#1TRITON RIDES 4 NU NUVVE 8CZE838 Veles Gener NUVVE TRITON RIDES We Make Electric Vehicles Affordable And Greener Investor Presentation - November 2020#2Legal Disclaimer This presentation (this "Presentation") is provided for information purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Newborn Acquisition Corp. ("Newborn" or "NBAC") and Nuvve Corporation ("Nuvve" or the "Company") and related transactions (the "Proposed Business Combination") and for no other purpose. 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 NBAC, Nuvve or any of their 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. Neither NBAC nor Nuvve has 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 or the Proposed Business Combination. 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. Forward Looking Statements 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 that predict or indicate future events or trends or that are not statements of historical matters. These forward- looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of NBAC's and Nuvve's management and are not predictions of actual performance. 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 assumptions. Many actual events and circumstances are beyond the control of NBAC and 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; the inability of the parties to successfully or timely consummate the Proposed Business Combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Business Combination or that the approval of the stockholders of NBAC or Nuvve is not obtained; failure to realize the anticipated benefits of the Proposed Business Combination; risks relating to the uncertainty of the projected financial information with respect to Nuvve; 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 amount of redemption requests made by NBAC's stockholders; the ability of NBAC or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the Proposed Business Combination or in the future, and those factors discussed in NBAC's final prospectus dated February 13, 2020 under the heading "Risk Factors," and other documents of NBAC filed, or to be filed, with the Securities and Exchange Commission ("SEC"). If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NBAC nor Nuvve presently know or that NBAC and Nuvve currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NBAC's and Nuvve's expectations, plans or forecasts of future events and views as of the date of this Presentation. NBAC and Nuvve anticipate that subsequent events and developments will cause NBAC's and Nuvve's assessments to change. However, while NBAC and Nuvve may elect to update these forward-looking statements at some point in the future, NBAC and Nuvve specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NBAC's and 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. Use of Projections This Presentation contains projected financial information with respect to Nuvve. Such projected financial information constitutes forward-looking information, and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial forecast information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. NUVVE Nuvve Copyright © 2020. All Rights Reserved. 2#3Legal Disclaimer (cont.) Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by NBAC with the SEC, and such differences may be material. In particular, all Nuvve historical financial information included herein is preliminary and subject to change pending finalization of the audits of Nuvve for the years ended December 31, 2019 and December 31, 2018 in accordance with PCAOB auditing standards. Some of the financial information and data contained in this Presentation has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). NBAC and Nuvve believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating historical or projected operating results and trends in and in comparing Nuvve's financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and revenue that are required by GAAP to be recorded in Nuvve's financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and revenue items are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents historical non-GAAP financial measures in connection with GAAP results. You should review Nuvve's audited financial statements, which will be included in the Proxy Statement (as defined below). However, not all of the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures is available without unreasonable efforts at this time. Important Information About the Proposed Business Combination and Where to Find It In connection with the Proposed Business Combination, a subsidiary of NBAC intends to file a registration statement with the SEC, which will include a proxy statement/prospectus (the "Proxy Statement/Prospectus") to be distributed to holders of NBAC's ordinary shares in connection with NBAC's solicitation of proxies for the vote by NBAC's shareholders with respect to the Proposed Business Combination and other matters as described in the Proxy Statement/Prospectus, as well as to the holders of NBAC's and Nuvve's securities in connection with offer of the subsidiary's securities to such holders. NBAC will mail a definitive proxy statement/prospectus, when available, to its shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NBAC, NUVVE AND THE PROPOSED BUSINESS COMBINATION. SUCH DOCUMENTS WILL BE AVAILABLE FOR FREE AT THE SEC'S WEBSITE AT WWW.SEC.GOV. INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. NBAC and Nuvve and their respective affiliates and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Business Combination. Information about the directors and executive officers of NBAC is set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the Proposed Business Combination when they become available. Shareholders, potential investors and other interested persons should read the Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents as indicated above. No Offer or Solicitation This Presentation shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities will be made except by means of a prospectus meeting the requirements of Securities Act of 1933, as amended, or an exemption therefrom. NUVVE Trademarks This Presentation contains trademarks, service marks, trade names and copyrights of NBAC, Nuvve and other companies, which are the property of their respective owners. Nuvve Copyright © 2020. All Rights Reserved. 3#4Introductions Nuvve Copyright © 2020. All Rights Reserved. GREGORY POILASNE Co-Founder, Chairman, CEO KYOCERA ethertronics 4 TED SMITH Director, COO WALL STREET ASSOCIATES AMERICA'S NAVY NUVVE#5Who is Nuvve? Nuvve's proprietary vehicle-to-grid (V2G) technology enables the linking of multiple electric vehicle (EV) batteries through EV charging stations into a virtual power plant (VPP) providing bi-directional services to the electrical grid in a qualified and secure manner. Nuvve Copyright © 2020. All Rights Reserved. Llo ● 2 136 The company generates revenue from bidding onto energy markets and creates energy savings for its customers 5 Nuvve's technology and ecosystem has proven to successfully lower the cost of electric vehicle ownership, while supporting the integration of renewable energy for a scalable and sustainable green society. NUVVE#6Our Mission To lower the cost of electric vehicle (EV) ownership while supporting the integration of renewable energy for scalable and sustainable green society. Wind/PV share (global capacity) 15% 2018 52% 2040 Source: BNEF Nuvve Copyright © 2020. All Rights Reserved. K POWER GENERATORS V2G TRANSMISSION SYSTEM O NUVVE O O CO 6 DISTRIBUTION SYSTEM O O O O E END CONSUMERS + I EV share (new global sales) 2% 2018 2040 57% NUVVE#7EV Market Forecast Lithium-ion battery pack price (real 2018 $/kWh) 1,400 1,200 1,000 800 600 400 200 0 2010 Small Medium Large SUV 