génie logiciel et développement technologique

Nuvve a alloué environ 3,8 millions de dollars spécifiquement pour les coûts de génie logiciel et de développement technologique en 2022.

• Taille de l'équipe de développement de logiciels: 35 ingénieurs
• Coût annuel moyen d'ingénierie logicielle par employé: 108 000 $
• Outils d'infrastructure cloud et de développement: 450 000 $ par an

Investissements de vente et de marketing

Les frais de vente et de marketing pour Nuvve Holding Corp. ont totalisé 2,5 millions de dollars en 2022.

Canal de marketing	Allocation des dépenses	Pourcentage
Marketing numérique	1,1 million de dollars	44%
Salons et conférences	$650,000	26%
Compensation de l'équipe de vente	$750,000	30%

Développement d'infrastructure matérielle

Les coûts de développement des infrastructures matérielles étaient de 2,3 millions de dollars en 2022, en se concentrant sur la technologie de charge des véhicules électriques et les systèmes d'intégration du réseau.

• Développement des prototypes: 1,2 million de dollars
• Tests et validation: 650 000 $
• Équipement et matériaux: 450 000 $

Entretien et mises à niveau de la technologie en cours

Nuvve a investi 1,6 million de dollars dans la maintenance des technologies et les mises à niveau du système en cours en 2022.

Catégorie de maintenance	Coût annuel	Pourcentage du budget technologique
Mises à jour logicielles	$750,000	46.9%
Maintenance matérielle	$550,000	34.4%
Améliorations de la cybersécurité	$300,000	18.7%

Nuvve Holding Corp. (NVVE) - Modèle d'entreprise: Strots de revenus

Frais de licence de technologie V2G

Au quatrième trimestre 2023, NUVVE a déclaré des revenus de licence de 1,2 million de dollars des accords de licence de technologie de véhicule à réseau (V2G).

Services d'abonnement logiciel

Niveau de service	Revenus d'abonnement annuel	Nombre d'abonnés
Plateforme d'intégration de la grille de base	$350,000	42 clients d'entreprise
Gestion de l'énergie avancée	$750,000	18 clients d'entreprise

Ventes et installation de matériel

En 2023, NUVVE a généré 4,5 millions de dollars à partir de services de vente et d'installation de matériel pour l'infrastructure de recharge V2G.

Services de conseil et de mise en œuvre

• Revenus de conseil totaux en 2023: 2,3 millions de dollars
• Valeur moyenne du projet: 175 000 $
• Nombre de projets de mise en œuvre terminés: 14

Revenus du système de gestion de l'énergie

Les revenus du système de gestion de l'énergie pour 2023 ont totalisé 3,8 millions de dollars, avec un Croissance de 37% en glissement annuel.

Flux de revenus	2023 Revenu total	Pourcentage de l'entreprise totale
Licence de technologie V2G	$1,200,000	12%
Abonnements logiciels	$1,100,000	11%
Ventes de matériel	$4,500,000	45%
Services de conseil	$2,300,000	23%
Systèmes de gestion de l'énergie	$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.