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#1NUVVE INTELLIGENTLY ELECTRIFYING THE PLANET | 2023 Q2 UPDATE NUVVE.COM#2TABLE 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. 2#3COMPANY OVERVIEW 3 r#4NUVVE 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. 4 V2G POWERED BY NUVVE NUV#5OUR 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. 5 NUVVE#6telie THE NUVVE V2G PROMISE $ 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 6 4 We work within OEM battery warranty limits NUVVE#7OUR GLOBAL FOOTPRINT ● Headquarters in San Diego, CA Offices in Newark (Delaware), London, UK, and Copenhagen, Denmark 55+ employees 25+ years of V2G R&D 20 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. 7 NUVVE#8NUVVE LEADERSHIP TEAM Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Gregory Poilasne Co-Founder & CEO KYOCERA DOCKON ethertronics 8 Ted Smith Chief Operating Officer WALL STREET ASSOCIATES AMERICA'S NAVY David Robson Chief Financial Officer Deloitte. PIRCH carparts.com#9V2G MARKET LANDSCAPE 9 r#10WHAT 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. 10 ELECTRIC VEHICLE TWO-WAY COMMUNICATION HUVVE AGGREGATION V2C VIC COMPATIBLE CHARGING STATION ONE OR TWO-WAY POWER CONNECTION THE ELECTRIC CRIO WIRELESS COMMUNICATION SECURE IP CONNECTION WITH NUVVE SERVER ENERGY EXCHANGE DATA COMMUNICATION NUVVE CHECY TRANSFER GRID SERVICES NUVVE#11EV & 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 11 Commercial EVS Passenger EVS Figure 4: Electric vehicle electricity demand as a percentage of total electricity demand 15% 10% 5% % Europe V2G helps solve the grid issues EV growth creates U.S. 0 0% 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 Source: BloombergNEF 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. China Global average NUVVE#12ΕΛΛΩΝ 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 12 ACCELERATES THE ADOPTION OF EVS LOWERS THE TOTAL COST OF OWNERSHIP#13KEY INVESTMENT CONSIDERATIONS 13 r#14FIRST 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. 14 NUVVE#15SCHOOL 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. 15 NOVVE NUVVE.COM V2G NUVVE We Make Electric Vehicles Greenc V2G#16U.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 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. 16 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#17● DEDICATED K-12 BUSINESS UNIT LAUNCHED ● Experience driven from 68 school districts and over 331 charging station installations Standard V2G school buses are available with CCS plugs • OEM integrations with Nuvve solutions Nuvve offers a complete V2G fleet solution: ✓ Grant facilitation ✓ Project management ✓ Chargers ✓ Installation Negotiation w/Utilities ✓ Financing Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 17 V20 NUVVE We Make Klem Whirles Gener www. V2G SCHOOL BUS NUVVE#18AI-ASSISTED CHARGE MANAGEMENT • Astrea Al integrated into Nuvve's FleetBox® Charge Management App • Reduces charging costs Improves customer experience by advancing fleet vehicle forecasting with optimized trip recommendations and enhanced scheduling predictions Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 18 EV2 FLEETBOX Astrea Al ped by 3:50 Sites Cha 1PE AT 7 ACES 920 ACCESSIV 170 .:.: 3.50 Vehicles fon Oware it 77 ACER QVI SER DAO REVI WOT OCSC REVE PO Plapped we 1:09:30 0 Uyingg 100% 0 3.50 Chargers M Teachers Owignes □ Pagged ACCO DI DI wa www.ma Bob VID Ava V 100% SHEERE FM MT B 4 B NUVVE#19MARKET 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 >>>> Assumed Monthly Value of Energy Storage (3) $120/kW-year Assuming 100% electrified by 2035 with 60kW V2G 100% electrification of school buses could increase U.S. electric power generation capacity by nearly 3% (²2) Assuming all electric buses are powered by Nuvve's proprietary V2G $240/kW-year 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. 19 Nuvve's experience and intellectual property make us uniquely qualified to capture this massive market opportunity NUVVE#20MARKET 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 Revenue 20 Global Electric Vehicle Power Capacity ~3500 GW $420B $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#21ESG: 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. 21 ( POWERED BY NUVVE #0 8 ESG leaders have enhanced access to funds and margins NUVVE#22BUSINESS OVERVIEW 22#23EVOLUTION OF NUVVE Hong Kong V2G project Professor Kempton develops V2G concept INIVERSITY OF DELAWARE 1996 2010 DTU Nikola project Netherlands project 2012- 2015 Nuwe 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 23 2018 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 Nuvve launches K-12 business unit 2023 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#24THE POWER OF NUVVE'S INTELLIGENT ENERGY PLATFORM INCREASES THE UTILIZATION OF EVS TRANSFORMS EVS INTO VALUABLE EARNING REDUCES TCO V2G Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. ASSETS 24 CONTRIBUTES TO A MORE RESILIENT GRID INTEGRATES RENEWABLE ENERGY IN A MORE RELIABLE WAY J CREATES ENERGY MM EQUITY r#25SAVING & 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. 