#1NUVVE INTELLIGENTLY ELECTRIFYING THE PLANET | 2022 Q1 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. ("Nuwe") 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. 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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, Nuwe specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Nuwe'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. NUVVE ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 2#3TABLE OF CONTENTS 1. Company Overview 2. V2G Market Landscape 3. Key Investment Considerations 4. Business Overview 5. Q4 Financials & Updates 6. Appendix Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 3#4COMPANY OVERVIEW 4 V#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. Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 5 V2G POWERED BY NUVVE NUV ORSTION#6OUR PURPOSE OUR VISION WHAT WE DO Ⓒ2022 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. NUVVE#7tel: THE NUVVE V2G PROMISE 1 Drivers always have enough energy to drive Ⓒ2022 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 60+ employees and growing 25+ years of V2G R&D 16+ MW under management across the world 5+ years of continuous V2G commercial operations in Denmark Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. CO V20 NUVVE#9NUVVE LEADERSHIP TEAM ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Gregory Poilasne Co-Founder, Chairman & CEO KYOCERA DOCKON ethertronics STA Ted Smith Chief Operating Officer WALL STREET ASSOCIATES Ref AMERICA'S 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 11 ELECTRIC VEHICLE TWO-WAY COMMUNICATION NOVVE 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 ● Million By 2040, EVs are projected to make up 10% of total electricity demand in the U.S. and Europe 600 400 200 E-buses Commercial EVS Passenger EVS Sources: BloombergNEF Economic Transition Scenario, Vehicle-to-Grid Big Opportunities Big Challenges March 2021 report Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 12 Figure 4: Electric vehicle electricity demand as a percentage of total electricity demand 15% 10% 5% % 0% 0 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 Increased power demand: Source: BloombergNEF Note: Analysis from BNEF's Electric Vehicle Outlook. The EV feet represents 29% of all vehicles on the road in 2040. Commercial EVs includes vans and trucks. Europe V2G helps solve the grid issues EV growth creates U.S. 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 V#15FIRST MOVER ADVANTAGE W # 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 Ⓒ2022 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. Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 16 NOVVE NUVVE.COM V2G NUVVE We Make Electric Vehicles Greener V2G#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 Fi 17 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. Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 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) Electric School Bus Power Capacity >>>> 480,000 ~29 GW 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 Assuming 100% electrified by 2035 with 60kW V2G chargers [] [] [] $240/kW-year →[ → Storage Annual Revenue $3.5B $6.9B Nuvve's experience and intellectual property make us uniquely qualified to capture this massive market opportunity (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. ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 18 NUVVE#19MARKET OPPORTUNITY: PASSENGER VEHICLES Global Electric Vehicles (¹) Global Electric Vehicle Power Capacity 500M by 2040 ~3500 GW 100% V2G electrification of global EVs by 2040 would represent over 3 times the total U.S. power generation capacity today(²) Assuming all electric buses are powered by Nuvve's proprietary V2G V2G POWERED BY NUVVE 3,500 GW Assumed Monthly Value of Energy Storage (3) $120/kW-year Assuming 100% electrified by 2040 with 7kW V2G chargers [] [] [] $240/kW-year →[ → Storage Annual Revenue 19 $420B $840B (1) Source: Bloomberg NEF 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. Ⓒ2022 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 20 1909) DO POWERED BY NUVVE 40 ESG leaders have enhanced access to funds and margins NUVVE#21BUSINESS OVERVIEW 21 V#22EVOLUTION OF NUVVE CEC grant for UCSD project + U.K. project Professor Kempton