Nuvve Holding Corp. (NASDAQ: NVVE) stock plunged by 0.765 at last close while the NVVE stock price declines by 10.91% in the pre-market trading session. Nuvve’s patented vehicle-to-grid (V2G) technology is helping to accelerate the electrification of transportation. Its goal is to reduce the cost of owning an electric car while also promoting the integration of renewable energy sources such as solar and wind.
NVVE Stock Q2 Financial Highlights
Nuvve Holdings announced its second-quarter 2021 financial results. The summary is given below:
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- Total revenue for the second quarter of 2021 was $1.0 million, up from $0.5 million for the same period in 2020, a jump of $0.5 million, or 111.9 percent.
- For the second quarter of 2021 selling, general, and administrative costs were $5.3 million, an increase from $0.9 million for the same period in 2020, a $4.4 million increase, or 506.6 percent.
- From $0.7 million in Q2 ended June 30, 2020, to $1.7 million in the three months ended June 30, 2021, research and development costs grew by $1.0 million, or 153.8 percent.
- Additional income (expense) grew by $0.1 million, from $0.03 million in the second quarter of 2020 to $0.2 million in the second quarter of 2021.
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Other Significant Development in NVVE stock
Nuvve Holding Corp. and Blue Bird Corporation have declared their intention to use Levo Mobility LLC’s wide financing capabilities (Levo). It’s a joint venture between Nuvve and Stonepeak Partners LP that spans Blue Bird’s distribution network. Customers may now lease V2G electric school buses, as well as accompanying charging infrastructure and energy management, for a modest monthly price with no upfront fees. By integrating Nuvve V2G charging infrastructure into the Blue Bird production and distribution network, the Nuvve and Blue Bird collaboration extension makes V2G omnipresent in the electric school bus market.
All Blue Bird Type C and D electric buses include Nuvve’s V2G integration, which allows them to store and discharge energy when paired with a Nuvve V2G charging station. Surplus stored energy from several buses may be pooled to create virtual power plants (VPPs), which provide important grid services for a fee. Blue Bird’s V2G capabilities gives school districts a substantial edge over other electric buses by allowing them to utilize the buses when stationed and connected to assist stabilize the grid and avoid blackouts.
Blue Bird’s countrywide distribution network will provide Levo’s Fleet-as-a-Servicing model, which will provide fully funded electric school buses, as well as accompanying charging infrastructure, service, and energy management, to qualifying Blue Bird customers and dealers