#1NUVVE INTELLIGENTLY ELECTRIFYING THE PLANET | 2022 Q4 UPDATE NUVVE.COM#2LEGAL 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, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. Nuvve has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of Nuvve. Viewers of this Presentation should each make their own evaluation of Nuvve and of the relevance and adequacy of the information and should make such other investigations as they deem necessary. Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "plan," "predict," "potential," "seem," "seek," "future," "outlook," "model," "target," "goal," and similar expressions, and are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunities, as well as any other statements that are not related to present factors or current conditions or that are not purely historical. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of Nuvve's management. 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These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; risks relating to the uncertainty of Nuvve's projected financial information; risks related to the organic and inorganic growth of Nuvve's business and the timing of expected business milestones; the effects of competition on Nuvve's future business; the ability of Nuvve to obtain any necessary additional financing in the future; and those factors discussed in documents filed by Nuvve with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or Nuvve's management's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that presently are unknown to Nuvve or that Nuvve currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Nuvve's expectations, plans or forecasts of future events and views as of the date of this Presentation. Nuvve anticipates that subsequent events and developments will cause Nuvve's assessments to change. However, while Nuvve may elect to update these forward-looking statements at some point in the future, Nuvve specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Nuvve's assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. This Presentation contains trademarks, service marks, trade names and copyrights of Nuvve and other companies, which are the property of their respective owners. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 2 NUVVE#3TABLE OF CONTENTS 1. Company Overview 2. V2G Market Landscape 3. Key Investment Considerations 4. Business Overview 5. Q2 Updates 6. Appendix Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 3#4COMPANY OVERVIEW 4 r#5NUVVE SITS AT THE INTERSECTION OF TRANSPORT & ENERGY We are introducing a new model for electrification through our intelligent energy platform by increasing the utilization of electric vehicles (EVS) and turning them into valuable earning assets, thereby reducing their total cost of ownership (TCO). This helps the grid become more resilient while accelerating the world's transition to clean energy. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 5 V2G NUVVE POWERED BY NOV#6OUR PURPOSE OUR VISION WHAT WE DO Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. To intelligently electrify the planet, beginning with transportation. Intelligently connecting the world's batteries so everyone has an opportunity to share in the benefits of an electrified world. Combining the world's most advanced vehicle-to- grid (V2G) technology and our ecosystem of partners, we dynamically manage power among EV batteries and the grid. 6 NUVVE#7tel: THE NUVVE V2G PROMISE E Drivers always have enough energy to drive Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. $ Customers enjoy cost savings and revenue generation opportunities 7 We work within OEM battery warranty limits NUVVE#8OUR GLOBAL FOOTPRINT ● Headquarters in San Diego, CA Offices in Newark (Delaware), London, UK, and Copenhagen, Denmark 55+ employees and growing 25+ years of V2G R&D 17+ MW under management across the world 6+ years of continuous V2G commercial operations in Denmark Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 8 VRG NUVVE#9NUVVE LEADERSHIP TEAM Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Gregory Poilasne Co-Founder, Chairman & CEO KYOCERA DOCKON ethertronics 9 9990 Ted Smith Chief Operating Officer WALL STREET ASSOCIATES AMERICA'S + NAVY David