UPDATE: Craig-Hallum Starts Nuvve Holding Corp. (NVVE) at Buy and $19 PT
- Tech pulls Nasdaq, S&P 500 down as Treasury yields rise
- Ford (F) Stock Soars on $11.4 Billion EV Partnership with Battery Maker SK Innovation (SKOVF)
- Merck (MRK) Said to Be Unidentified Suitor for Acceleron Pharma (XLRN), Not Bristol-Myers Squibb (BMY) - Report
- Activision Blizzard (ATVI) to Pay $18 Million to Settle Sexual Harassment and Discrimination Claims
- EV Company Polestar To Go Public Via $20 Billion SPAC Deal
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."
Shares of Nuvve Holding Corp. closed at $9.10 yesterday.
You May Also Be Interested In
- UPDATE: Oppenheimer Starts Lilium N.V. (LILM) at Outperform
- Persol Holdings Co., Ltd (2181:JP) (TEMPF) PT Raised to JPY3,000 at Morgan Stanley
- Recruit Holdings Co., Ltd (6098:JP) (RCRUY) PT Raised to JPY8,000 at Morgan Stanley
Create E-mail Alert Related CategoriesAnalyst Comments, Hot New Coverage, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!