#1NUVVE INTELLIGENTLY ELECTRIFYING THE PLANET | 2021 Q4 UPDATE NUVVE.COM#2LEGAL DISCLAIMER This presentation (this "Presentation") is provided for information purposes only. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law, in no circumstances will Nuvve Holding Corp. ("Nuvve") or any its respective subsidiaries, stockholders, affiliates, representatives, partners, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. 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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 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. 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 urning 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 Nuwe 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 6#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 14+ 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 AMERICA'S NAVY David Robson Chief Financial Officer Deloitte.PIRCH₂ @carparts.com#10V2G MARKET LANDSCAPE 10 V#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 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 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% Europe V2G helps solve the grid issues EV growth creates U.S. 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#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 * |N NUVVE 自 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) Assuming 100% electrified by 2035 with 60kW V2G chargers [] [] [] $120/kW-year → $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: 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. Ⓒ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 ene POWERED BY NUVVE #0 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 annour es plans to become public company 2022 Nuvve + 2021.AI announce Astrea AI Announces Swell partnership for residential V2G NUVVE#23THE POWER OF NUVVE'S INTELLIGENT ENERGY PLATFORM INCREASES THE TRANSFORMS EVS UTILIZATION OF EVS INTO VALUABLE EARNING ASSETS r V2G REDUCES TCO Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 23 CONTRIBUTES TO A MORE RESILIENT GRID INTEGRATES RENEWABLE ENERGY IN A MORE RELIABLE WAY r CREATES MA 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 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 16 14 12 10 8 LO 6 4 2 O 5.0 Q4 2020 MW Under Management* 5.6 Q1 2021 6.9 Q2 2021 12.4 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Q3 2021 14.7 *Megawatts under management refers to the potential available charging capacity Nuvve is currently managing around the world 25 Q4 2021 Megawatts under management grew 20% in 2021 Q4 compared to 2021 Q3 and 194% from the end of 2020 through the end of 2021 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 NOVYE E#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 ABBLION 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 Power of V2G Hubs: ● The VPP can provide services to the grid that add capacity, help stabilize it, and prevents blackouts 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. * 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 V2G 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<0x 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#32Q4 FINANCIALS & UPDATES 32 V#33CONDENSED CONSOLIDATED BALANCE SHEETS Assets Current assets Cash Restricted cash Accounts receivable Inventory Security deposit, current 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 Debt Operating Lease Liabilities - current Other Liabilities Total Current Liabilities Operating Lease Liabilities - noncurrent Private warrants liability Derivative Liability - Preferred Stock Other long term liabilities Total Liabilities Commitments and Contingencies Preferred Stock Stockholders' Equity Common Stock Additional paid-in-capital Accumulated other comprehensive income (loss) Accumulated deficit Non-controlling interests Total Stockholders' Equity Total Liabilities and Stockholders' Equity Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 33 December 31, 2021 December 31, 2020 $ $ 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) (572,604) 79,268,764 96,477,390 $ 2,275,985 999,897 1,052,478 20,427 416,985 4,765,682 95,231 1,620,514 670,951 3,057 7,155,435 2,960,249 586,396 196,446 4,294,054 8,037,145 8,037,145 1,679 2,616 19,650,659 (77,841) (20,458,823) (881,710) 7,155,435 NUVVE#34CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS Revenue Products and services Grants Total revenue Expenses Cost of product and service revenue Selling, general and administrative expenses Research and development expense Total expenses Operating loss Other income (expense) Interest expense Change in Fair Value of conversion oprtion on convertible notes 