SAN DIEGO, CA - March 31, 2025 — Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global leader in grid modernization and vehicle-to-grid (V2G) technology, today provided a fourth quarter and full-year 2024 update.

 Fourth Quarter Highlights and Recent Developments

•Increased megawatts under management by 22.3% to 30.7 megawatts as of December 31, 2024, from 25.1 megawatts as of December 31, 2023

•Reduced operating expenses excluding cost of sales by $2.0 million in the fourth quarter of 2024 to $5.9 million compared to $7.9 million in the fourth quarter of 2023

•Generated cash and cash equivalents of $0.4 million as of December 31, 2024, and during first three months of 2025 raised approximately $2.6 million in gross proceeds through debt obligations, private placement offerings, and exercise of warrants

Gregory Poilasne, Chief Executive Officer of Nuvve, said “We were encouraged by the acceleration of revenues in the back half of the year after a slow start. We began 2025 with over $18 million in customer backlog which, along with the recent State of New Mexico contract award to deliver turnkey electrification services, provides us with strong support for growth in 2025.”

Total revenue was $1.79 million for the three months ended December 31, 2024, flat compared to $1.64 million for the three months ended December 31, 2023. The modest increase in revenue was due mostly to flat customers sales orders and shipments. Revenue for the three months ended December 31, 2024 consisted of sales of DC and AC Chargers of about $1.18 million, grid services revenue of $0.01 million, and engineering services of $0.51 million, compared to sales of DC and AC $1.10 million, grid services of $0.05 million, and engineering services of $0.39 million for the three months ended December 31, 2023.

Cost of product and service revenues for the three months ended December 31, 2024, increased by $0.3 million to $1.5 million, or 28.8%, compared to $1.2 million for the three months ended December 31, 2023 due mostly to flat customers sales orders and shipments. Products and services margins for the three months ended December 31, 2024 decreased by 12.5% to 11.5%, compared to 24.0% 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 $5.1 million for the three months ended December 31, 2024, as compared to $5.9 million for the three months ended December 31, 2023, a decrease of $0.8 million, or 13.7%. The decrease during the three months ended December 31, 2024 was primarily attributable to decreases in compensation expenses of $0.7 million, including share-based compensation, decrease in legal expenses of $0.4 million, decrease in insurance related expenses of $0.1 million, and decrease in office related expenses of $0.1 million, partially offset by increase in travel-related expenses of $0.3 million and increase in public company related expenses of $0.2 million.

Research and development expenses decreased by $1.2 million, or 61.3%, from $2.0 million for the three months ended December 31, 2023 to $0.8 million for the three months ended December 31, 2024. The decreases during the three months ended December 31, 2024 were primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our 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 $0.38 million of expense, from $0.13 million of other income for the three months ended December 31, 2023, to $0.52 million in other expense for the three months ended December 31, 2024. The decrease during the three months ended December 31, 2024 was primarily attributable to the change in fair value of the warrants/investment rights liability, convertible notes, and increase in interest expense on debt obligations.

Net loss decreased by $2.2 million from net loss of $7.3 million for the three months ended December 31, 2023, to $5.1 million of net loss for the three months ended December 31, 2024. The decrease in net loss was primarily due to a decrease in operating expenses of $1.7 million, increase in revenue of $0.14 million, and an increase in other income, net of $0.4 million.

Net loss attributable to non-controlling interest was $0.03 million and $0.04 million for the three months ended December 31, 2024 and 2023, respectively.

Net loss is allocated to non-controlling interests in proportion to the relative ownership interests of the holders of non-controlling interests in Deep Impact and Levo entities. Nuvve own 51% of Deep Impact common units during the three months ended December 31, 2024, and 51% of Levo's common units during the three months ended December 31, 2023. Nuvve had determined that Deep Impact and Levo were variable interest entities (“VIE”) in which Nuvve was the primary beneficiary. Accordingly, Nuvve consolidated Deep Impact and Levo, and recorded a non-controlling interest for the share of Deep Impact and Levo owned by other parties during the three months ended December 31, 2024 and 2023.

Stonepeak and Evolve conditional capital contribution commitments expired on August 4, 2024. On October 15, 2024, Nuvve, Stonepeak, and Evolve entered into Sale Agreement, pursuant to which Stonepeak and Evolve sold their combined 49% membership interest in Levo to Nuvve for a de minimis price. As a result of the closing of the Sale Agreement, Nuvve became the 100% owner of Levo. On December 13, 2024, the Company dissolved Levo as an entity.

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 2024, along with other company developments at 5:00 PM Eastern Time (2:00 PM PT) today, Thursday, March 31, 2025.

To participate in the call, please register for and listen via a live webcast, 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.

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