Nuvve (NASDAQ:NVVE) stock is surging higher after the vehicle-to-grid (V2G) platform company announced that it had provided the Martinsville Independent School District (ISD) with five of its Level II chargers and its FleetBox 2.0 charge management software. The process was enacted in collaboration with Blue Bird (NASDAQ:BLBD), which provided the ISD with five Blue Bird Vision electric buses, replacing the district’s diesel fleet.
“Before I became an educator, I was in the construction industry,” said Martinsville ISD Principal Keith Kimbrough. “Now, after working so closely with Nuvve, Blue Bird and Rush Truck Centers, I’m a believer in clean transportation and clean wind power for Texas communities like mine.”
Kimbrough was instrumental in securing a $1.58 million Clean School Bus grant from the U.S. Environmental Protection Agency (EPA) back in 2022 to fund the project. The exact amount that Nuvve received for its products was not disclosed in the press release.
Why Is NVVE Stock Up 50% Today?
Nuuve’s V2G solutions are compatible with electric school buses and custom electric heavy-duty vehicles in the United States. On the residential side, the V2G technology will soon be compatible with Nissan Leaf models from 2013 and onward and the Mitsubishi Outlander plug-in hybrid electric vehicle (PHEV).
Since inception, the company has collaborated with more than 68 school districts and has “facilitated the installation of over 331 charging stations.” The company has also created a separate business unit called Nuvve K-12 in order to help electrify school transportation. The unit seeks to help school districts across the entire electrification process and provides funding, cost management and day-to-day operations advice.
Still, 2023 hasn’t exactly been a standout year for Nuvve. Its shares have shed more than 65% thus far, which is partly due to a $1.1 million underwritten public offering. The offering was closed on Oct. 20 and consisted of 7.14 million shares priced at 14 cents apiece. The underwriter, Aegis Capital, was granted a 45-day option to purchase up to an additional 1.07 million shares as well. Aegis chose to partially exercise the option on Oct. 20 by acquiring 797,243 shares. Nuvve will use the gross proceeds toward “working capital and other general corporate purposes.”
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On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
