SAN DIEGO, CA - March 28, 2024 — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform designed to enable electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a fourth quarter and full-year 2023 update.

 Fourth Quarter Highlights and Recent Developments

•Increased megawatts under management by 18.4% to 25.1 megawatts as of December 31, 2023, from 21.2 megawatts on September 30, 2023; growth accelerated further in October with record deployments

•Reduced cash operating loss in the fourth quarter 2023 to $6.5 million versus $7.7 million in the fourth quarter 2022

•Cash and cash equivalents of $1.5 million as of December 31, 2023, and in January 2024 raised an additional $9.6 million in gross proceeds through an underwritten public offering

•Announced RFP award with partner e-Formula to build Taiwan’s first electric vehicle V2G hub

•Launched a dedicated website containing additional information, customer resources and the latest updates on its ongoing projects at www.nuvvev2ghubs.com, as Nuvve’s proprietary V2G hub offering continues to gain momentum

Gregory Poilasne, Chief Executive Officer of Nuvve, said, “In 2023 we made important progress accelerating the next phase of scaling our business and positioning Nuvve for growth. Our focus on executing our strategy and continuing to implement cost savings initiatives together allowed us to deliver results in line with our expectations for the full year. To ensure we are operating from a position of strength, we continue to take steps to bolster our financial foundation, including our recent capital raise of $9.6 million. Looking ahead, we are excited by the strong momentum in our V2G hub offering, which is receiving strong positive feedback from both current and prospective customers. We continue to believe this will be a major growth opportunity for Nuvve and are excited to share more about our current projects and the future of this offering in the coming quarters. Looking ahead, we are confident that the steps we are taking today laying the groundwork for continued expansion and value creation in 2024 and beyond.”

Total revenue was $1.64 million for the three months ended December 31, 2023, compared to $1.15 million for the three months ended December 31, 2022, an increase of $0.50 million, or 43.4%. The increase is attributed to a $0.27 million increase in products revenue and a $0.17 million increase in services revenue due to higher customers sales orders and shipments, and an increase of $0.07 million in grants. Products and services revenue for the three months ended December 31, 2023 consisted of sales of DC and AC Chargers of about $1.05 million, grid services revenue of $0.20 million, and engineering services of $0.27 million.

Cost of product and service revenues for the three months ended December 31, 2023, increased by $0.4 million to $1.2 million, or 57.1%, compared to $0.7 million for the three months ended December 31, 2022 due to higher customers sales orders and shipments. Products and services margins for the three months ended December 31, 2023 decreased by 8.7% to 24.0%, compared to 32.7% for the same prior year period. Margin was negatively impacted mostly by a higher mix of hardware charging stations sales and a lower mix of engineering services.

Selling, general and administrative expenses consist of selling, marketing, payroll, administrative, finance, and professional expenses. Selling, general and administrative expenses were $5.9 million for the three months ended December 31, 2023, as compared to $7.2 million for the three months ended December 31, 2022, a decrease of $1.2 million, or 17.3%. The decrease during the three months ended December 31, 2023 was primarily attributable to decreases in compensation expenses of $0.5 million, including share-based compensation, decreases in insurance related expenses of expenses of $0.2 million, decreased in professional fees related to an annual audit of $0.2 million, decreases in travel related expenses of $0.3 million, partially offset by increases in software subscription expenses of $0.2 million, and legal expenses of $0.4 million. Expenses resulting from the consolidation of Levo's activities during the three months ended December 31, 2023, accounted for $0.6 million of the decrease in selling, general and administrative expenses.

Research and development expenses was flat at $2.0 million for the three months ended December 31, 2023 and 2022, respectively. Research and development expenses during the three months ended December 31, 2023 and 2022, were primarily attributable to compensation expenses and subcontractor expenses used to advance Nuvve's platform functionality and integration with more vehicles.

Other income (expense) consists primarily of interest expense, change in fair value of warrants liability and derivative liability, and other income (expense). Other income (expense) decreased by $0.90 million of income, from $1.04 million of other income for the three months ended December 31, 2022, to $0.13 million in other income for the three months ended December 31, 2023. The decrease during the three months ended December 31, 2023 was primarily attributable to the change in fair value of the warrants liability and derivative liability.

Net loss decreased by $0.4 million from net loss of $7.7 million for the three months ended December 31, 2022, to $7.3 million of net loss for the three months ended December 31, 2023. The decrease in net loss was primarily due to a decrease in other income of $0.9 million, and a decrease in operating expenses of $0.8 million, and increase in revenue of $0.50 million, for the above aforementioned reasons.

Net loss attributable to non-controlling interest was $0.04 million and $0.08 million for the three months ended December 31, 2023 and 2022, respectively.

Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in Levo, an entity formed by us with Stonepeak and Evolve. We own 51% of Levo's common units and Stonepeak and Evolve own 49% of Levo's common units. We have determined that Levo is a variable interest entity in which we are the primary beneficiary. Accordingly, we consolidated Levo and recorded a non-controlling interest for the share of Levo owned by Stonepeak and Evolve during the three months ended December 31, 2023 and 2022.

Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world.

Nuvve will hold a conference call to review its financial results for the fourth quarter of 2023, along with other company developments at 5:00 PM Eastern Time (2:00 PM PT) today, Thursday, March 28, 2024.

To participate in the call, please register for and listen via a live webcast, which is available in the ‘Events' section of Nuvve’s investor relations website at https://investors.nuvve.com/. In addition, a replay of the call will be made available for future access.

Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world’s most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world’s transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, California, and can be found online at nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning Nuvve’s expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new deployments, potential project successes, expected timing of recently announced projects, anticipated growth of various business areas and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve’s filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

This press release contains trademarks, service marks, trade names and copyrights of Nuvve and other companies, which are the property of their respective owners.

investorrelations@nuvve.com

press@nuvve.com