SAN DIEGO, Oct. 31, 2024 /PRNewswire/ -- Nuvve Holding Corp. ("Nuvve" or 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 announced that it entered into a definitive agreement with certain institutional and individual accredited investors (the "Investors") ...

Core Insights - Nuvve Holding Corp. has demonstrated significant advancements in Vehicle-to-Grid (V2G) technology, showcasing scalable solutions for grid stabilization at a recent event hosted by Exelon [1][4] - The global V2G market is projected to reach USD 34.7 billion by 2034, with a compound annual growth rate (CAGR) of 22.7% from 2024 to 2034, driven by the adoption of electric vehicles and the need for energy optimization [2] - Nuvve's proprietary GIVe™ aggregator software enhances the integration of multiple EVs into a unified V2G power resource, ensuring efficient grid integration [3] Company Developments - Nuvve's deployment of 3-phase PowerPort3 Ultra chargers allows Ford Mach-E EVs to provide grid services while parked, emphasizing the practical benefits of AC bi-directional power flow [1] - The company is positioned to capture a significant share of the growing V2G market through its innovative solutions and compliance with regulatory requirements [2][4] - Nuvve's strategic leadership in adhering to FERC Order 2222 strengthens its ability to leverage distributed energy resources [4] Market Opportunities - The integration of V2G technologies presents opportunities for Nuvve and its customers to generate recurring revenue streams through services like grid balancing and resource flexibility [3] - The performance of V2G-enabled Ford Mach-E vehicles will be monitored to assess their effectiveness as both fleet vehicles and grid assets, contributing to long-term value creation [4]

Core Viewpoint - Nuvve Holding Corp. has taken significant steps to regain compliance with Nasdaq's Bid Price Rule, including executing a 1-for-10 reverse stock split [1] Group 1: Company Actions - Nuvve executed a 1-for-10 reverse stock split, resulting in 652,727 shares outstanding [1] - The company encourages shareholders to protect their shares against market manipulation by holding shares in cash accounts and requesting "no loan" status [1] Group 2: Company Overview - Nuvve Holding Corp. is a leader in vehicle-to-grid (V2G) technology, transforming electric vehicles into grid resources to support the transition to a net-zero future [1]

Core Insights - Nuvve Holding Corp. has partnered with Las Cruces Public Schools to enhance electric vehicle infrastructure in the educational sector, marking a significant milestone in this initiative [1][2][3] Group 1: Partnership Details - The collaboration involves the deployment of 5 Vehicle-to-Grid (V2G)-capable DC Fast Chargers and 7 Nuvve Level II PowerPorts to support the transition to electric school buses and other electric vehicles [2][3] - Nuvve's CEO emphasizes the importance of this partnership in promoting sustainability and energy savings for the school district [2][3] Group 2: Technology and Benefits - Nuvve will utilize its GIVe™ platform for bidirectional energy management, allowing the school district's electric vehicles to serve as grid-integrated energy storage resources [3] - The project aims to optimize energy usage, reduce costs, and facilitate the integration of renewable energy sources like solar and wind [3] Group 3: Future Implications - The successful deployment of this project is expected to encourage broader adoption of electric school buses across New Mexico, showcasing the reliability of Nuvve's technology [2][3] - Both Nuvve and Las Cruces Public Schools are committed to driving innovation and sustainability in the electric vehicle and renewable energy sectors [3]

Core Points - Nuvve Holding Corp. announced a 1-for-10 reverse stock split effective September 16, 2024, to comply with Nasdaq's minimum bid price requirement of $1.00 per share [1][3] - The reverse stock split will reduce the number of outstanding shares from approximately 6.5 million to about 0.7 million, while the total authorized shares will remain unchanged [2][3] - The reverse stock split will not affect the par value of the shares, which remains at $0.0001 per share [2] Company Overview - Nuvve Holding Corp. specializes in vehicle-to-grid (V2G) technology, enabling electric vehicle (EV) batteries to store and resell unused energy back to the grid [1][5] - The company aims to enhance sustainable transportation and support the transition to clean energy by transforming EVs into mobile energy storage assets [5] - Nuvve has deployed V2G technology on five continents since its founding in 2010 and offers electrification solutions for various fleet types [5]

