Nuvve Holding Corp. · NASDAQ:NVVE

Nuvve — Investor Presentation (March 2021)

34 slides from Nuvve's investor presentation, Mar 30, 2021

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

    Nuvve Copyright © 2020. All Rights Reserved.  We Make Electric Vehicles Affordable And Greener Investor Presentation – March 30 2021

2. Slide 2: Legal Disclaimer

    Nuvve Copyright © 2020. All Rights Reserved. /HJDO'LVFODLPHU This presentation (this “Presentation”) is provided for information purposes only. No representations or warranties, express or implied are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circ

3. Slide 3: Non-GAAP Financial Measures

   3 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Non-GAAP Financial Measures Some of the financial information and data contained in this Presentation has not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). NBAC and Nuvve believe that the use of thes

4. Slide 4: Introductions

    Nuvve Copyright © 2020. All Rights Reserved. Introductions GREGORY POILASNE Co - Founder, Chairman & CEO s/ZK^KE ŚŝĞĨ&ŝŶĂŶĐŝĂůKĨĨŝĐĞƌ TED SMITH President & Board Member

5. Slide 5: Who is Nuvve?

   5 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Who is Nuvve ? Nuvve’s proprietary vehicle - to - grid (V2G) technology enables the linking of multiple electric vehicle (EV) batteries through EV charging stations into a virtual power plant (VPP) providing bi - directional services to the electrical

6. Slide 6: Our Mission

    Nuvve Copyright © 2020. All Rights Reserved. Our Mission dŽůŽǁĞƌƚŚĞĐŽƐƚŽĨĞůĞĐƚƌŝĐǀĞŚŝĐůĞ;sͿŽǁŶĞƌƐŚŝƉǁŚŝůĞƐƵƉƉŽƌƚŝŶŐƚŚĞŝŶƚĞŐƌĂƚŝŽŶŽĨƌĞŶĞǁĂďůĞĞŶĞƌŐLJ ĨŽƌƐĐĂůĂďůĞĂŶĚƐƵƐƚĂŝŶĂďůĞŐƌĞĞŶƐŽĐŝĞƚLJ͘ Wind/PV share (global capacity) EV share (new global sales) 52% 15% Ϯ й 57% 2018 ϮϬϰϬ 201

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. (OHFWULF*ULGLV1RW5HDG\ 6PDUW&KDUJLQJZLOOQRWEH(QRXJK EV Industry Uni - directional High volatility Unconnected to grid Heavy uncontrolled loads Increasing regulatory mandates High cost of batteries/ownership High volatility Power Industry Tran

9. Slide 9: Bi-directional is the Solution

   9 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Bi - directional is the Solution EV Industry Uni - directional High volatility Unconnected to grid Heavy uncontrolled loads Increasing regulatory mandates High cost of batteries/ownership Low volatility w/ Nuvve Power Industry dƌĂŶƐŝƚŝŽŶƚŽĚŝƐƚƌŝďƵƚĞ

10. Slide 10: Nuvve's Platform And Services

    10 Nuvve Copyright © 2020. All Rights Reserved. Nuvve’s Platform And Services 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

11. Slide 11: V2G Project Locations

    11 V2G Barcelona, Spain Newark, Delaware DĂŶŝůĂ͕WŚŝůŝƉƉŝŶĞƐ CDG Airport, Paris tŝŶĚŚŽĞŬ͕EĂŵŝďŝĂ Nagoya, Japan Culver City, CA London, UK UCSD, San Diego CA Torrance, CA ůĂũŽŶ͕^ĂŶŝĞŐŽ Nice, France &ƌĞĚĞƌŝŬƐďĞƌŐ͕ĞŶŵĂƌŬ Corsica, France EVS32 Lyon, France San Jose, CA Bornholm, Denmark

12. Slide 12: Nuvve Platform Implementation

    12 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Vehicle - Based • Availability • Power capacity • Historic usage &ŽƌĞĐĂƐƚ Market - Based • Historical trends • Projected value • Volatility • Compatible w/ all standards • Control infrastructure directly or via API’s. • Performance and Financial Resu

13. Slide 13: Nuvve Product Vision

    13 EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ Nuvve Product Vision ĚĂƉƚĂďůĞ Adjustable Scalable Standards compatibility (EV, EVSEs, etc.) Evolving with energy markets worldwide Micro - service based to enable quick iteration