2015 U.S. 2024 Source: BloombergNEF Note: Prices are for EVs and stationary storage, and include both cell and pack costs Segment 2024 Year of expected price parity 2023 2024 estimate price $94/kWh 2023 2020 Nuvve Copyright © 2020. All Rights Reserved. Europe 2026 2023 2030 estimate $62/kWh, 2022 2025 2024 China 2028 2023 2031 2030 2034 Source: BloombergNEF (using data from the EPA, ICCT, FEV, ONRL and IDL). Note: Estimated pre-tax retail prices. ▲ Observed prices .18% learning rate 7 Sparks fly Battery electric vehicles, worldwide Battery cost, €/kWh 1,000 800 600 400 200 Penetration, % FORECAST New forecast 0 2009 15 20 Sources: Exane BNP Paribas; UBS 25 Old forecast 30 25 20 15 10 5 0 EV adoption will drive the need for vehicle-grid integration (VGI) and vehicle-to-grid (V2G) in 2021 NUVVE#8Electric Grid is Not Ready & Smart Charging will not be Enough T quency mHz EV Industry Uni-directional High volatility Unconnected to grid Heavy uncontrolled loads Increasing regulatory mandates High cost of batteries/ownership 50150 моралнитимние 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Nuvve Copyright © 2020. All Rights Reserved. Britain's electricity generation mix: www.electricinsights.co.uk 1920 1940 1960 1980 High volatility 8 2000 Wind, hydro, solar Imports Gas Coal Biomass Nuclear 2020 "The challenge in Norway is not that there is too little power, but too low capacity in parts of the network closest to the consumer. It is certainly challenging." - Christina Bu, director of the Norwegian Electric Car Association Power Industry Transition to distributed power High volatility Increasing renewables Little virtualization of assets Increasing load from EVs Based on fixed assets ΑΛΛΩΝ#9Bi-directional is the Solution EV Industry Uni-directional High volatility Unconnected to grid Heavy uncontrolled loads Increasing regulatory mandates High cost of batteries/ownership e Kuanba Nuvve Copyright © 2020. All Rights Reserved. Vehicle-Grid Integration Bi-directional Stabilization of renewables Access to energy markets Demand/supply matching Virtualization of assets Smart battery management Low volatility w/ Nuvve 9 ||||| Power Industry Transition to distributed power High volatility Increasing renewables Little virtualization of assets Increasing load from EVs Based on fixed assets NUVVE#10Nuvve's Platform And Services A $ XX Nuvve Copyright © 2020. All Rights Reserved. Electric vehicles go from being unreliable resources into reliable, dispatchable and monetizable assets. Helps stabilize the grid with Nuvve's bidirectional charging Enables increased renewable penetration 10 J | + I + Reduces the cost of EV ownership, encourages EV adoption Guarantees vehicle will be set for use by owner when needed Optimizes and protects the vehicle battery NUVVE#11H Barcelona, Spain Newark, Delaware Manila, Philippines X!!!!!! enel x Vehics? € CDG Airport, Paris ME Bornholm, Denmark Woor does an G -Nive Windhoek, Namibia V2G Corsica, France Nagoya, Japan San Jose, CA Culver City, CA V2G FRON NVIVE 11 London, UK S HOOL BUS 096 Nice, France LOW EMISSION INNOVATION MAYOR OF LONDON gnewt SCHOOL BUS Torrance, CA NUVVE 1096 UCSD, San Diego CA NUVVE.COM El Cajon, San Diego CA V2G 100C NUVVE Frederiksberg, Denmark#12Nuvve Platform Implementation Al Integration, under development Forecast Vehicle-Based Availability Power capacity Historic usage Nuvve Copyright © 2020. All Rights Reserved. $ Bid Market-Based Historical trends Projected value Volatility 12 ● ΕΛΛΩΝ GIVETM Aggregator Dispatch Compatible w/ all standards Control infrastructure directly or via API's. DRIVER GRID BATTERY all Report Performance and Financial Results reporting to stakeholders (utilities, fleet owners, drivers) NUVVE#13Nuvve Product Vision Standards compatibility (EV, EVSES, etc.) Nuvve Copyright © 2020. All Rights Reserved. Scalable Adaptable NUVVE 13 Evolving with energy markets worldwide Adjustable Micro-service