Nuvve Holding Corporation (NASDAQ:NVVE) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET Company Participants Eduardo Royes - IR David Robson - CFO Gregory Poilasne - Co-Founder, Chairman & CEO Conference Call Participants Eric Stine - Craig-Hallum Brian Dobson - Chardan Capital Markets Operator Good day, and welcome to the Nuvve Holding Corp. Third Quarter 2022 Earnings Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Edu ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission file number: 001-40296 NUVVE HOLDING CORP. (Exact Name of Registrant as Specified in Its Charter) | --- | --- | --- | -- ...

Financial Data and Key Metrics Changes - Total revenues for Q1 2022 were $2.4 million, a nearly 200% increase from $799,000 in Q1 2021, primarily driven by hardware and service revenues growing over 7 times [17][18] - Product and service revenues constituted 95% of total revenues in Q1 2022, compared to 39% in Q1 2021, with gross margins decreasing to 4.9% from 59.2% year-over-year [18][19] - Net loss attributable to common stockholders was $9.2 million in Q1 2022, compared to $5.4 million in Q1 2021 [20] Business Line Data and Key Metrics Changes - The company sold 5 electric school buses in Q1 2022, contributing to the increase in hardware and service revenues [17] - Megawatts under management increased to 16.9 megawatts as of March 31, 2022, reflecting a 15% increase from the previous quarter and tripling compared to the prior year [13][23] Market Data and Key Metrics Changes - The qualified pipeline stands at approximately $225 million, indicating strong potential for future growth despite not all being expected to convert into backlog [14][25] - The backlog for hardware and services was $4 million, which declined due to strong sales in Q1 [25] Company Strategy and Development Direction - The company is focused on expanding partnerships and diversifying its product offerings, including collaborations with 2021.AI and Cenntro to enhance its V2G capabilities [8][12] - The recent MOU with the US Department of Energy highlights the company's strategic positioning in the vehicle-to-grid technology space, emphasizing the importance of V2G in the energy transition [5][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for vehicle-to-grid technology and the ongoing partnerships that are expected to drive future growth [26] - The company is not solely reliant on infrastructure funding for growth, indicating confidence in existing opportunities and partnerships [41][44] Other Important Information - The company received approval to start commercial operations in the Japanese energy market, which is expected to enhance its presence in that region [10] - The company is actively pursuing partnerships with universities to explore new B2G verticals, leveraging their expertise and resources [15] Q&A Session Summary Question: What long-term opportunities does the MOU with the US Department of Energy present? - Management highlighted the importance of market accessibility for EVs and the need for standardization in the energy market, aligning with the company's strategy [30][31] Question: What strategic opportunities arise from the approval from the Japanese transmission system operator? - Management noted that the approval allows for the introduction of renewable generation and stabilization of the grid, with plans to expand stationary storage and V2G vehicles in Japan over the next 12 to 18 months [34][35] Question: Will there be more opportunities for partnerships similar to the one with Wallbox? - Management confirmed a focus on fleet opportunities while also exploring partnerships with charging station and vehicle manufacturers to support V2G deployment [36][38] Question: Is the infrastructure funding critical for adoption in the next 9 to 12 months? - Management indicated that there is already significant planning and activity occurring, and they are excited about the opportunities without waiting for infrastructure funding [41][42] Question: What is the focus of Levo beyond school buses? - Management acknowledged that while school buses are the primary focus, there are opportunities in other fleet segments as well [45][47] Question: Update on DYB collaboration? - Management stated that integration work is ongoing and they expect to share updates soon [49]

NUVVE ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. INTELLIGENTLY ELECTRIFYING THE PLANET | 2022 Q1 UPDATE NUVVE.COM LEGAL DISCLAIMER This presentation (this "Presentation") is provided for information purposes only. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will Nuvve Holding Corp. ("Nuvve") or any its respective subsidiaries, stockholders, affiliates, rep ...

Nuvve Holding Corp. (NASDAQ:NVVE) Q4 2021 Earnings Conference Call March 31, 2022 5:00 PM ET Company Participants Eduardo Royes - Investor Relations Gregory Poilasne - Chief Executive Officer David Robson - Chief Financial Officer Conference Call Participants Eric Stine - Craig Hallum Capital Group Brian Dobson - Chardan Capital Markets Operator Greetings. Welcome to Nuvve Holdings Corp. Fourth Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-an ...