develops V2G concept INIVERSITY OF 1996 2010 Hong Kong V2G project DTU Nikola project Netherlands project 2012- 2015 Nuvve incorporates and acquires V2G international tech license NUVVE 2016 Series A financing with EDF Renewable + Toyota Tsusho Nuvve acquires V2G IP 2017 Launches commercial service in Denmark Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 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 Levo 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 Nuvve + 2021.AI announce Astrea Al Announces Swell partnership for residential V2G NUVVE#23THE POWER OF NUVVE'S INTELLIGENT INCREASES THE UTILIZATION OF EVS ENERGY PLATFORM TRANSFORMS EVS V2G INTO VALUABLE EARNING ASSETS REDUCES TCO ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 23 F CONTRIBUTES TO A MORE RESILIENT GRID MA CREATES INTEGRATES RENEWABLE ENERGY IN A MORE RELIABLE WAY ENERGY 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 Ⓒ2022 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#25COMPANY GROWTH TREND 18 16 14 12 10 00 8 6 4 2 O 4.8 Q4 2020 MW Under Management* 5.6 Q1 2021 6.9 Q2 2021 12.4 Q3 2021 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 14.7 Q4 2021 16.9 1 *Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world 25 Q1 2022 Megawatts under management grew 15% in 2022 Q1 compared to 2021 Q4 and 252% from the end of 2020 through Q1 2022 NUVVE#26COMPETITIVE LANDSCAPE Transportation Fleet Charge V Behind-The-Meter Grid Services του Demand Charge V2H Demand Response Voltage Control Reactive Power NUVVE -chargepoin+ Energy Arbitrage Frequency Regulation Bidirectional v V V V > > > V Note: Competitor services as advertised or promoted through press Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. ✓ ✓ 26 THE MOBILITY HOUSE enel x ✓ FERMATA HIGHLAND ELECTRIC energy ENERGY ✓ RANSPORTATION NOVVE#27REVENUE STREAMS NOVE Charging Station Hardware •White labeled from EVSE partners integrated with Nuvve software Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. ** Grid Services Revenue • Agreements with customers and/or directly with utilities for % share of revenue earned through grid services Fleet-as-a-Service 27 •All-in-one electrification solution for a flat monthly fee NUVVE#28EXPANDING OUR PARTNERSHIPS Rhombus NISSAN wallbox Energy Solutions ABB LION ELECTRIC BLUE BIRD BYD 2021.Al swell OEM integration; all Blue Bird electric buses come standard with Nuvve V2G Building 1st large-scale "V2G hub" at Fort Valley production facility 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. Ⓡ™ TM Forming joint venture, "Astrea Al" to integrate Al to Nuvve's platform to broaden and optimize services offered today Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Combine battery storage, solar, and smart EV charging into a comprehensive home energy system for residential and commercial markets NUVVE 28 Cummins#29UTILITY 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 29 Europe: GALP EDF 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% Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. F 30#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 VZG Charging Solutions Vehicle is ready to go when needed X Electric Vehicle Fully equipped electric vehicle fleet Maintenance ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Customized maintenance solutions to suit customer needs Levo V2G Technology Our vehicle-to-grid technology harnesses your battery when not in use 31 POWERED BY NUVVE F<0. 100% Financing Flexible financing solution eliminating up-front capital cost for vehicles and related infrastructure Seamless Customer Experience Easy-to-access tools to monitor and manage fleet charging and performance V2G NUVVE#322022 Q1 FINANCIALS & UPDATES 32 V#33CONDENSED CONSOLIDATED BALANCE SHEETS Assets Current assets Cash Restricted cash Accounts receivable Inventory Prepaid expenses and other current assets Total Current Assets Property and equipment, net Intangible assets, net Investment in joint venture Right-of-use Operating Asset Deferred Financing Costs Financing Receivable Other long term assets Total Assets Liabilities 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 Preferred Stock Other long term liabilities Total Liabilities Commitments and Contingencies Mezzanine equity Stockholders' Equity Common Stock