Why Vehicle-To-Grid Technology Provider Nuvve Shares Are Jumping Today

Nuvve Holding Corp. NVVE shares are skyrocketing on Tuesday.

The company announced that it was awarded a $16 million project for the Fresno Economic Opportunities Commission to implement its turnkey fleet electrification program for the 50-shuttle fleet.

“With the adoption of our cutting-edge electric vehicle software and infrastructure, this project can serve as a model approach for modern, efficient, and eco-friendly public transportation,” said Nuvve co-founder and CEO Gregory Poilasne. 

Nuvve will provide its proprietary Nuvve GIVe software platform and V2G technology. 

“There’s no better method to showcase the financial and environmental benefits than through the implementation of an electrified fleet that exemplifies cutting-edge energy conservation,” said Thomas Dulin, Director of Fresno EOC Transit Systems. 

The company recently announced a 1-for-40 reverse stock split of its common stock. Nuvve’s common stock began trading on a split-adjusted basis upon market open on Monday, January 22, 2024.

The reverse stock split reduces the number of issued and outstanding shares of the company’s common stock from approximately 49.9 million shares to about 1.3 million shares.

Read Next: P&G Roars – Shares Gain On Q2 Earnings Beat, Reiterates $9B Dividend Payout In FY24, Ups Outlook

Price Action: NVVE shares are trading higher by 44.77% to $4.31 on the last check Tuesday.