Nuvve Provides First Quarter 2023 Financial Update.

SAN DIEGO: Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a first quarter 2023 update.

First Quarter Highlights

Booked record high charger orders, including 24 units for the Los Angeles Unified School district ("LAUSD"), and record high charger deployments, all of which were incremental to anticipated orders related to the EPA Clean School Bus Program

Announced partnership with Circle K to provide grid services to electric vehicle fast chargers at 50 of Circle K's service stations and three to five stationary storage sites in Norway and Denmark

Reduced cash operating costs in first quarter 2023 to $7.2 million versus $8.2 million in first quarter 2022

Megawatts under management increased 5% to 18.3 megawatts as of March 31, 2023 compared to 17.4 on December 31, 2022; backlog increased to 4.2 million at March 31, 2023 from $4.1 million on December 31, 2022

Subsequent to quarter end, received another large DC charger order from a fleet management company

Cash and cash equivalents of $11.8 million as of March 31, 2023

Management Discussion

Gregory Poilasne, chief executive officer of Nuvve, said, "2023 is off to a solid start, and we are proud to have delivered record orders and deliveries of our DC fast chargers in the first quarter. Awards such as the 24 unit order for LAUSD in February, as well as another large order received early in the second quarter from a fleet management company, evidences our view that demand for V2G charging infrastructure is growing. As customers look to electrify their fleets, we are confident in our ability to continue to stand out as having a unique, best-in-class solution. This includes not only Nuvve's compelling and proven technology offering, but also its people and processes, which enable us to provide a turnkey solution and act as a trusted advisor in the implementation of fleet electrification programs. Looking forward, we believe our well-rounded expertise in V2G implementation is a critical differentiator as electrification projects inevitably become bigger in nature, including those that will be supported by EPA funding in the 2023 round of the Clean School Bus Program. In the near-term, we expect order and delivery activity to...