based to enable quick iteration NUVVE#14Value (Revenue) Proposition Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and uutility bill savings behind the meter. ● Smart Charging Binary Stop/Start charge at scheduled times V1G Dynamic charge rate based on external signals V2H/V2B Bi-directional capable, connected to buildings, able to respond to tariff signals. V2G Interconnected energy storage that can respond to fast grid signals and participate in energy markets (1) TOU = Time of Use Optimization Nuvve Copyright © 2020. All Rights Reserved. * T F 100 Utility Interconnection 14 V2G V2G Value Proposition TOU(¹) Demand Response Demand Charge Management, Emergency Back-up Wholesale Energy Market (Ancillary, Capacity, Energy) NUVVE#15Denmark Business Case Nuvve Copyright © 2020. All Rights Reserved. Average Revenue per Car/Mo: Average Bid Capacity in Oct 19: Total Capacity: Without Building Services: Nuvve P&L, per car per year FCR* Revenue Base Energy Export (to Grid) Mobility Fee Total Revenues Cost of Energy Cost of Chargers, Nuwe Total Operating Expenses Nuvve Remaining Frequency Control Regulation EUR EUR EUR EUR EUR EUR EUR EUR 15 158€ 227kW 398kW (43 Vehicles) Sep 2017 - Aug 201 8 2,082 106 562 2,750 (1,340) (586) (1,927) 823 100% -49% -21% -70% 30% NUVVE#16Energy And Power Capacity Market Market size Number EV / $ 3M / $3B $1,000 per car per year 30M / $30B $1,000 per car per year 130M / $65B $500 per car per year 250M / $200B $800 per car per year 500M / $250B $500 per car per year Markets Order Nuvve Copyright © 2020. All Rights Reserved. 1. Frequency Regulation Grid-wide 2. Demand Charge Demand Response 3. PV Integration Energy Optimization 4. Distribution Grid Services Sources: EDF/NREL / ENTSO-E / PJM/ NGESO/ Nordpool / RTE / PG&E 5. Energy Arbitrage 16 Behind the meter/Grid-wide Behind the meter High value Power capacity Peak Power - EV Integration Energy usage Optimization Distribution grid Voltage control, Load Management Combination Energy trading NUVVE#17Nuvve Comparison to Competition Today Transportation Behind-The-Meter Grid Nuvve Copyright © 2020. All Rights Reserved. Fleet Charge TOU Demand Charge Demand Response Voltage Control Reactive Power Energy Arbitrage Freq. Regulation Bi-Directional NUVVE -chargepoint. ✓ ✓ 17 THE MOBILITY HOUSE enel x OVO energy NUVVE#18First-mover Advantage in V2G Space First Mover Advantage Intellectual Property (IP) Qualification by Transmission System Operator (TSO) Experience (market participation & stake- holders) Data Collection Nuvve Copyright © 2020. All Rights Reserved. Nuvve Today Nuvve owns key patents Nuvve is already qualified by multiple TSOs which makes Nuvve easier to expand in other areas Nuvve has 10 years experience of market participation and stake-holder interaction including with car OEMs A huge amount of data has been accumulated inside Nuvve 18 Entry Barrier for Competitors Difficult for competitors to peform V2G functions without violating Nuvve's IP It is a long path for distributed resources and aggregators to be qualifed by TSO: 12-36 months Optimization of market participation and cusotmer's value proposition is a key element for competitiveness. Data is a key element for rapid and accurate future development NUVVE#19Nuvve Roll-out Strategy Charge Point Operator (CPO) Car OEM Heavy Duty Fleet Light Duty Fleet 2020 Nuvve Copyright © 2020. All Rights Reserved. Europe / Chademo 2021 US - Europe - Japan / 15118-20 and other standards v2g Nordics and Europe / v1g US - Europe - Japan / Telematic v2g US- Europe / Telematic v1g US - Europe / Shuttle - Delivery Truck - Transit bus US / School Bus 19 US - Europe / CCS DC 2022 2023 ΑΛΛΩΝ#20SPV Brings Financing and a Turnkey Solution Charging Consultation & Installation • Consultative approach with network of installation partners ● Financing Enable financing of equipment, including the bus with partners • Use a Special Purpose Vehicle (SPV) to finance equipment ● ● Vehicle, Charging station and installation can be supported through SPV Target mid ten's IRR Finance equipment, including vehicle by leveraging V2G revenue Nuvve Copyright © 2020. All Rights Reserved. Vehicle EVSE Charging Station 20 BTM Cost Behind-the-Meter (installation) wwwwwwwwww TTM Cost To-the-Meter (grid upgrades) NUVVE#21School Bus SPV Model Energy Market BTM School District Bus Owner EVSE Mfrs If Mkt Participation V2G & BTM Revs Nuvve Copyright © 2020. All Rights Reserved. N M <<CZ V V E Rev Share Provide Required Infrastructure & Turnkey Svc Assign LCFS & Grid Service Revenues INVESTORS Equity Debt SPV LLC or LP Network Upgrades Equipment & Services Capital Outlay for Eqpt & Svcs EV Bus Procurement EVSE Procurement Network Upgrades NUVVE EPC OEMs EVSE Mfrs ISOS Utilities 21#22The Nuvve Team GREGORY POILASNE Co-Founder, Chairman, CEO KYOCERA ethertronics Nuvve Copyright © 2020. All Rights Reserved. JACKIE PIERO VP. Policy WILLETT KEMPTON Co-Founder, Chairman TAC INIVERSITY OF ELAWARE INIVERSITY OF ELAWARE TED SMITH Director, COO LYNN AMES VP. HR & Infrastructure WALL STREET ASSOCIATES MERICA'S S NAVY rt ethertronics dockon wireless redefined 22 MARC TRAHAND EVP, Marketing GE Ford Board of Directors RAPHAEL DECLERCQ Board Member eDF Tim O'Neal VP, Engineering intuit KENJI YODOSE Board Member 4k₁ Kazuhm TOYOTA TSUSHO NUVVE#23Transaction Summary & Financials 23 NUVVE#24● ● Transaction Summary Nuvve is being acquired by Newborn, a publicly listed special purpose acquisition company with $57.5M cash in trust ● (3) (4) ● ● Nuvve pre-money equity value of ~$102M Consideration to Nuvve paid with ~10.2M shares. Transaction includes ~$14M common stock and warrant PIPE at $10.00/share. For every PIPE share purchased, PIPE investors receive 1.9 warrants; each whole warrant exercisable for ½ a common share(4) Pro forma market capitalization of ~$202M; pro forma enterprise value of ~$132M ● Nuvve will own ~53% of the combined company (~61% with earnout) Approximately $66M cash rolls to balance sheet; ~$70M on balance sheet post transaction including $4M in bridge proceeds Nuvve shall be entitled to an earnout of 4 million newly issued shares if Nuvve's CY 2021 revenue exceeds $30M (1) Assumes zero redemptions from SPAC (2) POST TRANSACTION VALUATION ($MM) (¹)(2)(3) Shares Outstanding Price Per Share Market Capitalization Plus: Debt Less: Cash Enterprise Value Nuvve w/ Earnout Does not include ~3 million common shares underlying IPO warrants exercisable at $11.50 per share nor 1.3M common shares underlying warrants being offered in this PIPE exercisable at $11.50 per share Does not include 0.3M unit purchase options to the NBAC IPO underwriter Nuvve is also receiving a $4M bridge private placement in a senior secured convertible debenture that will convert into equity immediately prior to closing of the business combination. The bridge investor shall not receive any proceeds from the earnout, if achieved Nuvve Copyright © 2020. All Rights Reserved. 24 Newborn Sponsor SPAC IPO Investors PIPE Investors Nuvve Total Shares 1.7 6.3 1.4 10.7 20.2 20.2 $10.00 $201.9 $0.0 $70.3 $131.6 14.7 Nuvve Equity Roll Fees & Expenses (Estimated) Cash to Balance Sheet Total POST TRANSACTION VALUATION ($MM)(¹)(2)(3) SOURCES & USES ($MM) 8.6% 31.3% 7.1% 53.0% 100.0% % Value (mm's) $0.0 $0.0 $0.0 $0.0 $0.0 60.8% Sources Cash Remaining in Trust Nuvve Equity Roll Common PIPE Total Uses Nuvve 53.0% $57.5 $101.7 $14.3 $173.4 $101.7 $5.5 $66.3 $173.4 Newborn Sponsor 8.6% SPAC IPO Investors 31.3% PIPE Investors 7.1% NUVVE#25● Nuvve Comparable Company Benchmarking Nuvve's 2020-2022E revenue CAGR of 312% significantly higher than comparables Nuvve's pro forma valuation is at a significant discount to the two primary comparables, BLNK and ChargePoint Sources: SEC filings, S&P CapitallQ, as of 11/9/2020 (1) Assumed Nuvve 2020 estimated revenue of $5.5M which is the midpoint of the projected revenue range of $5M - $6M (2) Assumes no redemptions from Switchback Energy Acquisition SPAC. Net cash and share count data derived from Switchback Energy Acquisition's publicly filed presentation Nuvve Copyright © 2020. All Rights Reserved. 