Business
Nuvve Provides Second Quarter 2024 Financial Update
Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT) SAN DIEGO, Aug. 13, 2024 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve", "we",
About this update from Nuvve Holding Corp.
[{"type":"text","content":"Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT) \nSAN DIEGO, Aug. 13, 2024 /PRNewswire/ -- Nuvve Holding Corp. (\"Nuvve\", \"we\", the \"Company\") (Nasdaq: NVVE), a green energy technology company that provides a globally-available, commercial vehicle-to-grid (V2G) technology platform that enables electric vehicle (EV) batteries to store and resell unused energy back to the local electric grid and provides other grid services, today provided a second quarter 2024 update. \n\n \n \n \n \n \n \n\n \nSecond Quarter Highlights and Recent Developments\nPartnered with Great Power, combining Nuvve's V2G technology with advanced batteries for more efficient, affordable EVs and part of the V2G Hub solutionHeld ground breaking event on the turnkey fleet electrification program for Fresno EOC's $16M 50-shuttle fleet projectCompleted installation and commissioning of Nuvve AC and DC chargers at Chinle Unified School District (USD) in California, making Chinle the first and largest school district in the Navajo Nation to go electricIncreased megawatts under management by 8.0% to 27.1 megawatts as of June 30, 2024 from 25.1 megawatts on December 31, 2023Reduced operating expenses excluding cost of sales in second quarter 2024 to $6.0 million compared to $8.5 million in second quarter 2023Cash and cash equivalents of $1.4 million as of June 30, 2024Management Discussion\nGregory Poilasne, Chief Executive Officer of Nuvve, said, \"The second quarter was busy time of year for tradeshows and conferences where Nuvve had a presence at ACT Expo, STN East, STN West, NSTA, and several state conferences. At these conferences we highlighted how our solutions, which are managed through our proprietary GIVeTM bidirectional, smart-charging software platform can positively impact their total cost of ownership (TCO) model. This timing was critical as many school bus fleet operators are starting to make infrastructure decisions after winning their grant awards from the EPAs Clean School Bus Program. We were pleased with the success of the ground breaking event held with the Board of the Fresno Economic Opportunities Commission executive team on our turnkey fleet electrification program for their 50-shuttle fleet that occurred in July. This solution will include 50 electric Class-A shuttles, a 2.5-megawatt on-site solar generati...