City of Socorro, Socorro Electric Cooperative, Inc., and Nuvve New Mexico Sign Landmark Agreement to Advance Electrification and Grid Resilience

SOCORRO, N.M.--(BUSINESS WIRE)-- The City of Socorro, Socorro Electric Cooperative, Inc. (SEC), and Nuvve New Mexico, LLC (NNM) have entered into a Memorandum of Understanding (MOU) to collaborate on accelerating transportation electrification, modernizing local electric infrastructure, and strengthening community resilience across the Socorro region.

The MOU—signed by Mayor Dr. Ravi Bhasker, Socorro Electric Cooperative CEO Manuel (“Manny”) Gonzales, and Nuvve New Mexico CEO Ted Smith—establishes a framework for joint planning and implementation of grid modernization, fleet electrification, and energy cost reduction initiatives that directly benefit local residents, schools, and businesses.

“This collaboration allows us to bring new technology and investment to Socorro in a way that lowers costs, improves reliability, and positions our community as a leader in New Mexico’s clean energy future,” said Mayor Ravi Bhasker.

“Socorro Electric Cooperative is eager to work with the City and Nuvve to identify where these projects can provide the greatest impact for our members—whether that’s improving reliability for all members, hospitals and emergency services, or supporting new electric transportation opportunities,” said Manny Gonzales, CEO of Socorro Electric Cooperative.

“We’re honored to partner with the City of Socorro and SEC,” said Ted Smith, CEO of Nuvve New Mexico. “This MOU creates a model for how municipal and cooperative utilities can collaborate to deliver resilient, affordable, and locally beneficial electrification projects.”

Under the agreement, the parties will coordinate in six priority areas:

1. Grid Modernization & Resilience – Assessing SEC’s circuits and grid vulnerabilities to identify opportunities for distributed batteries, peak shaving, microgrids, and emergency backup solutions.
2. School Bus Electrification – Pursuing state funding to help Socorro Consolidated Schools and nearby districts procure electric buses, chargers, and supporting infrastructure.
3. Municipal Fleet Electrification – Replacing aging city vehicles with electric vehicles supported by Nuvve’s competitive statewide pricing agreement.
4. Smart Rates & Demand Charge Mitigation – Developing rate strategies that encourage electrification while lowering peak demand costs for city facilities and cooperative members.
5. Charging Infrastructure Expansion – Adding new charging sites in Socorro and SEC service territory to support the city, public agencies, residents, travelers, and local businesses.
6. Renewable Energy Integration – Combining solar, energy storage, and vehicle-to-grid (V2G) systems to enhance local energy affordability and reliability.

The MOU also establishes a joint working group between the three parties to coordinate projects, pursue state and federal funding opportunities, and ensure that community priorities guide implementation.

The agreement reflects a growing collaboration between state, municipal, and cooperative entities in New Mexico seeking to leverage advanced technologies—such as vehicle-to-grid integration and Battery-as-a-Service models—to build a cleaner, more resilient energy system.

About Nuvve Holding Corp.

Nuvve (NASDAQ: NVVE) 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:

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Media Contacts:

For Nuvve New Mexico, LLC –

Paulo Acuña

pacuna@olmsteadwilliams.com

310.824.9000

Source: Nuvve Holding Corp.