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 34 12/31/2021 12/31/2020 2,920,627 1,270,138 4,190,765 2,002,197 22,896,125 6,524,245 31,422,567 (585,157) (27,231,802) (4,687,383) 387,228 (14,342) 282,183 69,912 (27,161,890) 1,943,151 2,266,546 4,209,697 1,000 521,068 5,487,037 2,888,975 8,897,080 (313,614) (37,497) 154,360 (196,751) (4,884,134) 1,000 (27,162,890) (4,885,134) 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 Convertible note issued for services Accretion of discount on convertible notes Accretion of discount on convertible debenture Change in fair value of warrants liability Loss on disposal of asset Gain on extinguishment of PPP Loan Interest expense related to notes converted at discount Noncash lease expense Change in operating assets and liabilities 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 issuance of convertible debenture Proceeds from issuance of convertible notes 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 Repurchase of common stock from EDF Newborn cash acquired Payment of investor stock liability Payment of financing costs Payment of Finance Lease Obligations Proceeds from PPP/EIDL Loan Payment of EIDL Loan Proceeds from Exercise of Stock Options Issuance Cost Related to Preferred Stock Payment of Preferred Stock Dividend Issuance of Preferred Stock Net cash provided by financing activities Effect of exchange rate on cash Net increase (decrease) in cash and restricted cash Cash at beginning of year Cash at end of year Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary 35 $ $ 12/31/2021 (27,162,890) $ 167,558 4,219,989 427,796 116,147 (387,228) 1,326 (492,100) 3,636 (6,101,434) (29,207,200) 7,649 (273,124) (265,475) 58,184,460 (18,629) (3,970,657) 14,250,000 (487,500) (6,000,000) 50,206 (2,000,000) (1,000,000) (5,839) 576,528 (2,939,766) (39,096) 3,138,000 59,737,708 199,593 30,464,625 2,275,895 32,740,520 $ 12/31/2020 (4,885,134) 164,986 599,535 37,497 28,000 94,500 65,519 97,144 719,010 (3,078,943) (22,504) (22,504) 4,000,000 988,500 (263,565) 652,000 (159,900) 22,862 5,239,897 (189,258) 1,949,192 326,703 2,275,895 NUVVE#36Q4 HIGHLIGHTS FAST COMPANY Next Big Things in Tech/2021 NEW HAMPSHIRE Electric Co-op BLUE BIRD Deployed First V2G Electric Bus Solution in Colorado Blue Bird bus and Nuvve V2G DC fast charger provide first V2G electric bus deployment in state wallbox w Won Next Big Things in Tech Award from Fast Company Fast Company selected Nuvve to be among inaugural Next Big Things in Tech award winner Teamed Up with New Hampshire Electric Co-Op Announced agreement with NHEC to provide first-of-its-kind V2G storage for a fixed annual fee to New England utility Levo and Ecolution Power To Create Net-Zero City ecolution Levo and Ecolution team up to help create a net-zero carbon emission city in St. Paul, MN ©2022 Nuvve Holding Corp. All rights reserved. Confidential and pr BYD V2G Hub at Blue Bird Factory Announced plans to create first-of-its-kind V2G hub at Blue Bird production facility in Georgia Partnership with BYD Will integrate Nuvve technology and Levo to deploy up to 5,000 BEVS over next 5 years Partnership with Wallbox Announced first-of-its-kind V2G collaboration for the Iberian peninsula with Wallbox Quasar 36 v#37RECENT 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.Al, 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 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* ciete 2MW Solar Farm producing 2800MWH annually Thonders & www. W!!! ya Theedon & AND ALTER *"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 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 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 责 +$2T NUVVE#43NUVVE PLATFORM: HOW IT WORKS & Lal, 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 Report • Performance and financial results to stakeholders (utilities, fleet owners, drivers) NUVE#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 L Battery Health and V2G PREPARED BY TI NUVVE 52#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 1-2% impact over 5 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 mi "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 DTU Capacity Remaining [%] 99 98 95 93 92 Technical Results: total degradation 6 12 18 60% SOC 24 36 30 Time [months] 42 48 Parked Only Driving Only Frequency Only Drive +Frequency 54 ity Remaining [%] 60 100 99 97 96 95 0 6 12 80% SOC 18 24 30 Time [months] 36 42 Combined operation has the highest capacity degradation 48 -Parked Only Driving Only Frequency Only -Drive +Frequency 54 60 "Techno-economic characterization of EV battery considering degradation" 2019 Lisa Calearo, PhD Student, Center for Electric Power and Energy DTU Risø Campus NUVVE#46THANK YOU NUVVE.COM