Why Did Nuvve Stock Soar 66% Pre-Market Today?

• City of Socorro in New Mexico entered a strategic partnership with the Socorro Electric Cooperative and Nuvve New Mexico.
• The collaboration identifies six core areas, including grid modernization, school-bus electrification, and electrifying the city fleet.
• The MOU establishes a joint working group to drive project design and apply for funds.

Nuvve Holding Corp. (NVVE) garnered attention on Friday after the City of Socorro, New Mexico, entered a strategic partnership with the Socorro Electric Cooperative and Nuvve New Mexico, LLC to accelerate transport electrification.

Under a new Memorandum of Understanding (MOU), the three entities will plan and execute a range of clean-energy and mobility projects.

How Did Stocktwits Users React? 

Nuvve’s stock traded over 67% higher in Friday’s premarket. On Stocktwits, retail sentiment around the stock jumped to ‘extremely bullish’ from ‘neutral’ territory the previous day. Message volume shifted to ‘high’ from ‘extremely high’ levels in 24 hours. 

The stock saw a 1758% surge in user message count over the last 24 hours. 

A bullish Stocktwits user lauded the collaboration. 

Another user predicted the stock could reach $1.00.

Six Priority Focus Areas

The collaboration identifies six core areas: grid modernization, school-bus electrification, electrifying the city fleet, demand-rate restructuring, expansion of EV charging, and integrating renewables with vehicle-to-grid (V2G) systems.

The MOU establishes a joint working group to drive project design, apply for funding from state and federal sources, and maintain alignment with the community’s priorities.

On November 14, Nuvve agreed to issue 5,000 shares of a fresh Series A convertible preferred stock, along with warrants that enable the buyers to convert into an equivalent number of common shares, all for a total commitment of $4.5 million.

NVVE stock has declined by over 92% in the last 12 months. 

Also See: Gene Munster Says Nvidia’s Optimistic Guidance Signals AI Boom Is Far From Over

For updates and corrections, email newsroom[at]stocktwits[dot]com.

Share

·

Add us on