Nuvve Holding Corp. · NASDAQ:NVVE

Nuvve — SPAC Merger (November 2020)

33 slides from Nuvve's SPAC merger presentation, Nov 13, 2020

1. Slide 1: We Make Electric Vehicles Affordable And Greener

   1 Nuvve Copyright © 2020. All Rights Reserved. We Make Electric Vehicles Affordable And Greener Investor Presentation – November 2020

2. Slide 2: Legal Disclaimer

   Nuvve Copyright © 2020. All Rights Reserved. Legal Disclaimer This presentation (this “Presentation”) is provided for information purposes only and has been prepared to assist interested par ties in making their own evaluation with respect to a potential business combination between Newborn Acquisit

3. Slide 3: Legal Disclaimer (cont.)

   3 EƵǀǀĞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ /HJDO'LVFODLPHU FRQW Financial Information; Non - GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S - X. According ly, such information and data may not be included in, may be ad

4. Slide 4: Introductions

   Nuvve Copyright © 2020. All Rights Reserved. Introductions GREGORY POILASNE Co - Founder, Chairman, CEO TED SMITH Director, COO

5. Slide 5: Who is Nuvve?

   5 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Who is Nuvve ? EƵǀǀĞ ͛ Ɛ ƉƌŽƉƌŝĞƚĂƌLJǀĞŚŝĐůĞ Ͳ ƚŽ Ͳ ŐƌŝĚ;s Ϯ 'ͿƚĞĐŚŶŽůŽŐLJ ĞŶĂďůĞƐƚŚĞůŝŶŬŝŶŐŽĨŵƵůƚŝƉůĞĞůĞĐƚƌŝĐǀĞŚŝĐůĞ;sͿ ďĂƚƚĞƌŝĞƐƚŚƌŽƵŐŚsĐŚĂƌŐŝŶŐƐƚĂƚŝŽŶƐŝŶƚŽĂǀŝƌƚƵĂů ƉŽǁĞƌƉůĂŶƚ;sWWͿƉƌŽǀŝĚŝŶŐďŝ Ͳ ĚŝƌĞĐƚŝŽŶĂůƐĞƌǀŝĐĞƐƚŽ ƚŚĞĞůĞĐƚƌŝĐĂůŐƌŝĚŝŶĂƋƵĂůŝĨŝĞĚĂŶĚƐĞĐƵƌĞŵĂŶŶĞ

6. Slide 6: Our Mission

   Nuvve Copyright © 2020. All Rights Reserved. Our Mission To lower the cost of electric vehicle (EV) ownership while supporting the integration of renewable energy for scalable and sustainable green society. Wind/PV share (global capacity) EV share (new global sales) ϱϮ й 15% Ϯ й 57% 2018 2040 2018 2

7. Slide 7: EV Market Forecast

   7 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ EV Market Forecast EV adoption will drive the need for vehicle - grid integration (VGI) and vehicle - to - grid (V2G) in 2021

8. Slide 8: Electric Grid is Not Ready & Smart Charging will not be Enough

   Nuvve Copyright © 2020. All Rights Reserved. Electric Grid is Not Ready & Smart Charging will not be Enough EV Industry Uni - directional High volatility Unconnected to grid Heavy uncontrolled loads Increasing regulatory mandates High cost of batteries/ownership ,ŝŐŚǀŽůĂƚŝůŝƚLJ Power Industry Transit

9. Slide 9: Bi-directional is the Solution

   9 Nuvve Copyright © 2020. All Rights Reserved. Bi - directional is the Solution EV Industry hŶŝ Ͳ ĚŝƌĞĐƚŝŽŶĂů ,ŝŐŚǀŽůĂƚŝůŝƚLJ hŶĐŽŶŶĞĐƚĞĚƚŽŐƌŝĚ ,ĞĂǀLJƵŶĐŽŶƚƌŽůůĞĚůŽĂĚƐ /ŶĐƌĞĂƐŝŶŐƌĞŐƵůĂƚŽƌLJŵĂŶĚĂƚĞƐ ,ŝŐŚĐŽƐƚŽĨďĂƚƚĞƌŝĞƐͬŽǁŶĞƌƐŚŝƉ Low volatility w/ Nuvve Power Industry dƌĂŶƐŝƚŝŽŶƚŽĚŝƐƚƌŝďƵƚĞĚƉŽǁĞƌ ,ŝŐŚǀŽů

10. Slide 10: Nuvve's Platform and Services

    10 Nuvve Copyright © 2020. All Rights Reserved. 1XYYH ¶ V3ODWIRUP$QG6HUYLFHV Helps stabilize the grid with Nuvve’s bidirectional charging Reduces the cost of EV ownership, encourages EV adoption 'ƵĂƌĂŶƚĞĞƐǀĞŚŝĐůĞǁŝůůďĞƐĞƚ ĨŽƌƵƐĞďLJŽǁŶĞƌǁŚĞŶ ŶĞĞĚĞĚ Optimizes and protects the vehicle battery Electric v

