Nuvve Holding Corp., a leading vehicle-to-grid (V2G) technology company, has announced plans to add Bitcoin to its treasury management strategy. The Nasdaq-listed firm will invest up to 30% of its surplus cash reserves in the cryptocurrency, based on its projected six-month operating costs.
The company's Board of Directors approved this strategic move as part of a broader initiative to modernize payment systems and diversify treasury holdings. The Bitcoin allocation will be carefully managed according to market conditions and Nuvve's operational requirements, including its planned expansion in the V2G sector.
Gregory Poilasne, CEO and Founder of Nuvve, emphasized that this decision aligns with the company's mission to advance grid electrification through innovation. "BTC acceptance will promote more payment options for customers and suppliers with potentially less transactional friction inherent to digital currencies," said Poilasne.
The company also plans to integrate Bitcoin as a payment option for its customers and suppliers. This addition complements Nuvve's core business of providing fleet-to-grid solutions and multi-purpose energy storage systems that help utilities maintain equitable energy costs.
The implementation details of Nuvve's Bitcoin treasury strategy will be outlined in an upcoming SEC filing, expected around January 28, 2025. This move represents a notable step for a publicly traded company in the electric vehicle infrastructure sector embracing cryptocurrency as part of its financial strategy.