Additional paid-in-capital Accumulated other comprehensive income (loss) Accumulated deficit Nuvve Stockholders' Equity (Defecit) Non-Controlling Interests Total Stockholders' Equity Total Liabilities and Stockholders' Equity Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 33 March 31, 2022 December 31, 2021 $ 23,704,646 480,000 1,431,134 9,328,206 1,685,008 36,628,994 572,499 1,446,218 670,951 3,397,270 43,562,847 238,624 3,057 86,520,460 3,216,560 3,564,224 690,868 41,513 108,384 7,621,549 3,532,278 458,476 433,000 17,283 12,062,586 3,046,892 $ 1,891 128,594,145 99,762 (56,385,798) 72,310,000 (899,018) 71,410,982 $ 86,520,460 $ 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 43,562,847 138,161 3,057 96,477,390 5,738,873 2,874,018 719,771 41,513 110,574 9,484,749 3,441,642 866,000 511,948 18,860 14,323,199 2,885,427 1,888 127,138,504 113,446 (47,412,470) 79,841,368 (572,604) 79,268,764 96,477,390 NUVVE#34CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Revenue Products and services Grants Total revenue Expenses Cost of product and service revenue Selling, general and administrative Research and development Total expenses Operating loss Other income (expense) Interest expense Change in FV of private warrants liability Change in FV of Derivative liability Other, net Total other income (expense), net Loss before income tax expense 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 common stockholders Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 34 Three Months Ended March 31, 2022 2,253,784 117,249 2,371,033 2,142,312 7,625,550 2,135,575 11,903,437 2021 1,458 433,000 53,472 (29,787) 458,143 (9,074,261) 311,903 487,129 799,032 127,228 4,482,740 1,262,950 5,872,918 (9,532,404) (5,073,886) (597,549) 421,830 (112,115) (287,834) (5,361,720) (9,074,261) (5,361,720) (100,933) (8,973,328) (5,361,720) 64,015 161,466 (9,198,809) (5,361,720) NUVVE#35CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Operating activities Net loss Adjustments to reconcile to net loss to net cash used in operating activities Depreciation and amortization Share-based compensation 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 operating assets and liabilities Accounts receivable 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 Net cash provided by (used in) investing activities Financing activities Proceeds from Newborn Escrow Account Redemption of Newborn shares Issuance costs related to reverse recapitalization and PIPE offering Proceeeds from PIPE offering Repayment of Newborn sponsor loans Deposit with Newborn Newborn Cash Aqcuired Repurchase of common stock from EDF Payment of Finance Lease Obligations Net cash (used) provided by financing activities Effect of exchange rate on cash Net increase (decrease) in cash and restricted cash Cash and restricted cash at beginning of year Cash and restricted cash at end of year Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 35 Three Months Ended March 31, 2022 2021 $ (9,074,261) $ 67,302 1,455,644 (433,000) (53,472) 178,849 454,849 1,789,982 (915,356) (2,521,672) 624,722 (23,476) (8,449,889) (250,861) (250,861) (2,073) (2,073) 146,949 (5,361,720) 41,390 262,105 427,796 116,147 (421,830) 1,405 (764) 151,204 (1,853,640) (1,656,880) 1,703,781 3,723,729 233,426 (2,633,851) 8,107 8,107 58,471,961 (18,630) (3,704,921) 14,250,000 (487,500) (287,500) 50,206 (6,000,000) 62,273,616 119,541 (8,555,874) 32,740,520 $ 24,184,646 $ 62,043,308 59,767,413 2,275,895 NUVVE#362022 Q1 HIGHLIGHTS swell 2021.Al Levo Awarded Contract to Convert Midwest School Bus Fleet to Electric Partnership with Swell for Residential and Commercial Solution Troy Consolidated School District 30-C chose Levo to help electrify its fleet over the next 10 years Joint Venture with 2021.AI, Astrea Al Announced plans to form a joint venture to integrate artificial intelligence to Nuvve's V2G platform Together, companies will offer combined battery storage, solar, and EV charging solution ©2022 Nuvve Holding Corp. All rights reserved. Confidential and pr 36 v#37RECENT HIGHLIGHTS Nuvve Receives Approval to Provide Grid Services in Japan Nuvve, Toyota Tsusho, and Chubu Electric Power received approval from the Japanese TSO to provide stabilizing services to the grid in Japan Nuvve Named 2022 BNEF Pioneer Nuvve was