Financial Data and Key Metrics Changes - In Q2 2024, total revenues were $802,000, down from $2.12 million in Q2 2023, primarily due to reduced charger hardware sales and timing of EPA funding awards [11][12] - Year-to-date revenues through June 30, 2024, were $1.6 million compared to $4 million in the prior year period, reflecting a similar decline driven by hardware sales [11] - Net loss attributable to common stockholders decreased to $3.9 million in Q2 2024 from $8 million in Q2 2023, attributed to lower operating expenses and noncash gains [14] Business Line Data and Key Metrics Changes - Margins on products, services, and grant revenues improved to 24.9% in Q2 2024 from 8% in the prior year, driven by better pricing on hardware and a higher mix of service revenues [12] - Excluding grant revenues, margins on product and service revenues were 10.1% in Q2 2024 compared to 4.8% in the year-ago period [12] Market Data and Key Metrics Changes - Megawatts under management increased by 1.7% from Q1 2024 to 27.1 megawatts, a 35.3% increase compared to Q2 2023 [16] - The backlog for hardware and services decreased to $18.2 million as of June 30, 2024, down from $19 million at the end of Q1 2024, but increased by $14.3 million year-to-date from $3.9 million at the end of 2023 [17] Company Strategy and Development Direction - The company is focusing on closing awarded projects while the school bus segment is recovering, aiming to diversify revenue sources and enhance stability [19][20] - A new partnership with WISE-EV LLC aims to launch a special purpose vehicle (SPV) for public infrastructure deployment in Nevada, which is expected to accelerate technology deployment and provide upfront cash [8][9] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges in Q2 2024 due to delays in EPA funding approvals but expressed optimism about order increases in the upcoming quarters [5] - The company does not anticipate achieving the previously guided revenue target of $15 million to $20 million for 2024 due to project delays and funding timing issues [9][10] Other Important Information - Operating costs, excluding cost of sales, decreased to $6 million in Q2 2024 from $8.5 million in Q2 2023, reflecting ongoing efficiency improvements [13] - Cash as of June 30, 2024, was approximately $1.4 million, with a decrease attributed to operating activities [15] Q&A Session Summary - No questions were raised during the Q&A session, and the call concluded without further inquiries [21]

Revenue Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of 62.2% from $2.12 million in Q2 2023, primarily due to a $1.18 million drop in product revenue [188]. - For the six months ended June 30, 2024, total revenue was $1.6 million, down 60.2% from $4.0 million in the same period of 2023, with a $2.1 million decrease in product revenue [189]. - Grants revenue increased by 85% to $0.13 million in Q2 2024 compared to $0.07 million in Q2 2023 [186]. Cost and Margin Analysis - Cost of products and services revenue for Q2 2024 decreased by 69.1% to $0.6 million compared to $2.0 million in Q2 2023, leading to a margin increase to 10.1% from 4.8% [190]. - For the six months ended June 30, 2024, cost of products and services revenue decreased by $2.3 million to $1.1 million, with a margin increase to 18.6% from 10.9% [191]. Loss and Improvement Metrics - Operating loss for Q2 2024 was $5.76 million, a 31% improvement from a loss of $8.32 million in Q2 2023 [186]. - Net loss attributable to Nuvve Holding Corp. for Q2 2024 was $3.94 million, a 51% improvement from a loss of $7.99 million in Q2 2023 [186]. - Net loss decreased by $4.0 million, or 50.5%, to $3.9 million for the three months ended June 30, 2024, compared to $8.0 million for the same period in 2023 [200]. Operational Expenses - Selling, general and administrative expenses decreased by $1.7 million, or 26.4%, to $4.5 million for the three months ended June 30, 2024, compared to $6.1 million for the same period in 2023 [192]. - Research and development expenses decreased by $0.9 million, or 38.3%, to $1.5 million for the three months ended June 30, 2024, compared to $2.4 million for the same period in 2023 [195]. Cash Flow and Financing - Cash used in operations was $8.7 million for the six months ended June 30, 2024, compared to $21.3 million for the year ended December 31, 2023 [204]. - The company completed a public offering on February 2, 2024, raising gross proceeds of approximately $9.6 million [206]. - Net cash provided by financing activities for the six months ended June 30, 2024, was $8.7 million, primarily from $8.5 million in proceeds from a public offering of common stock [222]. Future Outlook and Backlog - The estimated backlog as of June 30, 2024, was $18.2 million, expected to be recognized as revenue from 2024 through 2026 [184]. - The company expects growth in company-owned charging stations, although these projects will constitute a declining percentage of future business as commercial operations expand [180]. Subsidiary and Business Model - Levo Mobility LLC, a consolidated subsidiary, focuses on electrifying transportation and reducing barriers to EV fleet adoption through a Fleet-as-a-Service model [182]. - Levo was formed with conditional capital contribution commitments of $750 million to fund electric fleet acquisitions and infrastructure construction [215]. Debt and Interest Obligations - The Term Loan requires weekly payments of $50,750 for thirty weeks, totaling $522,501 in expected interest payments [214]. - The weighted weekly average interest rate on the term loan is 2.96% [216]. Cash Position and Changes - The net decrease in cash and restricted cash for the six months ended June 30, 2024, was $103,246, compared to a decrease of $4.7 million in the same period of 2023 [220]. - Net cash used in operating activities for the six months ended June 30, 2024, was $8.7 million, a decrease of $0.3 million compared to $9.0 million for the same period in 2023 [220]. - Cash used for investing activities was $0.05 million for the six months ended June 30, 2024, compared to net cash provided of $1.2 million in the same period of 2023 [221]. Regulatory and Compliance - The company has no off-balance sheet arrangements [224]. - There has been no change in internal control over financial reporting that materially affected the company during the quarter ended June 30, 2024 [234]. - The company is classified as an "emerging growth company" under the JOBS Act and intends to rely on the exemptions provided [230]. - The company expects to remain an emerging growth company until at least December 31, 2025, unless certain revenue or securities thresholds are met [231].