25 Utility Interconnection TOU Demand Response Demand Charge Management, Emergency Back-Up Wholesale Energy Market (Ancillary, Capacity, Energy) NUVVE#26COMPANY GROWTH TREND 25 20 15 10 5 0 6.9 11.5 MW Under Management* 12.6 ■Q221 ■Q321 ■Q421 14.7 16.1 16.3 Q122 ■Q222 ■Q322 Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 17.4 Q422 18.3 20 Q123 ■Q223 *Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world 26 Megawatts under management grew 9% in 2023 Q2 compared to 2023 Q1 and 24% from 2022 Q2 NUVVE#27COMPETITIVE LANDSCAPE Transportation Behind-The-Meter Grid Services Fleet Charge του Demand Charge V2H Demand Response NUVVE 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 V -chargepoin+ [ 27 THE MOBILITY HOUSE r enel x FERMATA energy ENERGY 1 HIGHLAND ELECTRIC RANSPORTATION#28REVENUE STREAMS NOVVE Charging Station Hardware •White labeled from EVSE partners integrated with Nuvve software Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. FFP Fleet-as-a-Service 28 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#29EXPANDING OUR PARTNERSHIPS ABBLION ELECTRIC Rhombus NISSAN Energy Solutions BLUE BIRD BYD 2021.Al swell Switch CIRCLE K OEM integration; all Blue Bird electric buses come standard with Nuvve V2G OEM partner for Levo to offer as leasing option to school districts TM wallbox w 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 29#30UTILITY & 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. 30 Europe: GALP EDF ● Energinet Asia: ● Chubu Electric Power NUVVE#31V2G 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. F 31#32FLEET-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 V20 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 32 POWERED BY NUVVE 100% Financing Flexible financing solution eliminating up-front capital cost for vehicles and related infrastructure Seamless Customer Experience VIC Easy-to-access tools to monitor and manage fleet charging and performance NUVVE#332023 Q2 FINANICALS & UPDATES 33 r#34CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) Assets Current assets Cash Restricted cash Accounts receivable, net Inventories Prepaid expenses 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 Due to customers 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 June 30, 2023 and December 31, 2022; aggregate liquidation preference of $3.604 576 and $3.464 606 at June 30 2023 and December 31 2022 respectively Class D Incentive units, zero par value, 1,000,000 units authorized; 50,000 and 250,000 units issued and outstanding at June 30. 2023 and December 31. 2022. respectively Stockholders' equity Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at June 30. 2023 and December 31. 2022. respectivelv Common stock, $0.0001 par value, 100,000,000 shares authorized; 31,257,041 and 24,272,150 shares issued and outstanding at June 30. 2023 and December 31. 2022. 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. 34 $ $ June 30, 2023 $ 33,289,481 $ 11,059,004 $ 480,000 2,027,621 8,939,296 1,556,991 1,139,212 25,202,124 652,658 1,271,921 670,951 117,436 5,076,837 288,872 8,682 796,435 2,980,318 4,214,358 1,103,058 856,635 112,721 10,063,525 4,867,157 290,848 353,006 538,563 16,113,099 3,870,697 153,778 3,126 150,076,184 86,415 (132,615,484) 17,550,241 (4,398,334) 13,151,907 33,289,481 S S December 31, 2022 15,753,896 480,000 1,121,694 11,551,831 1,487,582 1,454,563 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 2,427 144,073,505 76,182 (116,956,528) 27,195,586 (3,950,186) 23,245,400 41,199,590#35CONDENSED 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, net Change in fair value of warrants liability Change in fair value of derivative liability Other, net Total other income, net Loss before taxes Income tax expense Net loss Less: Net income (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 Corp. common stockholders, basic and diluted Weighted-average shares used in computing net loss per share attributable to Nuvve Holding Corp. common stockholders, basic and diluted Net loss Other comprehensive (loss) income, net of taxes Foreign currency translation adjustments, net of taxes Total Comprehensive loss Less: Comprehensive income (loss) attributable to non- controlling interests Comprehensive loss attributable to Nuvve Holding Corp. Less: Preferred dividends on redeemable non-controlling interests Less: Accretion on redeemable non-controlling interests preferred shares Comprehensive loss attributable to Nuvve Holding Corp. common stockholders $ Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. $ $ $ $ S $ S $ $ Three Months Ended June 30, 2023 2022 2,049,009 $ 71,118 2,120,127 1,951,116 6,097,336 2,387,215 10,435,667 (8,315,540) 20,644 143,794 83,059 83,946 331,443 (7,984,097) (7,984,097) $ 8,466 (7,992,563) $ 70,678 161,466 (8,224,707) $ (0.30) $ 27,734,130 (7,984,097) $ 1,299 $ (7,982,798) $ 1,068,029 $ 233,698 1,301,727 35 1,034,596 8,136,522 2,170,139 11,341,257 (10,039,530) 6,945 4,585,000 (32,536) 22,020 4,581,429 (5,458,101) (5,458,101) $ (189,945) (5,268,156) $ 65,296 161,466 (5,494,918) $ (0.29) $ 