11. Slide 11: V2G project locations

    11 s Ϯ ' Barcelona, Spain Newark, Delaware DĂŶŝůĂ͕WŚŝůŝƉƉŝŶĞƐ CDG Airport, Paris Windhoek, Namibia Nagoya, Japan Culver City, CA >ŽŶĚŽŶ͕h< UCSD, San Diego CA Torrance, CA ůĂũŽŶ͕^ĂŶŝĞŐŽ Nice, France Frederiksberg, Denmark Corsica, France EVS32 Lyon, France ^ĂŶ:ŽƐĞ͕ Bornholm, Denmark

12. Slide 12: Nuvve Platform Implementation

    12 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Vehicle - Based • Availability • Power capacity • Historic usage Forecast Market - Based • Historical trends • Projected value • Volatility • Compatible w/ all standards • Control infrastructure directly or via API’s. ‡ WĞƌĨŽƌŵĂŶĐĞĂŶĚ &ŝŶĂŶĐŝĂůZĞƐƵůƚƐ ƌĞƉŽƌƚ

13. Slide 13: Nuvve Product Vision

    13 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Nuvve Product Vision Adaptable Adjustable Scalable ^ƚĂŶĚĂƌĚƐĐŽŵƉĂƚŝďŝůŝƚLJ ;s͕s^Ɛ͕ĞƚĐ͘Ϳ Evolving with energy markets worldwide Micro - service based to enable quick iteration

14. Slide 14: Value (Revenue) Proposition

    Nuvve Copyright © 2020. All Rights Reserved. Value (Revenue) Proposition Smart Charging V1G 9 +9 % V2G Value Proposition hƚŝůŝƚLJ /ŶƚĞƌĐŽŶŶĞĐƚŝŽŶ • Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and u utility bill savings beh

15. Slide 15: Denmark Business Case

    15 Nuvve Copyright © 2020. All Rights Reserved. 'HQPDUN%XVLQHVV&DVH Average Revenue per Car/Mo: 158€ Average Bid Capacity in Oct 19: 227kW Total Capacity: 398kW (43 Vehicles) Without Building Services: Nuvve P&L, per car per year Sep 2017 - Aug 2018 FCR* Revenue Base EUR 2,082 Energy Export (to Grid

16. Slide 16: Energy And Power Capacity Market

    16 Nuvve Copyright © 2020. All Rights Reserved. Energy And Power Capacity Market *ULG ZLGH Behind the meter/Grid - wide Behind the meter 'LVWULEXWLRQJULG Combination 1. Frequency Regulation 2. Demand Charge Demand Response 3. PV Integration Energy Optimization 'LVWULEXWLRQ *ULG 6HUYLFHV 5. Energy Ar

17. Slide 17: Nuvve Comparison to Competition Today

    17 Nuvve Copyright © 2020. All Rights Reserved. Nuvve Comparison to Competition Today Transportation Fleet Charge ᤯ ᤯ ᤯ ᤯ ᤯ Behind - The - Meter TOU ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ Demand Charge ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ Grid Demand Response ᤯ ᤯ ᤯ ᤯ ᤯ sŽůƚĂŐ ĞŽŶƚƌŽů ᤯ Reactive Power ᤯ Energy Arbitrage ᤯ ᤯ Freq. Regulation ᤯ Bi - Dir

18. Slide 18: First-mover Advantage in V2G Space

    18 Nuvve Copyright © 2020. All Rights Reserved. First - mover Advantage in V2G Space &ŝƌƐƚDŽǀĞƌĚǀĂŶƚĂŐĞ Nuvve Today ŶƚƌLJ ĂƌƌŝĞƌ ĨŽƌŽŵƉĞƚŝƚŽƌƐ Intellectual Property (IP) Nuvve owns key paten t s D ifficult for competitors to peform V2G functions without violating Nuvv e `s IP Qualification by Transmi

19. Slide 19: Nuvve Roll-out Strategy

    19 Nuvve Copyright © 2020. All Rights Reserved. Nuvve Roll - out Strategy ϮϬϮϬ 2021 ϮϬϮϮ 2023 Light Duty Fleet Heavy Duty Fleet Car OEM Charge Point Operator (CPO) ƵƌŽƉĞͬŚĂĚĞŵŽ US - Europe / CCS DC h^ͬ^ĐŚŽŽůƵƐ US - Europe / Telematic v1g Nordics and Europe / v1g US – Europe / Shuttle – Delivery Truc

20. Slide 20: SPV Brings Financing and a Turnkey Solution

    Nuvve Copyright © 2020. All Rights Reserved. 639%ULQJV)LQDQFLQJDQGD7XUQNH\6ROXWLRQ Charging Consultation & Installation • Consultative approach with network of installation partners Financing • Enable financing of equipment, including the bus with partners • Use a Special Purpose Vehicle (SPV) to fi