Financial Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of 62.2% from $2.12 million in Q2 2023, primarily due to a $1.18 million decrease in products revenue[4] - Net loss decreased by 50.5% to $3.9 million in Q2 2024 from $8.0 million in Q2 2023, driven by an increase in other income and a decrease in operating expenses[8] - Operating loss for Q2 2024 was $(5,763,874), compared to $(8,315,540) in Q2 2023, showing an improvement of 30.8%[20] - Net loss attributable to Nuvve Holding Corp. common stockholders for Q2 2024 was $(4,176,717), a decrease from $(8,224,707) in Q2 2023, representing a 49.1% improvement[20] - The company reported a comprehensive loss attributable to Nuvve Holding Corp. of $(3,946,840) for Q2 2024, compared to $(7,991,264) in Q2 2023[23] Operating Expenses - Operating expenses excluding cost of sales were reduced to $6.0 million in Q2 2024 from $8.5 million in Q2 2023, a decrease of 29.4%[2] - Total operating expenses for Q2 2024 were $6,566,054, down from $10,435,667 in Q2 2023, a reduction of 37.1%[20] - Selling, general and administrative expenses decreased by 26.4% to $4.5 million in Q2 2024 from $6.1 million in Q2 2023[5] - Research and development expenses decreased by 38.3% to $1.5 million in Q2 2024 from $2.4 million in Q2 2023[7] - Research and development expenses for Q2 2024 were $1,473,567, compared to $2,387,215 in Q2 2023, a decrease of 38.2%[20] Cash and Equity - Cash and cash equivalents were $1.4 million as of June 30, 2024[2] - Cash and restricted cash at the end of Q2 2024 was $1,911,414, down from $11,539,004 at the end of Q2 2023[25] - Total stockholders' equity as of June 30, 2024, was $(2,062,490), a decline from $2,580,605 at the end of 2023[19] - Total liabilities and equity as of June 30, 2024, amounted to $18,527,025, down from $20,950,506 at the end of 2023[19] Business Developments - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation[2] - The partnership with Great Power aims to combine advanced batteries with V2G solutions for more efficient EVs[2] - Megawatts under management increased by 8.0% to 27.1 megawatts as of June 30, 2024, up from 25.1 megawatts on December 31, 2023[2] Other Income - Other income increased by $1.5 million to $1.8 million in Q2 2024, primarily due to changes in fair value of warrants liability[7]

Core Insights - Nuvve Holding Corp. reported a significant decrease in total revenue for Q2 2024, amounting to $0.80 million, down 62.2% from $2.12 million in Q2 2023, primarily due to lower product and service sales [3] - The company has made strategic partnerships and advancements in its vehicle-to-grid (V2G) technology, including a collaboration with Great Power and the electrification of the Fresno EOC's shuttle fleet [2][3] - Operating expenses were reduced to $6.0 million in Q2 2024 from $8.5 million in Q2 2023, contributing to a net loss decrease of 50.5% to $3.9 million [3] Financial Performance - Total revenue for Q2 2024 was $0.80 million, a decrease of $1.32 million from the previous year, with product revenue dropping by $1.18 million and service revenue by $0.2 million [3] - The cost of products and services revenue decreased by 69.1% to $0.6 million, leading to an increase in products and services margin to 10.1% from 4.8% year-over-year [3] - Selling, general, and administrative expenses fell by 26.4% to $4.5 million, driven by reductions in various expense categories [3] Operational Highlights - Nuvve increased megawatts under management by 8.0% to 27.1 megawatts as of June 30, 2024, compared to 25.1 megawatts at the end of 2023 [1] - The company completed the installation of AC and DC chargers at Chinle Unified School District, marking it as the first and largest electric school district in the Navajo Nation [1][2] - A groundbreaking event for the Fresno EOC's $16 million shuttle fleet project was held, which will include electric shuttles and a solar generation system [2] Strategic Partnerships - Nuvve partnered with Great Power to enhance its V2G technology with advanced battery solutions, aiming to improve efficiency and affordability for electric vehicles [1][2] - The company highlighted its proprietary GIVeTM smart-charging software platform at various industry conferences, emphasizing its impact on total cost of ownership for fleet operators [2]

Investor Conference Call to be Held Tuesday, August 13, 2024 at 5:00 PM Eastern Time (2:00 PM PT)SAN DIEGO, Aug. 6, 2024 /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, will provide second quarter 2024 update on Tuesday, Augus ...