#1NUVVE INTELLIGENTLY ELECTRIFYING THE PLANET | 2022 Q2 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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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.Q2 Updates 6. Appendix Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 3#4COMPANY OVERVIEW 4 r#5NUVVE SITS AT THE INTERSECTION OF TRANSPORT & ENERGY We are introducing a new model for electrification through our intelligent energy platform by increasing the utilization of electric vehicles (EVs) and turning them into valuable earning assets, thereby reducing their total cost of ownership (TCO). This helps the grid become more resilient while accelerating the world's transition to clean energy. Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 5 V2G POWERED BY NUVVE OSTEG NUV DRATION#6OUR PURPOSE OUR VISION WHAT WE DO Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. To intelligently electrify the planet, beginning with transportation. Intelligently connecting the world's batteries so everyone has an opportunity to share in the benefits of an electrified world. Combining the world's most advanced vehicle-to-grid (V2G) technology and our ecosystem of partners, we dynamically manage power among EV batteries and the grid. NUVVE 6#7tel: THE NUVVE V2G PROMISE A 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 4 We work within OEM battery warranty limits NUVVE#8OUR GLOBAL FOOTPRINT ● Headquarters in San Diego, CA Offices in Newark (Delaware), London, UK, and Copenhagen, Denmark 60+ employees and growing 25+ years of V2G R&D 16+ MW under management across the world 5+ years of continuous V2G commercial operations in Denmark Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 00 8 NUVVE#9NUVVE LEADERSHIP TEAM Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Gregory Poilasne Co-Founder, Chairman & CEO KYOCERA DOCKON ethertronics 9 9399 OTA Ted Smith Chief Operating Officer WALL STREET ASSOCIATES AMERICA'S NAVY David Robson Chief Financial Officer Deloitte. PIRCH₂ @carparts.com#10V2G MARKET LANDSCAPE 10 r#11WHAT IS VEHICLE-TO-GRID (V2G)? Allows EVs to serve as distributed energy resources (DERs) by enabling EVs to charge and discharge energy from their batteries Stored energy from EV batteries is then used to add capacity to the grid and/or perform services that help stabilize the grid and prevent blackouts *In markets where this is allowed/applicable Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 11 ELECTRIC VEHICLE TWO-WAY COMMUNICATION NOVVE NUVVE ACGREGATION SERVER V2G V2C 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 ENERCY TRANSFER GRID SERVICES NUVVE#12EV & POWER DEMAND FORECAST Explosive growth: Figure 3: Electric vehicle fleet forecast by vehicle type, base-case By 2040, an estimated 550 million EVs will be on the road Globally, EVs will represent more than two-thirds of passenger vehicle sales by 2040 ● ● Million By 2040, EVs are projected to make up 10% of total electricity demand in the U.S. and Europe 600 400 200 E-buses Commercial EVS 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 Passenger EVS Figure 4: Electric vehicle electricity demand as a percentage of total electricity demand 15% 10% 5% 0% % 0 2020 2025 2030 2035 2040 2020 2025 2030 2035 2040 Increased power demand: Source: BloombergNEF Note: Analysis from BNEF's Electric Vehicle Outlook. The EV fleet represents 29% of all vehicles on the road in 2040. Commercial EVs includes vans and trucks. Europe V2G helps solve the grid issues EV growth creates U.S. China . Global average NUVVE#13ΕΛΛΩΝ Z NUVVE'S V2G SOLVES HIGH-LEVEL ISSUES & CREATES VALUE ACROSS THE ECOSYSTEM REDUCES RELIANCE ON FOSSIL-FUELED POWER PAVES THE PATH TO A SUSTAINABLE FUTURE Ⓒ2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. INCREASES GRID STABILITY CONNECTS THE ENERGY ECOSYSTEM 13 ACCELERATES THE ADOPTION OF EVS LOWERS THE TOTAL COST OF OWNERSHIP#14KEY INVESTMENT CONSIDERATIONS 14 r#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 Greent 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 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 2035 with 60kW V2G chargers [] [] [] $240/kW-year → →[ Storage Annual Revenue $3.5B $6.9B Nuvve's experience and intellectual property make us uniquely qualified to capture this massive market opportunity () (1) Source: World Resources Institute. (2) Source: EIA; US power generation capacity as of the end of 2020. (3) Assumed value based on company estimates. Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 18 NUVVE#19MARKET OPPORTUNITY: PASSENGER VEHICLES Global Electric Vehicles(¹) Global Electric Vehicle Power Capacity >>>> 500M by 2040 ~3500 GW V2G POWERED BY NUVVE 3,500 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 2040 with 7kW V2G chargers [] [] [] $120/kW-year → $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 ( POWERED BY NUVVE #xx ESG leaders have enhanced access to funds and margins NUVVE#21BUSINESS OVERVIEW 21 r#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 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) Nuwe + Stonepeak Levo launch Levo Celebrates 5 years of commerical V2G operations in DK Announces V2G hubs 2021 Announces V2G electric school bus partnerships Nuvve announces plans to become public company 2022 POWERED BY WOVVE Al upgrades to GIVE™ V2G Platform with Astrea.ai and Switch EV integration announced Partnerships with Energy Operators SDG&E and Vistra established#23THE POWER OF NUVVE'S INTELLIGENT ENERGY PLATFORM INCREASES THE TRANSFORMS EVS UTILIZATION OF EVS V2G INTO VALUABLE EARNING ASSETS r REDUCES TCO Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 23 CONTRIBUTES TO A MORE RESILIENT GRID MM CREATES INTEGRATES RENEWABLE ENERGY IN A MORE RELIABLE WAY ENERGY EQUITY v#24SAVING & REVENUE OPPORTUNITIES Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and utility bill savings behind the meter. Smart Charging V1G V2B / V2H V2G [1] TOU= Time of Use Optimization One-way stop/start charge at scheduled times Dynamic charge rate based on external signals Bidirectional charging, connected to buildings, able to respond to tariff signals Interconnected energy storage that can respond to fast grid signals and participate in energy markets Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 24 Utility Interconnection TOU¹ Demand Response Demand Charge Management, Emergency Back-Up Wholesale Energy Market (Ancillary, Capacity, Energy) NUVVE#25COMPANY GROWTH TREND 18 16 14 12 10 00 8 6 4 2 O 4.8 MW Under Management* 5.6 6.9 11.5 12.6 16.1 14.7 || Q2 2022 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. *Megawatts under management refers to the potential available charging capacity Nuwe is currently managing around the world 25 Megawatts under management grew 10% in 2022 Q2 compared to 2022 Q1 and 235% from the end of 2020 through Q2 2022 NUVVE#26COMPETITIVE LANDSCAPE Transportation Fleet Charge v Behind-The-Meter Grid Services του Demand Charge V2H Demand Response Voltage Control Reactive Power NUVVE -chargepoint. Energy Arbitrage Frequency Regulation Bidirectional V 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 J enel x energy J FERMATA HIGHLAND ELECTRIC ENERGY J RANSPORTATION#27REVENUE STREAMS NOVVE Charging Station Hardware •White labeled from EVSE partners integrated with Nuvve software Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. Wed 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 TM Rhombus NISSAN wallbox w ABB LION ELECTRIC BLUE BIRD BYD the 2021.Al swell Switch 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. 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 Cummins 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 Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 28#29UTILITY & ENERGY PARTNERS AROUND THE WORLD United States: PGE PG&E SCE SDG&E ● ● La Plata Energy Association Ameren New Hampshire Electric Co-Op Con Edison FPL Vistra Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 29 Europe: GALP EDF Asia: Chubu Electric Power NUVVE#30V2G HUBS: TURNING EVS INTO POWER PLANTS ● Nuvve's platform aggregates energy and power capacity from multiple EV batteries to form a virtual power plant (VPP) ● The VPP can provide services to the grid that add capacity, help stabilize it, and prevents blackouts The Power of V2G Hubs: If you have 200 buses connected at 125kW = 25MW of capacity 25MW would be capable of reducing peak consumption of 10,000 homes by 50% Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. V20 fu 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 Electric Vehicle V2G Technology Fully equipped electric vehicle fleet Our vehicle-to-grid technology harnesses your battery when not in use 4 V2G Charging Solutions