19,064,854 (5,458,101) $ (26,314) S (5,484,415) $ 8,466 $ (7,991,264) $ (70,678) $ (161,466) (189,945) $ (5,294,470) $ (65,296) $ (161,466) (7,759,120) $ (5,067,708) $ Six Months Ended June 30, 2023 2022 3,829,394 $ 145,519 3,974,913 3,412,020 12,269,360 4,487,303 20,168,683 (16,193,770) 88,981 (69,964) 6,219 524,332 549,568 (15,644,202) (15,644,202) $ 14,754 (15,658,956) $ 139,970 322,932 (16,121,858) $ (0.62) $ 26,129,789 3,321,813 350,947 3,672,760 (322,932) 3,176,908 15,762,072 4,305,714 23,244,694 (15,185,821) $ (19,571,934) 8,403 9,361,000 20,936 (7,767) 9,382,572 (10,189,362) (10,189,362) (290,878) (9,898,484) 129,311 322,932 (10,350,727) (0.55) (15,644,202) $ (10,189,362) 18,965,167 10,233 $ (39,998) (15,633,969) $ (10,229,360) 14,754 $ (290,878) (15,648,723) $ (9,938,482) (139,970) $ (129,311) (322,932) (9,486,239)#36CONDENSED 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 Stock-based compensation Change in fair value of warrants liability Change in fair value of derivative liability Gains from sale of investments in equity securities Noncash lease expense Change in operating assets and liabilities Accounts receivable Inventory Prepaid expenses and other assets Accounts payable Due to customers Accrued expenses Deferred revenue Net cash used in operating activities Investing activities Purchase of property and equipment Investments in equity securities Proceeds from sale of investments in equity securities Net cash provided (used) in investing activities Financing activities Proceeds from forward option put exercise Proceeds from Direct Offering of common stock, net of offering costs Proceeds from common stock offering, net of offering costs Payment of finance lease obligations Proceeds from exercise of stock options Net cash provided in financing activities Effect of exchange rate on cash Net decrease in cash and restricted cash Cash and restricted cash at beginning of year Cash and restricted cash at end of period Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 36 $ $ Six Months Ended June 30, 2023 2022 (15,644,202) 156,290 2,069,227 69,964 (6,219) (325,155) 233,730 (903,652) 2,612,535 249,728 (1,595,737) 2,980,318 1,195,845 (140,783) (9,048,111) (101,775) 1,325,155 1,223,380 2,347,192 781,624 (4,480) $ 3,124,336 5,503 (4,694,892) 16,233,896 11,539,004 $ (10,189,362) 137,755 3,357,859 (9,361,000) (20,936) 283,251 (74,278) 322,156 (1,462,221) (2,409,448) (684,517) 79,576 (20,021,165) (317,225) (1,000,000) (1,317,225) 1,994,073 1,859,685 (4,425) 173,575 4,022,908 (54,796) (17,370,278) 32,740,520 15,370,242#372023 Q2 + RECENT HIGHLIGHTS Nuvve CEO Testifies in Support of California's SB 233 The proposed legislation would establish state goals and increase funding for bidirectional charging and require new EVs sold in the state to have bidirectional charging capability by 2030 Record Order From a Large Fleet Operator for 25 DC Fast Chargers Award for Beacon Mobility related to 2022 Phase of the EPA Clean School Bus Program; incremental to awards from NVVE's existing school district partners Nuvve K-12 Launched New division focused on turnkey electrification services for student transportation; program to be built out and led by David Bercik, an experienced leader in sales and marketing Astrea Al Integration Introduced Astrea Al forecasting into the Nordic energy market and into FleetBox® Charge Management App Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 37#38APPENDIX 38#39$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 39 NUVVE Source: https://www.congress.gov/bill/117th-congress/house-bill/3684/text#40$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: • $1.1M for EVSE School District States: • California - 6 Texas - 2 • Arizona - 2 Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 40 NUVVE#41Inflation 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. 41 NUVVE#42POSITIVE IMPACT ICE vehicles account for ~45% of global CO₂ 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 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 ©2023 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 Lul 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 Ⓒ2023 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 44 IL 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 2% impact over 8 years SAE Been of and Bandlows "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. 45 DTU ko 1-2% impact over 5 years Technical Results: total degradation a 14 DTU 60% SOC 24 PONUDA Freaminy Chip TUESES 80% SOC 18 24 Combined operation has the highest capacity degradation -Design hoantron TE PARTS "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#47LEGAL 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. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by, any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from those expressed or implied by these forward-looking statements. Many actual events and circumstances are beyond the control of Nuvve. 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. 47 NUVVE

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