Robson Chief Financial Officer Deloitte. PIRCH₂ @carparts.com#10V2G MARKET LANDSCAPE 10 r#11WHAT IS VEHICLE-TO-GRID (V2G)? Allows EVs to serve as distributed energy resources (DERs) by enabling EVs to charge and discharge energy from their batteries ● Stored energy from EV batteries is then used to add capacity to the grid and/or perform services that help stabilize the grid and prevent blackouts *In markets where this is allowed/applicable Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 11 ELECTRIC VEHICLE TWO-WAY COMMUNICATION NUVVE AGGREGATION SERVER V2G V2G COMPATIBLE CHARGING STATION ONE OR TWO-WAY POWER CONNECTION THE ELECTRIC GRID WIRELESS COMMUNICATION (optional) SECURE IP CONNECTION WITH NUVVE SERVER ENERGY EXCHANGE DATA COMMUNICATION NUVVE $ ENERGY TRANSFER GRID SERVICES NUVVE#12EV & POWER DEMAND FORECAST Explosive growth: Figure 3: Electric vehicle fleet forecast by vehicle type, base-case By 2040, an estimated 550 million EVs will be on the road Globally, EVs will represent more than two-thirds of passenger vehicle sales by 2040 Increased power demand: By 2040, EVs are projected to make up 10% of total electricity demand in the U.S. and Europe ● Million 600 400 200 Sources: BloombergNEF Economic Transition Scenario, Vehicle-to-Grid Big Opportunities Big Challenges March 2021 report Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. E-buses 12 Commercial EVS Passenger EVS Figure 4: Electric vehicle electricity demand as a percentage of total electricity demand 15% 10% 5% % 0% Europe 0 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 Source: Bloomberg NEF Note: Analysis from BNEF's Electric Vehicle Outlook. The EV fleet represents 29% of all vehicles on the road in 2040. Commercial EVs includes vans and trucks. U.S. V2G helps solve the grid issues EV growth creates China ..... Global average NUVVE#13ΕΛΛΩΝ Z NUVVE'S V2G SOLVES HIGH-LEVEL ISSUES & CREATES VALUE ACROSS THE ECOSYSTEM REDUCES RELIANCE ON FOSSIL- FUELED POWER PAVES THE PATH TO A SUSTAINABLE FUTURE Ⓒ2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. INCREASES GRID STABILITY CONNECTS THE ENERGY ECOSYSTEM 13 ACCELERATES THE ADOPTION OF EVS LOWERS THE TOTAL COST OF OWNERSHIP#14KEY INVESTMENT CONSIDERATIONS 14 r#15FIRST MOVER ADVANTAGE * |N NUVVE € IP: key patents and 25+ years R&D TSO Qualification: Qualified by multiple TSOs around the world, making it easier to expand Data: Years of data accumulation allows Nuvve to move rapidly and accurately for future developments V2G Experience: 10+ years of energy market participation; experience with multiple auto OEMs, charging station manufacturers, and utilities Financing: Custom, turnkey electrification solution with 100% financing options through joint venture, Levo, with $750M in committed capital Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 15 NUVVE#16SCHOOL BUSES ARE THE IDEAL USE CASE FOR V2G ● ● ● Largest fleet in the U.S. Consistent route-based transport with known energy needs Parked and unused most of the time 95%+ are diesel today - bad for student, driver, and community health Reduction of ~88mm tons of carbon emissions with the electrification of the entire U.S. school bus fleet - equivalent to planting ~108 million acres of trees Source: EPA. (1) Assumes 12-year asset life. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 16 NUVVE.COM V2G NUVVE We Make Electric Vehicles Greenet NOVOT.COM V2G PMC#17U.S. FLEET ELECTRIFICATION CAPITAL NEEDS ● Fleet Electrification Capital Requirements: ~$176B+ Passenger Vehicle Electrification Capital Requirements: ~$6.4T POSTAL FLEET ~225,000 vehicles | Capital Investment: $27B MILITARY FLEET ~170,000 vehicles | Capital Investment: $17B MASS (PUBLIC) TRANSIT ~160,000 vehicles | Capital Investment: $36B F Sources: New York School Bus Contractors Association, U.S. Postal Service, American Public Transit Association, other public records. TAM figures assume an average approximate cost per electric vehicle type. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 17 School Buses 55% Postal 15% Mass Transit 20% Military 10% MIX OF FLEET CAPITAL REQUIREMENTS TO ELECTRIFY SCHOOL BUSES ~480,000 buses | Capital Investment: $96B NUVVE#18MARKET OPPORTUNITY: U.S. SCHOOL BUSES Yellow School Buses in the US(¹) 480,000 Less than 1% are electric today V2G POWERED BY NUVVE 29 GW >>>> 100% electrification of school buses could increase U.S. electric power generation capacity by nearly 3% (²) Assuming all electric buses are powered by Nuvve's proprietary V2G Assumed Monthly Value of Energy Storage (3) $120/ kW-year $240/ kW-year Assuming 100% electrified by 2035 with 60kW V2G chargers [] [] [] Storage Annual Revenue $3.5B $6.9B Electric School Bus Power Capacity ~29 GW (1) Source: World Resources Institute. (2) Source: EIA; US power generation capacity as of the end of 2020. (3) Assumed value based on company estimates. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 18 Nuvve's experience and intellectual property make us uniquely qualified to capture this massive market opportunity NUVVE#19MARKET OPPORTUNITY: PASSENGER VEHICLES Global Electric Vehicles (¹) 500M by 2040 V2G POWERED BY NUVVE 3,500 GW >>>> Assumed Monthly Value of Energy Storage (3) 100% electrification of school buses could increase U.S. electric power generation capacity by nearly 3% (²) Assuming all electric buses are powered by Nuvve's proprietary V2G $120/kW-year Assuming 100% electrified by 2040 with 7kW V2G chargers [] [] [] $240/ kW-year Storage Annual 19 Revenue $420B Global Electric Vehicle Power Capacity ~3500 GW $840B (1) Source: BloombergNEF Long Term Electric Vehicle Outlook 2020; Estimated number of electric passenger vehicles. (2) Source: EIA; US power generation capacity as of the end of 2020. (3) Assumed value based on company estimates. Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. NUVVE#20ESG: THE MULTIPLIER EFFECT Environmental, Social, Governance ● ● ● Developing solutions for a scalable and sustainable green society Enables increased penetration of renewables Increases grid resiliency and reduces need for costly grid upgrades to integrate EVs Creates "energy equity" - increasing capacity for grid benefits for everyone Committed to increasing diversity and inclusion of team Working with schools in disadvantaged communities Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 20 1979 POWERED BY NUVVE ESG leaders have enhanced access to funds and margins NUVVE#21BUSINESS OVERVIEW 21 r#22EVOLUTION OF NUVVE Hong Kong V2G project Professor Kempton develops V2G concept INIVERSITY OF 1996 D 2010 DTU Nikola project Netherlands project 2012- 2015 Nuvve incorporates and acquires V2G international tech license Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 2016 CEC grant for UCSD project + U.K. project Series A financing with EDF Renewable Toyota Tsusho Nuvve acquires V2G IP 2017 Launches commercial service in Denmark Nuvve acquires US rights to V2G patents 2018 22 EDF and Nuvve launch DREEV 2019 Managing projects on 5 continents dreev eDF GROUP 2020 Becomes a public company (NVVE) Nuvve + Stonepeak launch Levo Celebrates 5 years of commerical V2G operations in DK Announces V2G hubs 2021 Announces V2G electric school bus partnerships Nuvve announces plans to become public company 2022 Al upgrades to GIVE™ V2G Platform with Astrea.ai and Switch EV integration announced Partnerships with Energy Operators SDG&E and Vistra established Nuvve Helps School District Customers Receive EPA Clean School Bus Rebates#23THE POWER OF NUVVE'S INTELLIGENT ENERGY PLATFORM INCREASES THE UTILIZATION OF EVS TRANSFORMS EVS INTO VALUABLE EARNING r REDUCES TCO V2G Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. ASSETS 23 CONTRIBUTES TO A MORE RESILIENT GRID INTEGRATES RENEWABLE ENERGY IN A MORE RELIABLE WAY N CREATES ENERGY HM EQUITY v#24SAVING & REVENUE OPPORTUNITIES Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and utility bill savings behind the meter. Smart Charging V1G V2B / V2H V2G [1] TOU = Time of Use Optimization One-way stop/start charge at scheduled times Dynamic charge rate based on external signals Bidirectional charging, connected to buildings, able to respond to tariff signals Interconnected energy storage that can respond to fast grid signals and participate in energy markets ©2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 24 Utility Interconnection TOU[1] Demand Response Demand Charge Management, Emergency Back-Up Wholesale Energy Market (Ancillary, Capacity, Energy) NUVVE#2520 18 16 14 12 10 4 2 0 COMPANY