Vehicle is ready to go when needed X Maintenance Levo Customized maintenance solutions to suit customer needs Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 31 POWERED BY NUVVE 100% Financing Flexible financing solution eliminating up-front capital cost for vehicles and related infrastructure Seamless Customer Experience Easy-to-access tools to monitor and manage fleet charging and performance V2G NUVVE#322022 Q2 UPDATES 32 r#332022 Q2 HIGHLIGHTS Nuvve Receives Approval to Provide Grid Services in Japan Nuvve, Toyota Tsusho, and Chubu Electric Power received approval from the Japanese TSO to provide stabilizing services to the grid in Japan Nuvve Selected as DOE Collaboration Partner Nuvve signed an MOU with the DOE to accelerate the commercialization of V2G, V2H, V2B, and other VGI technologies Nuvve and Cenntro Announce Sales Alliance Nuvve and Cenntro announced a sales alliance to offer a bundled EV and charging solution for commercial fleets Nuvve Diversifies Charging Station Line- Up with Power Electronics Nuvve and Power Electronics to integrate Nuvve's V2G platform with Power Electronics charging station technology for North America and European markets Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and pr Nuvve Partners With Switch on Charging Infrastructure Operation and Maintenance Software Nuvve's strategic investment into Switch expands network of interoperable EVSE, and adds Nuvve's V2G capability to Switch's standardized software 33 v#34RECENT HIGHLIGHTS Nuvve Partners With SDG&E on Emergency Load Reduction Program (ELRP) Nuvve's V2G aggregation software enables school district customers in a San Diego district to get paid by participating in the ELRP Nuvve Partners with Vistra to Help School Districts Electrify Bus Fleets Partnership will help school districts access available grant funding from both federal and state agencies Nuvve Enters into MOU with Maine Maritime Academy Parties agree to establish a Center for Maritime V2G to advance programs and capabilities such as interoperability qualification, data science, cybersecurity and Al Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and pr 34 v#35APPENDIX 35#36$1.2T BIPARTISAN INFRASTRUCTURE BILL Nuvve Opportunities $7.5B ● Electric Vehicle Chargers $2.5B Electric Buses Ⓒ2022 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. $3B 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 NUVVE 36 Source: https://www.congress.gov/bill/117th-congress/house-bill/3684/text#37LEVO CONTRACT WITH TROY 30-C Preliminary Project Timeline Phase 1-2022 Summer • 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 ● IPhase 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* 2MW Solar Farm producing 2800MWH annually www.o INFAuming ARACTER *"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. 37 NUVVE#38V2G 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. 38 KMGY VIKALI U * Patern mai auzat#39VEHICLE ELECTRIFICATION POSITIVE IMPACT ICE vehicles account for ~45% of global CO₂ emissions 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 39 * +$2T NUVVE#40NUVVE PLATFORM: HOW IT WORKS Lal, Forecast ● Vehicle- based . ● ● Availabilit y 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 40 ● Compatibl ew/all standards Control infrastruct ure 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 Performan ce and financial results to stakeholde rs (utilities, fleet owners, drivers) NUVVE#41BATTERY 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. 41 Battery Health and V2G PREPARED BY NUVVE#42V2G & BATTERY HEALTH V2G has minimal impact on the battery Main factors that impact capacity are driving and age (calendar life) Studies show small percentage impact from V2G 1-2% impact over 5 years ● ● 2% impact over 8 years SA Deployment of Vehicle-to-Grid Technology and Related Imars Saru Shimaki, Makar Sanand Vak Merama F MAR mssys 120 180 240 "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. 42 DTU Capacity Remaining [%] 99 98 93 Technical Results: total degradation 6 12 18 DTU 60% SOC 24 36 30 Time [months] 42 Parked Only Driving Only Frequency Only Drive +Frequency 54 ity Remaining [%] 60 100 99 97 96 93- 91 89 88 0 6 12 80% SOC 18 24 30 Time [months] 36 42 Combined operation has the highest capacity degradation 48 TE 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#43THANK YOU NUVVE.COM