named a 2022 BNEF Pioneer award winner by BloombergNEF for its innovative V2G electric charging solution Nuvve Selected as DOE Collaboration Partner Nuvve signed an MOU with the DOE to accelerate the commercialization of V2G, V2H, V2B, and other VGI technologies Nuvve and Cenntro Announce Sales Alliance Nuvve and Cenntro announced a sales alliance to offer a bundled EV and charging solution for commercial fleets ©2022 Nuvve Holding Corp. All rights reserved. Confidential and pr Nuvve Diversifies Charging Station Line- Up with Power Electronics Nuvve and Power Electronics to integrate Nuvve's V2G platform with Power Electronics charging station technology for North America and European markets 37 v#38APPENDIX 38 r#39$1.2T BIPARTISAN INFRASTRUCTURE BILL Nuvve Opportunities $7.5B ● Electric Vehicle Chargers $2.5B Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Electric Buses $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. Sec. 40107: "smart grid functions” that qualify include those that facilitates the integration of V2G technologies, renewables, and EV charging infrastructure NUVVE Tech to Enhance Grid Flexibility 39 Source: https://www.congress.gov/bill/117th-congress/house-bill/3684/text#40LEVO CONTRACT WITH TROY 30-C Preliminary Project Timeline I I Phase 1-2022 Summer 1. Install 10 staff chargers BTM upgrades and line extension Phase 2a - 2023+ • Install up to 64 additional chargers Chargers can be deployed any time over next 10 years at school's election Phase 2b - 2023+ ROFR on any EV bus deployments at the district for the next 10 years Fleet consists of 43 Type C + 21 Type A Represents up to $16M of qualified pipeline* RAKES ciete 2MW Solar Farm producing 2800MWH annually www. W!!! Thesdon & *"Qualified pipeline" includes potential customers where we have a memorandum of understanding in place, or we are working toward a definitive agreement; there are no guarantees of conversion to a final agreement and ultimate conversion to revenues for Nuwe, and ultimately products and services could be either sold outright to our customers or through a multi-year agreement which would affect timing of revenue recognition Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 40 AMATER NUVVE#41V2G HUB AT BLUE BIRD Blue Bird production facility in Fort Valley, GA for electric buses coming off the line Installing infrastructure to charge up to 400 Blue Bird electric buses Will create a capacity of up to 25 MW under management; potential to generate in excess of $2M in recurring grid service revenue annually Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 41 fo APIRI Presenti saTLANSSES#42VEHICLE ELECTRIFICATION POSITIVE IMPACT ICE vehicles account for ~45% of global CO₂ emissions 2 12% 11% 29% Road (Passenger) 3% 45% Road (Freight) Aviation Transport accounts for 24% of CO₂ emissions from energy Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 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 42 費 +$2T NUVVE#43NUVVE PLATFORM: HOW IT WORKS Forecast ● * Vehicle- based • Availability Power capacity • Historical usage . Bid ● Market- based • Historical trends • Projected ● value • Volatility Al integration in development Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Dispatch 43 • 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 Lal, Report • Performance and financial results to stakeholders (utilities, fleet owners, drivers) NUVVE#44BATTERY 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 44 1 Battery Health and V2G PREPARED BY NUVVE#45V2G & 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 1-2% impact over 5 years ● ● 2% impact over 8 years SAE Deployment of Vehicle-to-Grid Technology and Related Ima Satoru Shiki, Makar Sadans, and Yataka Mary uma Wie Komp CH Fo www Time [m] "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/ ©2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 45 Capacity Remaining DTU 93 Technical Results: total degradation 6 12 18 60% SOC 24 30 Time [months) 36 42 Parked Only Driving Only Frequency Only Die Frequency 54 60 temaining [6] 100 99 858838 0 6 12 80% SOC 18 24 36 30 Time [months) 42 Combined operation has the highest capacity degradation 48 Parked Only Driving Only Frequency Only Ove 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#46THANK YOU NUVVE.COM