GROWTH TREND 4.8 5.6 6.9 MW Under Management* 11.5 12.6 14.7 ©2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 16.1 16.3 17.4 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 ********** *Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world 25 Megawatts under management grew 7% in 2022 Q4 compared to 2022 Q3 and 261% from the end of 2020 through Q4 2022 NUVVE#26COMPETITIVE LANDSCAPE Transportation Behind-The-Meter Grid Services Fleet Charge του Demand Charge V2H Demand Response NUVVE -chargepoint. V Voltage Control Reactive Power Energy Arbitrage Frequency Regulation Bidirectional Note: Competitor services as advertised or promoted through press ©2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. v V V V V v 26 THE MOBILITY HOUSE J enel x FERMATA Ovo energy ENERGY HIGHLAND ELECTRIC RANSPORTATION#27REVENUE STREAMS NIVE WONG Charging Station Hardware •White labeled from EVSE partners integrated with Nuvve software Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. W Fleet-as-a-Service 27 Grid Services Revenue •Agreements with customers and/or directly with utilities for % share of revenue earned through grid services •All-in-one electrification solution for a flat monthly fee NUVVE#28EXPANDING OUR PARTNERSHIPS ABBLION ELECTRIC 3 BLUE BIRD BYD 2021.Al swell Switch CIRCLE K Rhombus NISSAN wallbox w TM Energy OEM integration; all Blue Bird electric buses come standard with Nuvve V2G OEM partner for Levo to offer as leasing option to school districts OEM integration underway to be used across vehicle types - transit buses and coaches, yard tractors, drayage and refuse trucks, last mile delivery vehicles, and school buses. Formed joint venture, "Astrea Al" to integrate Al to Nuvve's platform to broaden and optimize services offered today Combine battery storage, solar, and smart EV charging into a comprehensive home energy system for residential and commercial markets Adds Nuvve's patented V2G platform to Switch's standardized software solution for EVSE management, operations and maintenance, improving interoperability among charging stations, EVs and the grid Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Cummins Nuvve and Circle K deploy large-scale grid services to manage an initial 40 megawatts of EV fast charging and stationary storage capacity across Norway and Denmark 28#29UTILITY & ENERGY PARTNERS AROUND THE WORLD United States: PGE PG&E SCE SDG&E La Plata Energy Association ● ● ● ● Ameren New Hampshire Electric Co-Op Con Edison FPL Vistra Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 29 Europe: GALP EDF ● Energinet Asia: ● Chubu Electric Power NUVVE#30V2G HUBS: TURNING EVS INTO POWER PLANTS Nuvve's platform aggregates energy and power capacity from multiple EV batteries to form a virtual power plant (VPP) The VPP can provide services to the grid that add capacity, help stabilize it, and prevents blackouts The Power of V2G Hubs: ● If you have 200 buses connected at 125kW = 25MW of capacity 25MW would be capable of reducing peak consumption of 10,000 homes by 50% Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. V20 f 30 M#31FLEET-AS-A-SERVICE FROM LEVO Levo combines Nuvve's V2G technology and energy management expertise with Stonepeak's capital (up to $750M committed to Levo) and sustainable infrastructure experience ● ● ● Offers an all-in-one solution including the EVs, associated charging infrastructure plus site upgrades, and intelligent energy management 100% financing, no upfront costs, fixed monthly fee 4 V2G Charging Solutions X Vehicle is ready to go when needed Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Maintenance Electric Vehicle Fully equipped electric vehicle fleet Levo Customized maintenance solutions to suit customer needs V2G Technology Our vehicle-to-grid technology harnesses your battery whe not in use 31 POWERED BY NUVVE 100% Financing Flexible financing solution eliminating up-front capital cost for vehicles and related infrastructure Seamless Customer Experience V2G Easy-to-access tools to monitor and manage fleet charging and performance NUVVE#322022 Q4 FINANICALS & UPDATES 32 r#33CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) Assets Current Assets Cash Restricted cash Accounts receivable, net Inventories Prepaid expenses