14. Slide 14: Value Revenue Proposition

     Nuvve Copyright © 2020. All Rights Reserved. 9DOXH 5HYHQXH 3URSRVLWLRQ Smart Charging V1G V2H / V2B 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 savi

15. Slide 15: Denmark Business Case

    15 Nuvve Copyright © 2020. All Rights Reserved. Denmark Business Case 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 Gr

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 %HKLQGWKHPHWHU Distribution grid Combination 1. Frequency Regulation 2. Demand Charge Demand Response 3. PV Integration Energy Optimization  'LVWULEXWLRQ *ULG  6HUYLFHV 5.

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 ᤯ ŶĞƌŐLJƌďŝƚƌĂŐĞ ᤯ ᤯ Freq. Regulation ᤯ Bi - D

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

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 – Deliv

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 (S

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 Capita

22. Slide 22: Executive Team, Leadership, & Advisory Team

    22 Nuvve Copyright © 2020. All Rights Reserved. Executive Team, Leadership, & Advisory Team GREGORY POILASNE Co - Founder, Chairman, CEO TED SMITH President & Board Member t/>>dd<DWdKE Ž Ͳ &ŽƵŶĚĞƌ͕ŚĂŝƌŵĂŶd DZdZ,E sW͕DĂƌŬĞƚŝŶŐ JACKIE PIERO VP. Policy Advisors LYNN AMES VP, Partnershi

23. Slide 23: Transaction Summary & Financials

    23 Transaction Summary & Financials

24. Slide 24: Transaction Summary

    24 Nuvve Copyright © 2020. All Rights Reserved. Transaction Summary • On March 12, 2021 Nuvve and Newborn closed on a Business Combination pursuant to a Merger Agreement • Nuvve pre - money equity value of $104M • Consideration to Nuvve paid with 9.1M shares (before buy back of 0.6m shares). • PIPE

25. Slide 25: Nuvve Corp. Audited Condensed Financial Information

    25 Nuvve Copyright © 2020. All Rights Reserved. NUVVE CORP. AUDITED CONDENSDED FINANCIAL INFORMATION For the year ended December 31 (in thousands)

26. Slide 26: Audited Condensed Consolidated Balance Sheet

    26 Nuvve Copyright © 2020. All Rights Reserved. NUVVE CORP. AUDITED CONDENSED CONSOLIDATED BALANCE SHEET As of December 31, 2020 (in thousands) (in thousands, Audited) (1) Includes convertible debenture and Payroll Protection Program (PPP) loan. The PP loan was received as part of the Coronaviru s A

27. Slide 27: Unaudited Pro Forma Condensed Combined Statement of Operations

    27 Nuvve Copyright © 2020. All Rights Reserved. 8QDXGLWHG3UR)RUPD&RQGHQVHG&RPELQHG6WDWHPHQWRI2SHUDWLRQV )RUWKH<HDU(QGHG'HFHPEHU    LQWKRXVDQGV

28. Slide 28: Unaudited Pro Forma Condensed Combined Balance Sheet

    28 Nuvve Copyright © 2020. All Rights Reserved.  8QDXGLWHG3UR)RUPD&RQGHQVHG&RPELQHG%DODQFH6KHHW  $VRI'HFHPEHU    LQWKRXVDQGV

29. Slide 29: Appendix

    29 Appendix

30. Slide 30: Company Outline

    30 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

31. Slide 31: Market Access By Region

    31 Nuvve Copyright © 2020. All Rights Reserved. 0DUNHW$FFHVV%\5HJLRQ Product 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

32. Slide 32: Year in Recap

    32 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 -&'HFDX[LQ'HQPDUN ‡  \HDUVRIPDUNHWSDUWLFLSDWLRQLQ3-0 WKHODUJHVW WUDQVPLVVLRQV\VWHPRSHUDWRU 762 LQWKHFRX

33. Slide 33: Market Size Global Revenue Opportunity

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

34. Slide 34: We Make Electric Vehicles Greener

     EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ 34 Nuvve Copyright © 2020. All Rights Reserved. EƵǀǀĞŽƉLJƌŝŐŚƚΞ ϮϬϮϬ ͘ůůZŝŐŚƚƐZĞƐĞƌǀĞĚ͘ We Make Electric Vehicles Greener

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