NUVVE UPDATES ITS V2G PATENT PORTFOLIO

• EUROPE GRANTS NUVVE "VEHICLE-TO-VEHICLE" PATENT
• NUVVE'S PATENTS DISCLOSE MULTIPLE V2G INNOVATIONS FROM VARYING SYSTEM-LEVEL PERSPECTIVES

SAN DIEGO, Oct. 13, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE) ("Nuvve"), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, today commented on its newly granted European patent.

Nuvve, which has seen strong growth and forged significant partnerships, is the only pure-play public company today with a proven track record in deploying commercially available and scalable V2G technology worldwide. With increasing demand for its technology, Nuvve is uniquely positioned to lead this sector.

The company's V2G patents, which include some of the first in the industry, disclose comprehensive vehicle-to-grid solutions that include combinations of some or all of the following attributes:

i. The control of power flow to electric vehicles (EVs) responsive to, among other things, anticipated usage of vehicle and/or grid data.
ii. The management of EV charging by Electric Vehicle Equipment (EVE) responsive to, among other things, charger attributes and/or aggregation server requests.
iii. The calculation of available power capacity of aggregated EVs responsive to, among other things, EVE, charger operational parameters, and/or dispatching to the grid.
iv. The control of power flow to the grid from an EV, responsive to, among other things, charger attributes sent to EVE and/or instructions received from EVE.

Gregory Poilasne, Nuvve's CEO, commented, "Nuvve is proud of the development of its patents, including the disclosure of V2G innovations from multiple system-level perspectives, including the electric vehicle, electric vehicle equipment, charging stations, and an entirely new and innovative aggregation server. In addition, since our founding, our patent portfolio has undergone extensive due diligence by sophisticated and heavily-resourced infrastructure investors and automotive OEMs."

Since its inception in 2010, Nuvve has invested significant resources in growing its V2G patent portfolio – and continues to do so today. During the span from 2011 to 2017, the company expanded its patent holdings to include four early-industry V2G patents in the U.S. Today, Nuvve has numerous later-filed U.S. patent applications pending. Outside the U.S., Nuvve holds an additional nine V2G patents– one of which was just granted by the EPO for "Vehicle-to-Vehicle" applications –  and is eagerly awaiting the approval of numerous foreign patent applications. According to CEO Poilasne, "the disclosure of European Patent (EP4033632B1) includes groundbreaking innovations essential in a world where electrified transportation will be the norm. For example, stranded electric vehicles must provide solutions for vehicle-to-vehicle energy transfer without the requirement of a connection to the electric grid."

Nuvve's V2G patent portfolio extends globally, with coverage across a wide array of European countries, including, but not limited to, Belgium, France, Germany, Ireland, the United Kingdom, Denmark, Finland, Norway, Sweden, Italy, Portugal, Spain, and various countries in Eastern Europe. As such, Nuvve's V2G patent portfolio serves as a solid foundation that is deeply rooted in the intelligent integration of EVs into the grid from a wide variety of system-level perspectives.

About Nuvve Holding Corp.
Nuvve (Nasdaq: NVVE) is a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform. Nuvve's mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. For more information please visit www.nuvve.com.

This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature or which relate to future events and are subject to risks and uncertainties. In many cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of these terms and other comparable terminology. These statements are only predictions. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. The forward-looking statements made in this press release relate only to events as of the date of this release. We undertake no ongoing obligation to update these statements.

Nuvve Press Contact
(W)right On Communications, Larry Smalheiser
lsmalheiser@wrightoncomm.com, +1 925-413-3137

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.