and other current assets Total Current Assets Property and equipment, net Intangible assets, net Investment in equity securities Investment in leases Right-of-use operating lease assets Financing receivables Security deposit, long-term Total Assets Liabilities, Mezzanine Equity and Stockholders' Equity Current Liabilities Accounts payable Accrued expenses Deferred revenue Operating lease liabilities - current Other liabilities. Total Current Liabilities Operating lease liabilities - noncurrent Warrants liability Derivative liability - non-controlling redeemable preferred shares Other long-term liabilities Total Liabilities Commitments and Contingencies Mezzanine equity Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issued and outstanding at December 31, 2022 and December 31, 2021; aggregate liquidation preference of $3 464 606 and $3 200 760 at December 31 2022 and December 31 2021 respectively. Class D Incentive units, zero par value, 1,000,000 units authorized, 250,000 units issued and outstanding at December 31. 2022 Stockholders' Equity Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at December 31. 2022 and December 31. 2021. respectively Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 24,270,956 and 18,861,130 shares issued and outstanding at December 31. 2022 and December 31. 2021. respectively Additional paid-in capital Accumulated other comprehensive income Accumulated deficit Nuvve Holding Corp. Stockholders' Equity Non-controlling interests Total Stockholders' Equity Total Liabilities, Mezzanine equity and Stockholders Equity Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 33 December 31, 2022 $ $ $ $ 15,753,896 $ 480,000 1,121,694 11,551,831 2,942,145 31,849,566 636,944 1,341,640 1,670,951 97,054 5,305,881 288,872 8,682 41,199,590 $ 2,390,422 $ 3,347,399 1,221,497 824,326 113,844 7,897,488 5,090,170 220,884 359,225 393,179 13,960,946 3,547,765 445,479 December 31, 2021 2,427 144,073,505 76,182 (116,956,528) 27,195,586 (3,950,186) 23,245,400 41,199,590 $ 32,360,520 380,000 1,886,708 11,118,188 1,036,645 46,782,061 356,194 1,481,077 670,951 3,483,042 138,161 3,057 52,914,543 5,738,873 2,874,018 719,771 41,513 110,574 9,484,749 3,441,642 9,543,000 511,948 18,860 23,000,199 2,901,899 1,888 122,336,607 113,446 (92,937,863) 29,514,078 (2,501,633) 27,012,445 52,914,543#34CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) Revenue Products and services Grants Total revenue Operating expenses Cost of product and service revenue Selling, general, and administrative Research and development Total operating expenses Operating loss Other income (expense) Interest income (expense) Financing costs Change in fair value of warrants liability Change in fair value of derivative liability Other, net Total other income (expense), net Loss before taxes Income tax expense Net loss Less: Net loss attributable to non-controlling interests Net loss attributable to Nuvve Holding Corp. Less: Preferred dividends on redeemable non- controlling interests Less: Accretion on redeemable non-controlling interests preferred shares Net loss attributable to Nuvve Holding Corp. common stockholders Net loss per share attributable to Nuvve Holding Corn. common stockholders. basic and diluted Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corn common stockholders. basic and diluted Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. $ Three Months Ended December 31. 2022 1,104,325 $ 42,611 1,146,936 $ 743,395 7,189,826 1,955,033 9,888,254 (8,741,318) 87,026 161,466 2021 1,159,308 $ 90,519 1,249,827 (0.33) $ 1,124,729 6,544,104 1,949,442 9,618,275 23,955,356 34 (8,368,448) 7,188 (585,157) (46,754,794) (952,000) (312,400) 772,762 172,032 (2,163) 3,619 11,986,462 152,723 (14,342) (39,731) 85,074 282,183 (986,706) 12,358,838 (47,384,510) (9,355,154) (24,556,706) (74,616,312) 1,000 1,035,439 (7,705,879) 800 800 $ (7,706,679) $ (9,355,154) $ (24,557,506) $(74,617,312) 161,466 Years Ended December 31, 2022 (78,978) (78,405) (538,841) (2,138,272) $ (7,627,701) $ (9,276,749) $ (24,018,665) $(72,479,040) 67,933 62,760 263,846 101,856 645,866 (0.51) $ 18,800,005 4,913,956 $ 2,920,627 459,427 1,270,138 5,373,383 4,190,765 2021 4,196,788 2,002,197 30,115,571 22,896,125 7,976,568 42,288,927 6,524,245 31,422,567 (36,915,544) (27,231,802) 134,579 $ (7,857,100) $ (9,500,975) $ (24,928,377) $(72,842,401) (1.19) $ 261,505 (4.37) 20,971,896 16,654,495#35CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) Operating activities Net loss Adjustments to reconcile to net loss to net cash used in operating activities Depreciation and amortization Share-based compensation Financing costs Beneficial conversion feature on convertible debenture Accretion of discount on convertible debenture Change in fair value of warrants liability Change in fair value of derivative liability Loss on disposal of asset Gain on extinguishment of PPP Loan Noncash lease expense Change in Accounts receivable ting assets and liabilities Inventory Prepaid expenses and other assets Accounts payable Accrued expenses Deferred revenue Net cash used in operating activities Investing activities Proceeds from sale of property and equipment Purchase of property and equipment Investments in equity securities Net cash used in investing activities Financing activities Proceeds from Newborn Escrow Account Redemption of Newborn shares Issuance costs related to reverse recapitalization and PIPE offering Proceeds from PIPE offering Repayment of Newborn sponsor loans Repurchase of common stock from EDF Newborn cash acquired Purchase of stock from investor Payment of financing costs Payment of finance lease obligations Proceeds from forward option put exercise Proceeds from exercise of pre-funded warrants related to Direct Offering Proceeds from Direct Offering of common stock, net of offering costs Proceeds from common stock offering, net of offering costs Proceeds from exercise of stock options Issuance Costs Related to Preferred Stock Issuance of Redeemable Preferred Stock Payment of Preferred Stock dividends Net cash provided by financing activities Effect of exchange rate on cash. Net increase in cash and restricted cash Cash and restricted cash at beginning of year Cash and restricted cash at end of year Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 35 $ $ Years Ended December 31. 2022 2021 (24,557,506) $ 289,536 5,234,878 (11,986,462) (152,723) 421,183 763,302 (433,644) (2,072,001) (3,346,937) 1,340,918 417,481 (34,081,975) (438,045) (1,000,000) (1,438,045) |||| (9,691) 1,994,073 185 13,069,815 3,763,494 245,748 19,063,624 (50,228) (16,506,624) 32,740,520 16,233,896 (74,617,312) 167,558 4,219,989 46,771,276 427,796 116,147 312,400 1,326 (492,100) 3,636 (887,697) (10,065,710) (693,756) 2,780,890 2,138,574 626,265 (29,190,718) 7,649 (273,124) (265,475) 58,184,461 (18,629) (3,970,657) 14,250,000 (487,500) (6,000,000) 50,206 (2,000,000) (1,000,000) (5,839) 576,528 (2,956,248) 3,138,000 (39,096) 59,721,226 199,592 30,464,625 2,275,895 32,740,520#362022 Q4 + RECENT HIGHLIGHTS San Diego School District, Blue Bird and Nuvve Unveil 8 New V2G-Enabled and Qualified Electric School Buses Vehicles are qualified to generate revenues for the school district through SDG&E's Emergency Load Reduction Program (ELRP) by selling energy stored in the vehicles' batteries back to the grid Nuvve Helps 10 School Districts Receive 61 EPA Clean School Bus Rebates Totaling $24.2M Nuvve and its school district customers began activating their site design / development plans, procurement of Nuvve V2G-capable DC fast chargers and partner electric school buses (ESBs) Nuvve Vehicle-to-Grid Tech Receives IEEE Certification for Utility-Scale Communications IEE Certification is the most widely adopted communications standard between DERs and enables Nuvve's GIVe V2G platform to connect and communicate with leading DERMS Nuvve Accepts Purchase Order from Los Angeles Unified School District (LAUSD) For 24 V2G Capable DC Fast Chargers Nuvve and Circle K Deploy Large-Scale Grid Services Using EV Fast Chargers in Norway and Denmark Project brings 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 Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Fast chargers to be installed across two LAUSD school sites, with all chargers expected to be deployed by the middle of 2023 36 v#37APPENDIX 37 r#38$1.2T BIPARTISAN INFRASTRUCTURE BILL Nuvve Opportunities $7.5B Electric Vehicle Chargers $2.5B Electric Buses Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. $3B F Specific V2G