Nuvve Holding Corp. (NASDAQ: NVVE) announced the addition of a 40 MW / 80 MWh battery energy storage system project in Austria through its cooperation agreement with OMNIA Group Holdings. The project, developed through Austrian SPV Energiepark Graphit GmbH, marks the second asset activated under the partnership framework announced earlier this month.

Under the agreement terms, Nuvve will provide project development consulting services and serve as grid aggregation operator, earning a 9% aggregation fee on all revenues generated by the Austrian project. The company also holds a right of first refusal to acquire the completed asset at an independently assessed valuation.

The Austrian project is projected to generate annual revenues of approximately $10.8 million. Combined with the previously announced Swedish project under the same fee structure, Nuvve's annual fee revenue potential represents more than four times the company's reported fiscal 2024 revenues of $5.3 million, according to the company's statement.

The Energiepark Graphit project is located in Bad Goisern am Hallstättersee, Upper Austria, and features a signed fixed-price construction contract of €13.52 million with a Vienna-based engineering firm. The project includes an 18-year cooperation agreement for site access and grid connection via a 110 kV substation.

The battery system will participate in Austrian frequency containment reserve, automatic and manual frequency restoration reserves, and wholesale energy markets. The project operates under Austrian electricity law, which provides a 20-year grid fee exemption for standalone battery storage facilities.

This Austrian project joins Nuvve's European portfolio that includes the Swedish BESS project under OMNIA cooperation and a 2 MW contracted system in Denmark, establishing the company as a grid aggregation operator across three European markets.