Nuvve Achieves Record Month for Charging Station Deployments

Rhea-AI Summary

Nuvve Holding Corp. achieved a record number of 38 AC and DC bidirectional charging station connections in October, increasing its megawatts under management by 1.4. The total megawatts under management reached 22.7, a 30% increase compared to year-end 2022. Nuvve's K-12 business unit performed these deployments, focusing on turnkey electrification services for student transportation. The company expects to surpass its prior quarterly record in Q4 2023.

SAN DIEGO, Nov. 2, 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 in October it achieved a record number of 38 AC and DC bidirectional charging station connections — all linked to its V2G GIVe™ software platform to provide charging services to an additional 38 electric school buses (or 1.42 MW of capacity).

The implementation of these new charging stations increases Nuvve's megawatts under management by 1.4 and brings the total to 22.7 as of October 31, 2023, which is 30% above Nuvve's 17.4 megawatts under management at year-end 2022. Nuvve's K-12 business unit, which the Company launched in June 2023 to focus on turnkey electrification services for student transportation, performed these deployments. The prior monthly record was 24 chargers representing 1.1 MW, and with a planned acceleration in connections in November and December, Nuvve expects to surpass its prior quarterly record in the fourth quarter of 2023.

"We are thrilled by the momentum Nuvve has gained in the pace of deployments of our V2G software-equipped fast chargers," 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 record number of charging station connections achieved by Nuvve in October?

Nuvve achieved a record number of 38 AC and DC bidirectional charging station connections in October.

What is the total megawatts under management for Nuvve as of October 31, 2023?

As of October 31, 2023, Nuvve's total megawatts under management reached 22.7.

What is the increase in megawatts under management compared to year-end 2022?

Nuvve's megawatts under management increased by 30% compared to year-end 2022.

Which business unit of Nuvve performed the deployments?

Nuvve's K-12 business unit performed the deployments, focusing on turnkey electrification services for student transportation.

What does Nuvve expect to achieve in the fourth quarter of 2023?

Nuvve expects to surpass its prior quarterly record in the fourth quarter of 2023.