CEC Awards Nuvve $1.9M Grant for Innovative Vehicle-to-Microgrid Project

The RESCHOOL project demonstrates how two San Diego electric school bus fleets provide grid resiliency and serve as a roadmap for other school districts to follow

SAN DIEGO, Oct. 6, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global leader in vehicle-to-grid technology and deployments, has received a proposed award of $1,910,703 by the California Energy Commission (CEC) under the CEC's Electric School Bus Bi-Directional Infrastructure funding opportunity.

The grant will fund Nuvve's groundbreaking project, RESCHOOL: Resilient Energy Solutions for Schools, which is intended to showcase the transformative potential of electric school buses (ESBs) and bi-directional charging infrastructure to enhance the resilience of California's power grid. The initial project phase includes plans to produce a scalable model for other California school districts to implement their own zero-emission and bi-directional infrastructure.

The RESCHOOL project will enhance existing electric school bus and bi-directional charging infrastructure deployments with battery energy storage, microgrid and islanding capabilities to demonstrate how ESBs play a vital role in bolstering the reliability of California's power grid, particularly during extreme weather events and emergency situations. By integrating bi-directional electric school buses and their charging infrastructure into resilient microgrids, the project aims to reduce the cost of clean transportation systems while optimizing energy availability during power outages.

Initially, the project will benefit two participating San Diego County school districts already equipped with Nuvve's bidirectional chargers and its V2G GIVe™ platform: Cajon Valley Union School District and San Diego Unified.

"The project builds on our long experience aggregating electric school bus battery storage to discharge energy to the grid and further enhance resiliency through microgrid capabilities," said Nuvve CEO Gregory Poilasne. "It also underscores Nuvve's commitment to advancing clean energy solutions and reducing costs while strengthening the resilience of California's power infrastructure."

"As a proponent and early adopter of clean transportation solutions, we look forward to continuing our efforts to support the health of our students, our community and our planet. Cajon Valley is grateful for Nuvve's support in securing these much-needed funds," said Scott Buxbaum, Assistant Superintendent, Cajon Valley Union School District.

"This CEC grant will ultimately improve air quality, provide revenue for additional student programing and will help us support the power grid to reduce outages during emergency situations. We see this as a win for the district, for students and teachers and for the environment as a whole," said John Burciaga, Fleet Maintenance Manager, San Diego Unified School District.

The Phase 1 grant award is pending approval of the schools' respective projects at a publicly noticed CEC business meeting and execution of a grant agreement. Phase 2 will allow project teams awarded in Phase 1 to utilize the bi-directional charging infrastructure blueprints to replicate the initial projects in additional California school districts.

For further information and updates on Nuvve Holding Corp. and the RESCHOOL project, please visit www.nuvve.com.

About Nuvve Holding Corp. 
Nuvve Holding Corp. (Nasdaq: NVVE) is a global leader in vehicle-to-grid (V2G) technology serving the mission-critical needs of commercial fleets. The company's intelligent, cloud-based software, Nuvve GIVe™, is a platform that transforms electric fleets into mobile storage resources allowing them to contribute, and not just consume, electricity. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience while also generating recurring revenues to offset fleet operation costs. Committed to accelerating the planet's transition to a net-zero future, Nuvve is securing fleet electrification partners across the e-mobility and grid value chain and supports active deployments around the world with 18.3 megawatts currently under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about the value of V2G, futureproofing EV infrastructure and using EVs for grid resilience, visit nuvve.com.

Nuvve Press Contact
(W)right On Communications, David Cumpston
dcumpston@wrightoncomm.com, +1 415-902-4461

Nuvve Investor Contact 
ICR Inc.
nuvve@icrinc.com, +1 646-200-8872

Forward-Looking Statements 
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Nuvve and Nuvve's strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. In addition, Nuvve cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) risks related to the rollout of Nuvve's business and the timing of expected business milestones; (ii) Nuvve's dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve's ability to maintain effective internal controls over financial reporting, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve's accounting staffing levels; (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) any impact of the analysis of the accounting and reporting of warrants related to the extension of filing the Form 10-Q for the first quarter; (vi) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vii) potential adverse effects on Nuvve's backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (viii) the effects of competition on Nuvve's future business; (ix) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (x) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (xi) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xii) changes in applicable laws or regulations; (xiii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiv) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xvi) the possibility that Nuvve may be adversely affected by 3 other economic, business, and/or competitive factors, including increased inflation and interest rates, and the Russian invasion of Ukraine; and (xvii) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684). Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Annual Report on Form 10- K filed by Nuvve with the Securities and Exchange Commission (SEC) on March 31, 2022, and in the other reports that Nuvve has, and will file from time to time with the SEC. Nuvve's SEC filings are available publicly on the SEC's website at www.sec.gov.

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SOURCE Nuvve Holding Corp.