Today, shareholders in Nuvve (NASDAQ:NVVE) and NVVE stock are seeing massive gains of more than 50% at the time of writing. This move coincides with a couple key announcements made by the company.
Broadly, this massive move today coincides with relatively bullish sentiment around clean energy stocks. However, Nuvve has a couple of company-specific catalysts at play driving NVVE stock higher today.
Let’s dive into what these are for investors not in the know.
NVVE Stock Soars on Earnings and JV Announcement
First, Nuvve announced its preliminary financial results for the first quarter 2021. These results highlighted some of the milestones the V2G company has hit this past quarter. Among these, the first deliveries of V2G-capable school buses by Blue Bird in March were reflected in the company’s financials. Higher operating costs tied to the sales of charging stations in the U.S. hampered net income this quarter. Revenue came in roughly flat year-over-year, due in part to a decline in grants revenue.
Additionally, the company noted its final 10-Q would be delayed due to SEC-related requirements around the accounting for warrants for post-SPAC companies. This is old news, so investors appear to be disregarding the delay. Accordingly, the release of the company’s preliminary results appears to be viewed positively by the market right now.
Secondly, and perhaps more importantly, today Nuvve announced a joint venture with Stonepeak Partners. Stonepeak is a private equity firm focusing on infrastructure investments. The focus of this agreement is to form a new sustainable infrastructure joint venture named Levo Mobility LLC.
The goal with Levo will be to accelerate the adoption of Nuvve’s proprietary V2G technology in electric fleets. Stonepeak has committed to investing as much as $750 million in the joint venture. Levo’s focus will be on growing its market share in the emerging electrification of school buses. Given the headway Nuvve has made in this space, it appears investors view this joint venture as promising.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.