21. Slide 21: School Bus SPV Model

    Nuvve Copyright © 2020. All Rights Reserved. 21 School Bus SPV Model SPV LLC o r LP /Es^dKZ^ ƋƵŝƚLJ Debt Energy Market BTM School District Bus Owner N U V V E Rev Share Mkt Participation s Ϯ 'Θ dD ZĞǀƐ ƐƐŝŐŶ>&^Θ'ƌŝĚ^ĞƌǀŝĐĞZĞǀĞŶƵĞƐ Provide Required Infrastructure & Turnkey Svc Capital Outlay for Eqpt

22. Slide 22: The Nuvve Team

    22 Nuvve Copyright © 2020. All Rights Reserved. The Nuvve Team GREGORY POILASNE Co - Founder, Chairman, CEO TED SMITH Director, COO t/>>/D<DWdKE Ž Ͳ &ŽƵŶĚĞƌ͕ŚĂŝƌŵĂŶd DZdZ,E sW͕DĂƌŬĞƚŝŶŐ RAPHAEL DECLERCQ Board Member KENJI YODOSE Board Member JACKIE PIERO VP. Regulatory Board of Directors LYNN AMES V

23. Slide 23: Transaction Summary / Financials

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24. Slide 24: Transaction Summary

    Nuvve Copyright © 2020. All Rights Reserved. Transaction Summary • Nuvve is being acquired by Newborn, a publicly listed special purpose acquisition company with $57.5M cash in trust • Nuvve pre - money equity value of ~$102M • Consideration to Nuvve paid with ~10.2M shares. • Transaction includes ~

25. Slide 25: Nuvve Comparable Company Benchmarking

    25 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Nuvve Comparable Company Benchmarking • Nuvve’s 2020 – 2022E revenue CAGR of 312% significantly higher than comparables • Nuvve’s pro forma valuation is at a significant discount to the two primary comparables, BLNK and ChargePoint Revenue CAGR (2020 - 2022)

26. Slide 26: Historical and Projected P&L

    Nuvve Copyright © 2020. All Rights Reserved. Historical and Projected P&L (1) 2017 and 2018 are audited statements; 2019 and YTD are unaudited (2) YTD includes 1/1/20 – 9/30/20 PROJECTION ACTUALS (1) 2020 ($ in '000s) 2017 2018 2019 YTD (2) Low High 2021 2022 Revenue $720 $1,519 $3,482 $2,999 $5,000

27. Slide 27: Balance Sheet Snapshot

    27 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Balance Sheet Snapshot (1) (1) Unaudited as of 9/30/2020 (2) Convertible notes convert to equity prior to merger close $ in '000s ASSETS LIABILITIES Current Assets Current Liabilities Cash 59$ Accounts payable 1,887$ Accounts receivable 634 Accrued expenses

28. Slide 28: Appendix

    Appendix

29. Slide 29: Company Outline

    Nuvve Copyright © 2020. All Rights Reserved. Company Outline • The world’s only platform enabling profitable deployment of EV fleets globally • University of Delaware Spin Off (invention of V2G) • HQ in San Diego, CA • Offices in Copenhagen, London, Newark (DE), Paris • Core IP: 15 patents filed or

30. Slide 30: Market Access By Region

    30 Nuvve Copyright © 2020. All Rights Reserved. Market Access By Region 3URGXFW U.S.A Denmark Norway U.K France Japan China CAISO PJM NYISO Time of Use (Optimization) ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ Demand Charge ᤯ ᤯ ᤯ n/a n/a n/a n/a ᤯ n/a Demand Response ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ ᤯ 2020 Frequency Regulation 2022 ᤯ ᤯ ᤯ ᤯ 20

31. Slide 31: Year Recap

    31 Nuvve Copyright © 2020. All Rights Reserved. <HDU 5HFDS V2G enabled ride share service at UC – San Diego Torrance, CA - School District V2G fleet deployment in Denmark JCDecaux in Denmark ‡ \HDUVRIPDUNHWSDUWLFLSDWLRQLQ3-0 WKHODUJHVW WUDQVPLVVLRQV\VWHPRSHUDWRU 762 LQWKHFRXQWU\ ‡ \HDUVRIFRPPHUFLDOR

32. Slide 32: Market size: Global Revenue Opportunity

    32 Nuvve Copyright © 2020. All Rights Reserved. 0DUNHWVL]H *OREDO 5HYHQXH2SSRUWXQLW\8QLW $1.5B Grid Services TAM / year $500 / EV / year ΨsĂůƵĞWĞƌsWĞƌzĞĂƌ Behind - The - Meter Services $800 / EV / year Ψ ϰ TAM / year Transportation Services $2000 / EV / year $290B dDͬLJĞĂƌ Total Opportunity $3300 / E

33. Slide 33: We Make Electric Vehicles Greener

    33 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ 33 Nuvve Copyright © 2020. All Rights Reserved. EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ We Make Electric Vehicles Greener

Nuvve — SPAC Merger (November 2020) on 6ix