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Nuvve Provided Second Quarter 2021 Financial Update
Investor conference call to be held today at 4:30 PM Eastern Time (1:30 PM PT) SAN DIEGO, Aug. 12, 2021 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq:
About this update from Nuvve Holding Corp.
[{"type":"text","content":"Investor conference call to be held today at 4:30 PM Eastern Time (1:30 PM PT)\n\n\nSAN DIEGO, Aug. 12, 2021 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today provided a second quarter 2021 update.\n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights and Recent Developments\nAdvancing Fleet-as-a-Service (FaaS) offering which allows fleets to electrify transportation through a monthly leasing fee that includes V2G-compatible electric vehicles, V2G charging infrastructure, energy costs, and maintenance On August 4, 2021, completed formation of Levo Mobility LLC (Levo), a sustainable infrastructure joint venture with Stonepeak Partners LP that will provide up to $750 million to fund transactions with electric fleets that will utilize our technology Announced expanded partnership with Blue Bird Corporation, the leading American-made manufacturer of school buses, to utilize Levo's Fleet-as-a-Service Leasing Model Announced partnership with Romeo Power, an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, to help accelerate V2G integration for battery-electric commercial vehicles Robust pipeline activity across a broad range of customers and geographies Strong order backlog of $6.4 million, demonstrating strength of pipeline and customer commitments Cash and cash equivalents of $48.1 million, as of June 30, 2021Management Discussion\nGregory Poilasne, chairman and chief executive officer of Nuvve, said, \"We are encouraged by the strong customer demand we experienced in the second quarter leading to an increase in our backlog that we believe will drive revenue over time. The completion of the Levo joint venture with Stonepeak Partners represents an important next step as we work with customers to lower the cost of electric vehicle ownership leveraging Nuvve's differentiated technology. We are excited about our bright future and believe the steps we are taking will drive significant value for our customers, partners, and shareholders while supporting a more sustainable future.\"\n2021 Second Quarter Financial Review\nTotal revenue was $1.0 million for the three months ended June 30, 2021, compared to $0.5 million for the thr...