Mentions in Bill • Sec. 11109: adds the installation of electric vehicle and vehicle-to-grid (V2G) infrastructure as eligible grant funding categories. Tech to Enhance Grid Flexibility • Sec. 40107: "smart grid functions" that qualify include those that facilitates the integration of V2G technologies, renewables, and EV charging infrastructure 38 NUVVE Source: https://www.congress.gov/bill/117th-congress/house-bill/3684/text#39$965M - EPA Clean School Bus Rebates EPA announcement that Biden-Harris Administration will double clean school bus rebates Awards from $500M to nearly $1B Nuvve Opportunities • Nuvve Helps 10 School Districts Receive 61 EPA Clean School Bus Rebates Totaling $24.2M ● The total amount of clean school bus rebates equate to: • $1.2M for EVSE School District States: • California - 6 Texas - 2 • Arizona - 2 Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 39 NUVVE#40Inflation Reduction Act (IRA) - August The Inflation Reduction Act is the most significant legislation in U.S. history to tackle the climate crisis and strengthen American energy security. $369 billion investment in clean energy over 10 years. Nuvve Opportunities Commercial EV credits Charging infrastructure tax credits Clarifies that bidirectional chargers are eligible for the alternative refueling tax credit Funding for transportation electrification programs through federal agencies Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 40 NUVVE#41POSITIVE IMPACT ICE vehicles account for ~45% of global CO2₂ emissions 12% 11% VEHICLE ELECTRIFICATION 29% Road (Passenger) 3% 45% Road (Freight) Transport accounts for 24% of CO₂ emissions from energy Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Aviation AND NEGATIVE IMPACT EVS are projected to create a 40% increase in power demand[¹] requiring a $2T investment in grid upgrades[²] ▼ +40% Sources: 2018 global CO₂ stats by sector from ourworldindata.org. (1) US Department of Energy, forecast through 2050. (2) Global grid investment requirement implied based upon grid upgrade costs per EV added to the California vehicle fleet implied by SCE "Reimagining the Grid" Dec. 2020 whitepaper 41 * +$2T NUVVE#42NUVVE PLATFORM: HOW IT WORKS Forecast • Vehicle- based • Availability • Power capacity • Historical usage Bid • Market- based • Historical trends Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. • Projected ● value • Volatility Al integration in development Dispatch 42 • Compatible w/all standards • Control infrastructure directly or via APIs NUVVE Nuvve's platform simultaneously meets the needs of drivers, batteries, and the grid on a second-by-second basis Nuvve GIVe aggregator Lul Report Performance and financial results to stakeholders (utilities, fleet owners, drivers) NUVVE#43BATTERY HEALTH PAPER ● Learn about the factors that affect EV battery health and how intelligent energy management can help improve it Download the paper at nuvve.com/battery-health Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 43 Laddobbobobob 01 Battery Health and V2G PREPARED BY 0001 NUVVE 52#44V2G & BATTERY HEALTH V2G has minimal impact on the battery • Main factors that impact capacity are driving and age (calendar life) Studies show small percentage impact from V2G ● 2% impact over 8 years SA Deployment of Vehicle-to-Grid Technology and Related Im som Introduction www.ww 1.30 "Deployment of Vehicle-to-Grid Technology and Related Issues" 2016 SAE Research Paper: Satoru Shinzaki, Hakaru Sadano, and Yutaka Maruyama, Honda R&D Co., Ltd https://www.sae.org/publications/technical-papers/content/2015-01-0306/ Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 44 Capacity Remaining [%] DTU 100 99 98 93 1-2% impact over 5 years Technical Results: total degradation 6 12 60% SOC 24 30 36 Time [months] 42 48 -Parked Only Driving Only Frequency Only Drive +Frequency 54 60 Capacity Remaining [%] 100 99 98 97 96 95 94 93 92 91 90 89 0 6 12 80% SOC 18 24 36 30 Time [months] 42 0 Combined operation has the highest capacity degradation 48 -Parked Only Driving Only Frequency Only -Drive +Frequency 54 60 "Techno-economic characterization of EV battery considering degradation" 2019 Lisa Calearo, PhD Student, Center for Electric Power and Energy DTU Risø Campus NUVVE#45THANK YOU v NUVVE.COM