Nuvve's Largest DC Fast Charger Order To Power New England School Bus Fleet

Beacon Mobility subsidiary NRT Bus will use 25 Nuvve DC Rapid HD Charging Stations for new electric school buses in Lawrence, Mass.

SAN DIEGO, July 13, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global leader in vehicle-to-grid technology and deployments, will supply NRT Bus, a member of the Beacon Mobility family of companies, with 25 bi-directional Nuvve DC Rapid HD Charging Stations for Lawrence Public Schools in Lawrence, Mass.

Designed specifically for vehicle-to-grid (V2G) operations, the Nuvve chargers will power a fleet of 25 new electric school buses manufactured by Thomas Built Buses and secured under the largest Environmental Protection Agency (EPA) Clean School Bus Grant awarded in Massachusetts last year. New England Transit Sales and strategic partner Beacon Mobility helped NRT Bus secure funding during the first round of EPA grants. The Nuvve K-12 division will support the deployment from site planning at the district's transportation yard through utility interconnection and commissioning. The charger order was disclosed earlier in the second quarter of 2023, with the units expected to be delivered by December while the buses arrive later in 2024.

"Leaders like Beacon Mobility and other electric school bus operators across the Northeast are embracing V2G to reduce the cost of operation, and we're honored to help make their switch to cleaner, quieter and healthier mobility as seamless and financially attractive as possible," said Gregory Poilasne, CEO, Nuvve.

"Nuvve and New England Transit Sales have demonstrated that they're as committed as we are to Lawrence Public Schools and student health. We're excited to bring this clean transportation breakthrough which benefits our drivers, students and the wider Lawrence community," said Beacon Senior Vice President of Fleet & Facilities Bill Griffiths.

The Nuvve DC Rapid HD Charging Stations come preconfigured to work with Nuvve's GIVe™ platform for intelligently charging and discharging to the grid. The solution enables buses to charge when rates are low and discharge when rates are high and the grid is strained. The V2G services are supported under National Grid's ConnectedSolutions battery program. DC fast-charging comes standard with the Thomas Built Jouley model with each bus capable of a 138-mile operating range on a single charge.

The Lawrence Public Schools serve 13,000 students from K-12 and NRT Bus transports them via its current fleet of 21 full-size diesel buses and 55 minibuses. The community is vulnerable to poor air quality due to its high population density and location near three interstate highways. The fleet of 25 electric school buses could reduce carbon emissions by an estimated 1.35 million pounds per year which is equal to more than 10,000 trees growing for 10 years or taking 136 gas-powered passenger cars off the road for a year.

About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) is a global leader in vehicle-to-grid (V2G) technology serving the mission-critical needs of commercial fleets. The company's intelligent, cloud-based software, Nuvve GIVe™, is a platform that transforms electric fleets into mobile storage resources allowing them to contribute, and not just consume, electricity. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience while also generating recurring revenues to offset fleet operation costs. Committed to accelerating the planet's transition to a net-zero future, Nuvve is securing fleet electrification partners across the e-mobility and grid value chain and supports active deployments around the world with 18.3 megawatts currently under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about the value of V2G, futureproofing EV infrastructure and using EVs for grid resilience, visit nuvve.com.

Nuvve Press Contact
(W)right On Communications, David Cumpston
[email protected], +1 415-902-4461

Nuvve Investor Contact
ICR Inc.
[email protected], +1 646-200-8872

Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Nuvve and Nuvve's strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. 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. In addition, Nuvve cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) risks related to the rollout of Nuvve's business and the timing of expected business milestones; (ii) Nuvve's dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve's ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve's accounting staffing levels; (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) any impact of the analysis of the accounting and reporting of warrants related to the extension of filing the Form 10-Q for the first quarter; (vi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vii) potential adverse effects on Nuvve's backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (viii) the effects of competition on Nuvve's future business; (ix) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (x) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (xi) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xii) changes in applicable laws or regulations; (xiii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiv) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xvi) the possibility that Nuvve may be adversely affected by 3 other economic, business, and/or competitive factors, including increased inflation and interest rates, and the Russian invasion of Ukraine; and (xvii) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684). Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Annual Report on Form 10- K filed by Nuvve with the Securities and Exchange Commission (SEC) on March 31, 2022, and in the other reports that Nuvve has, and will file from time to time with the SEC. Nuvve's SEC filings are available publicly on the SEC's website at www.sec.gov.

SOURCE Nuvve Holding Corp.