Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT) SAN DIEGO, Aug. 13, 2024 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve", "we", the "Company") (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 second quarter 2024 update.  Second Quarter Highlights and Recent Developments Partnered with Great Power, combining Nuvve's V2G technology with advanced batteries for more efficient, affordable EVs and part of the V2G Hub solution Held ground breaking event on the turnkey fleet electrification program for Fresno EOC's $16M 50-shuttle fleet project Completed installation and commissioning of Nuvve AC and DC chargers at Chinle Unified School District (USD) in California, making Chinle the first and largest school district in the Navajo Nation to go electric Increased megawatts under management by 8.0% to 27.1 megawatts as of June 30, 2024 from 25.1 megawatts on December 31, 2023 Reduced operating expenses excluding cost of sales in second quarter 2024 to $6.0 million compared to $8.5 million in second quarter 2023 Cash and cash equivalents of $1.4 million as of June 30, 2024 Management Discussion Gregory Poilasne, Chief Executive Officer of Nuvve, said, "The second quarter was busy time of year for tradeshows and conferences where Nuvve had a presence at ACT Expo, STN East, STN West, NSTA, and several state conferences. At these conferences we highlighted how our solutions, which are managed through our proprietary GIVeTM bidirectional, smart-charging software platform can positively impact their total cost of ownership (TCO) model. This timing was critical as many school bus fleet operators are starting to make infrastructure decisions after winning their grant awards from the EPAs Clean School Bus Program. We were pleased with the success of the ground breaking event held with the Board of the Fresno Economic Opportunities Commission executive team on our turnkey fleet electrification program for their 50-shuttle fleet that occurred in July. This solution will include 50 electric Class-A shuttles, a 2.5-megawatt on-site solar generation system, a battery storage system, DC fast chargers, and our GIVeTM software platform and V2G technology. We also announced our partnership with Great Power, where we will combine their industry-leading advanced batteries with our V2G solutions, helping power similar projects as the one in Fresno, California. Finally, we completed the installation and commissioning of Nuvve AC and DC chargers at Chinle Unified School District (USD) in California, now the first and largest school district in the Navajo Nation to go electric and Nuvve is proud to be along with them on this journey." 2024 Second Quarter Financial Review Total revenue was $0.80 million for the three months ended June 30, 2024, compared to $2.12 million for the three months ended June 30, 2023, a decrease of $1.32 million, or 62.2%. The decrease was primarily attributable to a $1.18 million decrease in products revenue and $0.2 million decrease in services revenue due to lower customers sales orders and shipments, partially offset by an increase in grants of $0.06 million. Products and services revenue for the three months ended June 30, 2024, consisted of DC and AC Chargers of $0.37 million, grid services revenue of $0.12 million, and engineering services of $0.19 million. Cost of products and services revenue for the three months ended June 30, 2024, decreased by $1.3 million to $0.6 million, or 69.1% compared to $2.0 million for the three months ended June 30, 2023 due to lower customers sales orders and shipments. Products and services margin increased by 5.4% to 10.1% for the three months ended June 30, 2024, compared to 4.8% in the same prior year period. Margin benefited from a lower mix of hardware charging stations' sales and a higher mix of engineering services in the current quarter compared with the second quarter of 2023. Selling, general and administrative expenses consist of selling, marketing, advertising, payroll, administrative, legal, finance, and professional expenses. Selling, general and administrative expenses were $4.5 million for the three months ended June 30, 2024, as compared to $6.1 million for the three months ended June 30, 2023, a decrease of $1.7 million, or 26.4%.  The decrease during the three months ended June 30, 2024 was primarily attributable to decreases in compensation expenses of $0.4 million, including share-based compensation, decreases in public company related costs of $0.3 million, decreases in subcontractor and outside services expenses of $0.4 million, decreases in travel and marketing/promotions related expenses of $0.4 million, and decreases in bad debt expenses of $0.1 million. Expenses resulting from the consolidation of Levo's activities during the three months ended June 30, 2024, accounted for $0.1 million of the decrease in selling, general and administrative expenses. Research and development expenses decreased by $0.9 million, or 38.3%, from $2.4 million for the three months ended June 30, 2023 to $1.5 million for the three months ended June 30, 2024. The decrease during the three and six months ended June 30, 2024 was primarily attributable to decreases in compensation expenses and subcontractor expenses used to advance our platform functionality and integration with more vehicles. Other income, net consists primarily of interest expense, change in fair value of warrants liability and derivative liability, and other income (expense). Other income, net increased by $1.5 million from $0.3 million of other income for the three months ended June 30, 2023, to $1.8 million in other income for the three months ended June 30, 2024. The increase during the three months ended June 30, 2024 was primarily attributable to the change in fair value of the warrants liability and sublease income related to the subleasing of part of our main office space. Net loss decreased by $4.0 million, or 50.5%, from $8.0 million for the three months ended June 30, 2023, to $3.9 million for the three months ended June 30, 2024. The decrease in net loss was primarily due to an increase in other income of $1.5 million, and a decrease in operating expenses of $3.9 million, which includes a decrease in cost of product and services of $1.3 million, and a decrease in revenue of $1.3 million, for the above aforementioned reasons. Net Income (Loss) Attributable to Non-Controlling Interest Net loss attributable to non-controlling interest was $0.01 million for the three months ended June 30, 2024 compared to net income attributable to non-controlling interest of $0.01 million for the three months ended June 30, 2023. Net income (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 ("VIE") 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 June 30, 2024. Megawatts Under Management Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world. Conference Call Details The Company will hold a conference call to review its financial results for the second quarter of 2024, along with other Company developments, at 5:00 PM Eastern Time (2:00 PM PT) today, Tuesday, August 13, 2024. To participate, please register for and listen via a live webcast, which is available in the 'Events' section under the 'News & Events' tab 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. About Nuvve Holding Corp. 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 European Union. Any other trademarks or trade names mentioned are the property of their respective owners. Cautionary Statement Regarding Forward-Looking Statements 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. Nuvve Investor (619) 483-3448 Nuvve Press (619) 483-3448  FINANCIAL TABLES FOLLOW    NUVVE HOLDING CORP. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash $                1,431,414 $                1,534,660 Restricted cash 480,000 480,000 Accounts receivable, net 516,193 1,724,899 Inventories 6,044,136 5,889,453 Prepaid expenses 789,112 994,719 Deferred costs 1,394,824 1,667,602 Other current assets 633,565 751,412 Total current assets 11,289,244 13,042,745 Property and equipment, net 709,916