Kit Carson Electric Cooperative Selects Nuvve New Mexico for Battery-as-a-Service Projects

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TAOS, N.M.--(BUSINESS WIRE)--Dec 30, 2025--

Kit Carson Electric Cooperative, Inc. (KCEC) has selected Nuvve New Mexico, LLC, a subsidiary of Nuvve Holding Corp. (Nasdaq: NVVE), to deploy and operate advanced battery energy storage systems under a Battery-as-a-Service (BAAS) model at two separate locations in northern New Mexico.

Under the terms outlined in a recently executed term sheet, Nuvve New Mexico will develop two 5-megawatt / 20-megawatt-hour (4-hour) battery systems designed to provide peak load mitigation, grid resiliency, and market participation through the Western Energy Imbalance Market (WEIM) via Guzman Energy and the PNM Balancing Authority Area.

The BAAS model enables KCEC to access critical grid infrastructure without upfront capital investment, while transferring ownership, financing, operations, maintenance, augmentation, and performance responsibilities to Nuvve. The systems will be configured with grid-forming and black-start capability, supporting microgrid operation during outages and enhancing resiliency for essential community services.

The battery systems will support healthcare operations and adjacent critical loads, including fire, rescue, and assisted-living facilities. The systems will also enhance resiliency and peak management for local area infrastructure while supporting long-term grid modernization objectives.

“This partnership with Nuvve New Mexico reflects KCEC’s continued focus on resiliency, affordability, and innovation for our members,” said Luis Reyes, CEO of Kit Carson Electric Cooperative. “Battery-as-a-Service allows us to deploy advanced storage capabilities while maintaining financial discipline and flexibility.”

“We’re honored to have been selected by KCEC for these important projects,” said Ted Smith, CEO of Nuvve New Mexico. “These deployments demonstrate how Battery-as-a-Service can strengthen rural and tribal communities by delivering resiliency, predictable costs, and access to modern grid services without requiring utilities to take on additional balance-sheet risk.”

In addition to the initial projects, Nuvve and KCEC have expressed a shared interest in exploring future collaboration opportunities, including additional battery deployments, community microgrids, electric transportation and Vehicle-to-Grid (V2G) integration, and joint pursuit of state and federal funding to accelerate grid modernization across KCEC’s service territory.

“We are excited to see the success of Nuvve worldwide battery deployment also happening in New Mexico,” said Gregory Poilasne, Nuvve Holding Corp. CEO. “We announced the Nuvve Battery-as-a-Service business model for coops a few months ago and to have KCEC working with us in this process is an honor.”

The parties expect to proceed to definitive agreements following final documentation and regulatory coordination, with targeted commercial operation beginning approximately 12–18 months after execution of final contracts.

About Kit Carson Electric Cooperative

Kit Carson Electric Cooperative is a member-owned rural electric cooperative serving approximately 30,000 meters across Taos, Colfax, and Rio Arriba Counties in northern New Mexico. KCEC is nationally recognized for its leadership in renewable energy, local generation, and community-focused grid modernization.

About Nuvve New Mexico

Nuvve New Mexico, LLC is a subsidiary of Nuvve Holding Corp. (Nasdaq: NVVE) created after Nuvve Holding Corp was awarded a Statewide Pricing Agreement entitled “Electrify New Mexico” (SWPA #50-00000-24-08769AA) focused on delivering grid modernization solutions including integrated stationary batteries, Vehicle-to-Grid (V2G) technology, microgrids, and intelligent electrification and infrastructure across New Mexico. Nuvve New Mexico LLC is the only entity supporting Nuvve Holding Corp technology deployment in the State of New Mexico.

About Nuvve Holding Corp.

Nuvve powers the future of flexible energy by turning batteries, electric vehicles (EV), buildings, and distributed assets into dynamic grid resources. At the core is Nuvve’s advanced platform for intelligent energy management and vehicle-to-grid (V2G), orchestrating real-time bidirectional charging, load optimization, and grid services. By harnessing an ecosystem of electrification partners, fleets, stationary storage, and smart EV chargers, Nuvve helps utilities and communities unlock flexibility at scale — enhancing reliability, accelerating electrification, and lowering costs. Nuvve enables a clean energy future where mobility, buildings, and infrastructure work together to support a more resilient, sustainable, and equitable grid. Headquartered in San Diego, California, Nuvve operates globally and online at nuvve.com

Forward-Looking Statements

This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “aims,” “anticipates,” “plans,” “looking forward to,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “continue,” “seeks” or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements regarding Nuvve’s anticipated public offering, including the completion of the public offering on the anticipated terms and the use of proceeds therefrom, expected timing of recently announced projects, anticipated growth of various business areas, anticipated benefits of its digital treasury strategy, the potential benefits from including HYPE in such policy, and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve’s filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

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CONTACT: Media Contact for Nuvve:

Paulo Acuña

310.824.9000

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA NEW MEXICO

INDUSTRY KEYWORD: AUTOMOTIVE EV/ELECTRIC VEHICLES TECHNOLOGY BATTERIES ALTERNATIVE ENERGY ENERGY HARDWARE

SOURCE: Nuvve Holding Corp.

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PUB: 12/30/2025 09:00 AM/DISC: 12/30/2025 09:03 AM

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