New Haven Auto Parts Maker Proliance Beats California EV Rival

New Haven-based Proliance International posted higher earnings than California electric vehicle technology company Nuvve, according to a new stock analysis, despite generating lower overall revenue.

Proliance International, which designs and manufactures heat exchange products for automotive and truck aftermarket sales, has operated from New Haven since changing its name from Transpro in 2005. The company traces its roots to 1915.

Analysts gave Proliance International higher probable upside compared to San Diego-based Nuvve Holding Corp., which develops vehicle-to-grid technology that allows electric vehicle batteries to store and resell unused energy back to local power grids.

The comparison shows stark differences in company ownership structures. Nuvve attracts significantly more institutional investment, with 19 percent of shares held by institutional investors compared to Proliance’s institutional ownership figures, which were not disclosed in the analysis. Company insiders hold 17.5 percent of Nuvve shares, while Proliance insiders control 5.3 percent.

Both companies carry substantial volatility risks. Proliance International shows a beta of 3.75, meaning its stock price swings 275 percent more than the broader S&P 500 index. Nuvve’s beta of 1.81 indicates 81 percent more volatility than the market average.

Proliance International serves national retailers of aftermarket automotive products, warehouse distributors, radiator shops and other manufacturers across the United States, Canada, Mexico, Europe and Central America. The company produces radiators, heater cores, condensers, compressors and specialized heat exchangers for heavy-duty trucks, buses, construction vehicles and marine applications.

Nuvve, founded in 2010, operates its Grid Integrated Vehicle platform in the United States, United Kingdom, France and Denmark. The technology connects electric vehicle batteries into virtual power plants that can sell excess power to utility companies or reduce building energy consumption during peak demand periods.

The New Haven manufacturer also provides air conditioning parts including hose assemblies, expansion valves, blowers and fan clutches. Its specialty products extend to charge air coolers, oil coolers and marine coolers for agricultural equipment, construction machinery, military vehicles, oil rigs and power generation equipment.

Strong institutional ownership typically indicates that hedge funds, large money managers and endowments expect a stock to outperform the market over extended periods, according to the analysis.