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Nuvve Provides Fourth Quarter and Full Year 2022 Financial Update
Investor Conference Call to be Held Today at 10:00 AM Eastern Time (7:00 AM PT) SAN DIEGO, March 31, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq:
About this update from Nuvve Holding Corp.
[{"type":"text","content":"Investor Conference Call to be Held Today at 10:00 AM Eastern Time (7:00 AM PT) \nSAN DIEGO, March 31, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform designed to enable electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a fourth quarter and full-year 2022 update.\n\n \n \n \n \n \n \n\n \n Fourth Quarter Highlights and Recent Developments\nMegawatts under management increased 7% to 17.4 megawatts at December 31, 2022 compared to 16.3 at September 30, 2022; backlog was 4.1 million at December 31, 2022 compared to $4.2 million at September 30, 2022.Expanded participation in California's Emergency Load Reduction Program with San Diego Gas & Electric to San Diego County's Ramona Unified School District through Nuvve V2G enabled DC fast chargers that power a fleet of eight electric school busesRepresented 10 school district customers in their successful bids to secure awards of $24.2 million in EPA Clean School Bus Rebate Program funding, supporting the future deployment of 61 V2G capable electric school buses and orders for Nuvve V2G-capable DC fast chargers; facilitated another two districts totaling 28 buses in their successful bid processSubsequent to the end of fourth quarter 2022, we announced partnership with Circle K to provide grid services to electric vehicle fast chargers at 50 of Circle K's service stations and three to five stationary storage sites in Norway and Denmark; potential to expand further in the Nordics and beyondReduced cash operating costs in fourth quarter 2022 on a sequential basis to $7.7 million versus $7.8 million in the third quarterCash and cash equivalents of $15.8 million, as of December 31, 2022Management Discussion\nGregory Poilasne, chief executive officer of Nuvve, said, \"Nuvve concluded what was a disappointing 2nd half of 2022 with positive momentum late in the fourth quarter and to start 2023. The fourth quarter was a foundational period for future growth at Nuvve. We believe the awarding of electric school bus and hardware funding to Nuvve school district customers through the EPA Clean School Bus Rebate Program in October, along with a 24-unit order from LAU...