Nuvve Holding Corp (NASDAQ: NVVE) is a vehicle-to-grid (V2G) technology company that enables electric vehicle batteries to store and resell unused energy back to the local electric grid. Revenue comes from V2G services fees, energy SaaS platform licensing through its GIVe software, and fees from transferring regulatory credits earned in low carbon fuel programs. Nuvve does not manufacture charging hardware; it integrates its GIVe software into bidirectional DC chargers sourced from manufacturing partners, with Tellus Power Green as a principal supplier as of the 10-K filed March 31, 2026. The company targets commercial fleet EV operators as its primary customer base, aggregating EVs into virtual power plants (VPPs) to provide grid services including frequency regulation, demand response, energy arbitrage, and demand charge management. As of December 31, 2025, Nuvve had 45 full-time employees. Customer concentration is material: two customers accounted for 20.3% of total revenue in FY2025, and the top five customers accounted for 39.5% of total revenue in FY2025. Net cash used in operating activities was $16.6 million in FY2025, and the company reported a net loss of $31.5 million in FY2025.

Revenue model

Revenue streams include V2G services fees paid by commercial fleet EV operators, energy SaaS licensing fees for the GIVe software platform, and fees from transferring low carbon fuel regulatory credits to Nuvve as the owner or operator of EV charging stations. The company relies on a transactional and SaaS model rather than hardware manufacturing margins.

Products and services

GIVe software platform: a V2G energy SaaS product that aggregates EVs and stationary batteries into virtual power plants, provides real-time grid optimization, and is qualified by multiple transmission system operators. Grid services offered include frequency regulation, demand charge management, demand response, energy optimization, distribution grid services, and energy arbitrage. Nuvve also integrates its software into bidirectional DC charging stations sourced from third-party manufacturers.

Customers and end markets

Primary customers are commercial fleet EV operators. Two customers represented 20.3% of total revenue in FY2025 (down from 33.2% in FY2024). Top five customers represented 39.5% of total revenue in FY2025 (42.3% in FY2024). End markets include energy and power capacity markets: frequency regulation, demand response, energy arbitrage, and distribution grid services, each estimated at $3 billion to $250 billion per year in addressable market per the FY2025 10-K.

Value-chain role

Software and technology integrator sitting between EV fleet operators and electric grid operators. Nuvve aggregates EV batteries into VPPs, bids capacity onto grid markets, and passes energy revenue back to fleet customers to reduce total cost of EV ownership. It does not manufacture chargers or batteries; it licenses its GIVe platform and controls charging and discharging in real time through EVSE partners.

Geographic exposure

The GIVe platform is described as globally available and qualified by multiple grid system operators. A commercial V2G deployment in Denmark is cited in the FY2025 10-K as a reference installation. Patents validated across CH, DE, DK, ES, FI, FR, GB, IE, IT, NO, PL, PT, SE per the same filing.

Source: SEC 10-K, filed 2026-03-31

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