Revenue Generation and Market Potential - Nuvve's V2G services have generated approximately $2,000 in revenue per electric vehicle (EV) per year in Denmark, with variations based on energy market prices[20]. - The global EV market is projected to reach 500 million vehicles by 2040, driving significant demand for charging infrastructure, which is expected to see an annual investment run-rate of $80 billion over the next 20 years[26]. - The addressable energy and capacity markets for targeted grid services are estimated to range from $3 billion to $250 billion per year[33]. - Nuvve expects to generate revenue primarily from grid services via its GIVe platform and sales of V2G-enabled charging stations, with recurring mobility fees from fleet customers[46]. - Nuvve anticipates significant growth in grid services revenue as fleet EVs increase in volume in the coming years[49]. - The company anticipates expanding revenues by selling EV charging equipment to various sectors, including school districts and fleet operators, with a focus on V2G-capable charging stations[73]. Technology and Innovation - Nuvve's GIVe software platform enables the aggregation of multiple EV batteries into a virtual power plant (VPP), providing grid services and generating revenue from energy markets[17]. - Nuvve's intelligent energy platform enhances the efficiency and cost-effectiveness of EVs, contributing to a more resilient grid[15]. - Nuvve's platform allows for real-time optimization of energy management, ensuring that the needs of drivers, batteries, and the grid are met simultaneously[23]. - Nuvve's GIVe software platform helps customers lower operating costs and achieve sustainability goals, targeting both light duty and heavy duty fleet segments[37][38]. - Nuvve's competitive advantage with its GIVe platform, which is qualified by multiple grid system operators for providing grid services[76][79]. - Nuvve's intellectual property portfolio includes key patents for V2G technology, which is critical for its competitive position in the market[65][79]. Operations and Market Strategy - Nuvve has been operating V2G services in Denmark for over five years, providing frequency regulation services to the local transmission system operator[18]. - The company aims to leverage the shift to electrification, with commercial fleet EVs identified as the best initial target market for V2G due to their potential for lower total cost of ownership[31]. - Nuvve is focused on expanding its operations across diverse segments and geographies, including partnerships in Europe, Asia, and North America[36]. - The North American school bus segment is a high priority for Nuvve, with over 600,000 school buses in the US and Canada, 95% of which are diesel[42]. - Nuvve has formed Levo Mobility LLC to provide turnkey V2G solutions, focusing on school buses and last-mile delivery, eliminating barriers to EV fleet adoption[43][44]. - Nuvve plans to pursue strategic acquisitions to enhance its market position and expand its service offerings[50]. Financial Performance and Customer Base - Nuvve's revenue for the years ended December 31, 2021, included one customer accounting for 12.4% and four customers collectively accounting for 62.3% of total revenue[74]. - Nuvve's top five customers represented approximately 44.0% of total revenue in 2021, down from 70.8% in 2020, indicating a shift in customer concentration[74]. Internal Controls and Compliance - The company concluded that its disclosure controls and procedures were not effective as of December 31, 2021, due to material weaknesses in internal control over financial reporting[335]. - Material weaknesses identified included deficiencies in segregation of duties and documentation of financial closing policies and procedures[341]. - The company has engaged outside accounting and financial reporting consultants to assist in remediating the identified material weaknesses[341]. - Additional finance and accounting personnel have been hired to improve segregation of duties and enhance resources for complex accounting matters[341]. - The remediation efforts are ongoing, and the company intends to formalize documentation of policies and procedures[342]. - The effectiveness of the internal control system is subject to inherent limitations, including the potential for misconduct and changes in conditions[343]. - The company has not completed the remediation of material weaknesses as of December 31, 2021, and ongoing evaluations will be necessary[340]. - Management's report on internal control over financial reporting was not subject to attestation by the independent registered public accounting firm[338]. - There have been no changes in internal control over financial reporting that materially affected the system during the year ended December 31, 2021[339]. - The company will continue to monitor and upgrade internal controls as necessary, but there is no assurance that improvements will be sufficient[343]. Workforce and R&D - Nuvve's research and development team consists of 17 full-time employees and 3 contract workers, focusing on enhancing its V2G technology and services[62]. - The company employs 61 full-time employees, with 17 engaged in research and development activities as of December 31, 2021[80]. - Nuvve maintains a capital-light business model, investing in R&D, marketing, and sales to expand its GIVe platform and V2G service capabilities[47][48]. - Nuvve's strategy includes assessing opportunities for patent protection to maintain a competitive edge, although financial constraints may limit this ability[70].