Nuvve Achieves Record Month and Record Quarter for Charging Station Deployments

Rhea-AI Summary

Nuvve Holding Corp. (NVVE) achieved record growth in November with the addition of 43 AC and DC bidirectional charging station connections, representing 1.42 MW of additional capacity. Year-to-date, megawatts under management have increased by 39% to 24.2. The company's proprietary vehicle-to-grid (V2G) platform, GIVe™, has seen a 350% increase in chargers deployed for the first two months of the fourth quarter 2023 compared to the same period in 2022. Nuvve CEO Gregory Poilasne highlighted the value proposition of the AI-assisted GIVe™ software platform, which allows EV fleet owners to manage vehicle readiness, energy optimization, grid services, and battery health. The company expects a boost in market awareness and receptivity to drive continued growth.

Positive

• Record growth in charging station connections
• Significant increase in deployed chargers compared to previous year
• 39% increase in megawatts under management
• AI-assisted GIVe™ software platform adds value for EV fleet owners

Negative

• Fleet electrification challenges due to supply chain tightness and delays

SAN DIEGO, Dec. 7, 2023 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve" or the "Company") (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, announced today that it achieved another record month in November for the addition of chargers connected to its V2G GIVe™ software platform, with the addition of 43 AC and DC bidirectional charging station connections which represents 1.42 MW of additional capacity. 

Through the first two months of the fourth quarter 2023 Nuvve added 81 chargers to its proprietary vehicle-to-grid (V2G) platform, which compares to 18 chargers deployed for the first two months of the fourth quarter 2022, an increase of 350%. With one month remaining in the fourth quarter of 2023, Nuvve has already surpassed its prior quarterly record for chargers added to its V2G GIVe™ software platform. Year to date through November 2023, megawatts under management have increased by 39% to 24.2.  

"We are delighted with the continued acceleration of deployments of V2G software-equipped fast chargers to Nuvve's GIVe™ software platform," said Nuvve CEO Gregory Poilasne. "Nuvve's value proposition lies in its AI-assisted GIVe™ software platform. Through our FleetBox® charge management app, EV fleet owners can manage many aspects of their vehicles, including optimizing the readiness of their vehicles, monitor and optimize the energy used to power their vehicles, and provide grid services and manage the battery state of health. As we bring more and more customers onto our GIVe™ platform, we expect a boost in market awareness and receptivity to Nuvve's offering, driving continued improvement in growth."

Fleet electrification has been hampered by tightness and challenges across supply chains that arose in 2021 and continued through 2022 and into 2023 with fleet owners frequently needing to wait many quarters between making their initial purchase and having their electric vehicles and all of the necessary infrastructure in place and ready for connection. The increased growth rate in Nuvve's charging station connections signals the beginning stages of potentially exponential growth and improvement in fleet owner readiness for their electrification plans as vehicles and associated electric vehicle supply equipment (EVSE) are delivered and utility interconnections are established.

About Nuvve Holding Corp. 
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information please visit nuvve.com.

Nuvve Investor Contact 
ICR  
nuvve@icrinc.com | +1 646-200-8872

Nuvve Press Contact
(W)right On Communications
Larry Smalheiser | lsmalheiser@wrightoncomm.com| +1 925-413-3137 

Nuvve Forward Looking Statements 
This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as "may," "will," "expects," "believes," "aims," "anticipates," "plans," "looking forward to," "estimates," "projects," "assumes," "guides," "targets," "forecasts," "continue," "seeks" or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements concerning the Company's expectations, plans, intentions, strategies, prospects, business plans, product and service offerings, new product launches, potential clinical successes, and other statements that are not historical facts. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially.  Some of these risks and uncertainties can be found in Nuvve's most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). Copies of these filings are available online at www.sec.gov, https://investors.nuvve.com/ or on request from Nuvve. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve's filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

 

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SOURCE Nuvve Corporation

FAQ

What is the ticker symbol for Nuvve Holding Corp.?

The ticker symbol for Nuvve Holding Corp. is NVVE.

What is the GIVe™ software platform?

The GIVe™ software platform is Nuvve's proprietary vehicle-to-grid (V2G) platform that allows EV fleet owners to manage vehicle readiness, energy optimization, grid services, and battery health.

What is the year-to-date increase in megawatts under management for Nuvve?

Year-to-date through November 2023, megawatts under management have increased by 39% to 24.2.

What are the challenges faced by fleet electrification?

Fleet electrification has been hampered by tightness and challenges across supply chains, resulting in delays for fleet owners in getting their electric vehicles and necessary infrastructure in place.

What is the value proposition highlighted by Nuvve CEO Gregory Poilasne?

Nuvve CEO Gregory Poilasne highlighted the value proposition of the AI-assisted GIVe™ software platform, which allows EV fleet owners to manage vehicle readiness, energy optimization, grid services, and battery health.