UPDATE: Craig-Hallum Starts Nuvve Holding Corp. (NVVE) at Buy and $19 PT

April 19, 2021 7:22 AM EDT
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Price: $11.68 -3.55%

Rating Summary:
    1 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 4 | Down: 5 | New: 5
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(Updated - April 19, 2021 9:39 AM EDT)

Craig-Hallum analyst Eric Stine initiates coverage on Nuvve Holding Corp. (NASDAQ: NVVE) with a Buy rating and a price target of $19.00 on the belief that the company is as the market leader in Vehicle to Grid, a market which is at early stages of development but poised for growth to an $80B annual market over time. The company aggregates EV batteries into a virtual power plant (VPP) which stores, and releases energy as needed for the electrical grid. For fleets, these services provide additional revenue streams, offsetting the higher incremental cost of an EV and bringing total cost of ownership lower, all while maintaining the full use of the battery. For utilities, this supports the greater use of renewables while providing important grid services to solve the ongoing supply/demand mismatch, which is only magnified by EVs.

The company has a proprietary Grid Integrated Vehicle (GIVe) software platform which takes control of each vehicle’s battery charging & discharging interacting bi-directionally with the grid. The analyst stated "We think Nuvve has the most robust & technologically advanced platform to scale, a big first-mover advantage, deep IP, alignment with market leaders, and the enviable position of already being qualified by multiple grid operators. Simply put, its V2G offering makes for a path towards sustainability goals for fleets along with compelling economics. NVVE, as the critical V2G software provider, captures these multiple recurring revenue streams, a portion of which is shared with fleet customers."

For an analyst ratings summary and ratings history on Nuvve Holding Corp. click here. For more ratings news on Nuvve Holding Corp. click here.

Shares of Nuvve Holding Corp. closed at $9.10 yesterday.

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