25 312.0% NUVVE 23.9x NUVVE 4.1x NUVVE Revenue CAGR (2020-2022) N/A blink EV / 2020E Revenue(¹)(2) 44.3x blink EV / 2021E Revenue(2) 22.1X blink 60.0% -chargepoin+ 34.2x -chargepoin+: 23.3x -chargepoin+ NUVVE#26Historical and Projected P&L ($ in '000s) Revenue $720 $383 $337 Operating Income (Loss) ($2,915) COGS Gross Profit 2017 (1) 2017 and 2018 are audited statements; 2019 and YTD are unaudited (2) YTD includes 1/1/20-9/30/20 Nuvve Copyright © 2020. All Rights Reserved. ACTUALS (¹) 2018 2019 YTD (2) $1,519 $3,482 $2,999 $532 $1,441 $477 $988 $2,041 $2,522 ($7,867) ($5,885) ($2,449) 26 2020 Low PROJECTION High $5,000 $6,000 $32,300 $93,400 $1,535 $2,244 $17,700 $45,700 $3,465 $3,756 $14,600 $47,700 ($3,206) ($2,915) $3,200 $25,400 2021 2022 NUVVE#27Balance Sheet Snapshot(¹) $ in 'ooos ASSETS Current Assets Cash Accounts receivable Inventory Prepaid expenses and other Total Current Assets Property and equipment, net Investment in joint venture Intangible assets, net Other TOTAL ASSETS (1) Unaudited as of 9/30/2020 (2) Convertible notes convert to equity prior to merger close Nuvve Copyright © 2020. All Rights Reserved. $ 59 634 185 399 1,276 101 671 1,251 23 3,323 27 LIABILITIES Current Liabilities Accounts payable Accrued expenses Deferred revenue Convertible notes(2) Total Current Liabilities PPP loan EIDL SBA Loan TOTAL LIABILITIES 1,887 339 1,846 1,118 5,189 482 160 5,831 NUVVE#28Appendix 28 NUVVE#29• The world's only platform enabling profitable deployment of EV fleets globally University of Delaware Spin Off (invention of V2G) HQ in San Diego, CA Offices in Copenhagen, London, Newark (DE), Paris • Core IP: 15 patents filed or pending Projects around the world ● ● ● Company Outline ● . 3 years of commercial operation in Denmark ● ● Corporate investors o EDF Renewable EDF eD ο Toyota Tsushoz TOYOTA TSUSHO Joint Venture DREEV Nuvve Copyright © 2020. All Rights Reserved. dreev EDF GROUP 29 NUVVE#30Market Access By Region Product Time of Use (Optimization) Demand Charge Demand Response Frequency Regulation Capacity Energy = YES = CAISO Nuvve Copyright © 2020. All Rights Reserved. ✓ ✓ 2022 ✓ Year When market will open ✓ ✓ U.S.A PJM NYISO ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Denmark Norway n/a ✓ ✓ ✓ ✓ 30 ✓ n/a ✓ ✓ ✓ ✓ U.K n/a ✓ 2020 ✓ ✓ France ✓ n/a ✓ 2020 ✓ ✓ Japan ✓ ✓ 2024 2022 ✓ China n/a 2020 2022 2022 ✓ NUVVE#31• 10 years of market participation in PJM (the largest transmission system operator (TSO) in the country) • 3.5 years of commercial operation in Denmark ● ● Year 2019 Recap ● ● Average $2,000 per vehicle per year Dreev, a EDF and Nuvve Joint venture focused G5 France, UK, Italy, Belgium and Germany Strategic agreement established with key school bus OEM Lion, Blue Bird • METI project deployment success in Japan KEPCO MOU, State Grid Lol Nuvve Copyright © 2020. All Rights Reserved. 31 JCDecaux in Denmark TRITON RIDES V2G enabled ride share service at UC - San Diego V2G fleet deployment in Denmark HOOL BUS SCHOOL BUS Torrance, CA - School District NUVVE#32Market size (Global) & Revenue Opportunity/Unit Total Electric Market is worth $3,214B in 2016 (source: Reuters) $1.5B TAM / year $500/EV/ year Transportation Services Source: EDF and Nuvve edition https://www.nrel.gov/docs/fy17osti/68963.pdf Nuvve Copyright © 2020. All Rights Reserved. $4B TAM / year $800/EV/year Behind-The-Meter Services $ Value Per EV Per Year Total Opportunity $296B TAM / year 32 $3300/EV/ year $290B TAM / year $2000/EV/year Grid Services ΑΛΛΩΝ#33BUS 2096 7 BC TORRANCE EMERGENCY EXIT UNIFIED SCHOOL DISTRICT CA4846 We Make Electric Vehicles Greener STOP Nuvve Copyright © 2020. All Rights Reserved.