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San Diego-based Nuvve Holding Corp. (NVVE), a micro-cap company with a market value of $3 million and currently rated ’WEAK’ on InvestingPro’s Financial Health Score, has inked a Task Order Agreement with Resource Innovations and ComEd to investigate the potential of bidirectional charging using electric school buses.
The project, set for deployment in 2025, will explore the environmental and grid benefits of vehicle-to-grid (V2G) technology within ComEd’s northern Illinois service territory, encompassing three school districts.
As part of this agreement, Nuvve, which specializes in power distribution and specialty transformers, will receive an estimated $0.6 million in professional service revenues - a significant opportunity given the company’s current annual revenue of $5.14 million. The initiative will assess the societal impacts and the integration of V2G technology into clean transportation efforts, with analysts forecasting nearly 2% revenue growth for the current year.
This material definitive agreement, dated February 4, 2025, aims to advance the use of electric school buses as a sustainable transportation option while evaluating their role in supporting grid stability and renewable energy integration.
The details of the Task Order Agreement are outlined in the Master Services Agreement, which is attached as Exhibit 10.1 to the 8-K filing and is incorporated by reference. This information is based on a press release statement filed with the SEC.
Nuvve’s partnership with Resource Innovations and ComEd reflects a growing interest in V2G technology, which allows electric vehicles to interact with the power grid, potentially providing benefits like energy storage and supply during peak demand. The project’s findings could have significant implications for the future of electric transportation and grid management.
While Nuvve’s stock has shown significant volatility, recently posting a 20% gain over the past week, investors should note that comprehensive analysis, including 14 additional ProTips and detailed financial metrics, is available through InvestingPro’s exclusive Research Reports.
In other recent news, Nuvve Holding Corp. has made several key announcements. The company has extended a crucial stockholder meeting deadline, allowing more time to secure approval for issuing shares exceeding 19.99% of its outstanding common stock. This development follows an amendment to the Securities Purchase Agreement. In addition to this, Nuvve has ended its License and Escrow Agreements with Switch (NYSE:SWCH) EV Ltd., receiving a one-time payment of $600,000, with a potential additional payment of $400,000 under certain conditions.
Further, Nuvve has announced a new strategy to allocate up to 30% of its excess cash towards Bitcoin purchases, aiming to diversify its treasury and reduce transactional friction. This decision is contingent upon the company’s estimated six-month operating expenses and market conditions.
In more recent developments, Nuvve has scheduled a Special Meeting of Stockholders to seek approval for the issuance of common stock related to certain outstanding convertible notes and warrants.
However, the company had to adjourn this meeting due to a lack of quorum, indicating the importance of shareholder participation in corporate governance. The date for the Adjourned Special Meeting will be announced in a future SEC filing.
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