Nuvve Holding Corp. · NASDAQ:NVVE
Nuvve — Q3 2021 Earnings Presentation
43 slides from Nuvve's earnings presentation, November 2021
Slide 1: Intelligently Electrifying the Planet
INTELLIGENTLY ELECTRIFYING THE PLANET N U V V E . C O M ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary.
Slide 2: Legal Disclaimer
LEGAL DISCLAIMER 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 circumstances will Nuvve Holding Corp. (“Nuvve”) o
Slide 3: The transition to electric mobility
The transition to electric mobility is among the largest macroeconomic shifts in our lifetime and an opportunity to accelerate solutions to climate change. ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 3
Slide 4: Vehicle Electrification
VEHICLE ELECTRIFICATION POSITIVE IMPACT NEGATIVE IMPACT ICE vehicles account for ~45% of EVs are projected to create a 40% global CO2 emissions increase in power demand[1] requiring 3% a $2T investment in grid upgrades[2] 11% 12% 45% AND 29% +40% +$2T Road (Passenger) Road (Freight) Aviation Shippin
Slide 5: A New Paradigm for Energy
A NEW PARADIGM FOR ENERGY The energy sector also plays a critical role in slowing climate change. Renewable energy is no longer an idea—it’s a mandate that governments and businesses must deliver on in the near term. ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 5
Slide 6: Nuvve Sits at the Nexus of Transport & Energy
Founded on the need to NUVVE SITS store and optimize renewable energy AT THE sources, Nuvve believes that electrification will NEXUS OF unlock the benefits of TRANSPORT clean energy and the profound impact it will & ENERGY have on our society and the planet. ©2021 Nuvve Holding Corp. All rights rese
Slide 7: Our Purpose
OUR PURPOSE To intelligently electrify the planet, beginning with transportation. W W W . U N I O N . C O M ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 7
Slide 8: Our Vision
OUR VISION Intelligently connecting the world’s batteries so everyone has an opportunity to share in the benefits of an electrified world. ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 8
Slide 9: A New Way Forward
A NEW WAY FORWARD KEEP THE SPIRIT WORK Nuvve is introducing a new model for electrification through our intelligent energy platform. We offer deep expertise and technical solutions that make electric vehicles more sophisticated, efficient, and cost-effective. ©2021 Nuvve Holding Corp. All rights res
Slide 10: What We Do
WHAT WE DO KEEP THE SPIRIT WORK Combining the world’s most advanced vehicle-to-grid (V2G) technology and our ecosystem of partners, we dynamically manage power among EV batteries and the grid. ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 10
Slide 11: Our Impact
OUR IMPACT Nuvve is delivering value to owners, accelerating the adoption of EVs and the world’s transition to clean energy, and creating a more resilient grid. ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 11
Slide 12: Transformation & Disruption
TRANSFORMATION & DISRUPTION ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary.
Slide 13: Solving High-Level Issues
SOLVING HIGH-LEVEL ISSUES REDUCTION OF GRID STABILITY HIGH COST OF POLLUTION ELECTRIC VEHICLES ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 13
Slide 14: Nuvve's Intelligent Energy Platform
NUVVE’S INTELLIGENT ENERGY PLATFORM INCREASES TRANSFORMS CONTRIBUTES INTEGRATES THE EVs INTO TO A MORE RENEWABLE UTILIZATION VALUABLE RESILIENT ENERGY IN A OF EVs EARNING GRID MORE ASSETS RELIABLE WAY ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 14
Slide 15: The World's Most Advanced V2G
THE WORLD’S MOST ADVANCED V2G • Enables EVs to charge and discharge energy from their batteries • Precisely controls power flow between EVs and the grid • Aggregates energy and power capacity from multiple EV batteries to form a virtual power plant (VPP) • Performs grid services that help stabilize
Slide 16: Nuvve Turns EVs into Power Plants
NUVVE TURNS EVs INTO POWER PLANTS VPP Sample Output: • 200 buses connected at 125kW = 25MW of capacity • Capable of reducing peak consumption of 10,000 homes by 50% Based on avg. U.S home energy use. Source: U.S. Energy Information Administration ©2021 Nuvve Holding Corp. All rights reserved. Confid
Slide 17: Nuvve Platform: How It Works
NUVVE PLATFORM: HOW IT WORKS Forecast Bid Dispatch Report • Vehicle- • Market- • Compatible • Performance based based w/ all and financial • Availability • Historical standards results to • Power trends • Control stakeholders capacity • Projected infrastructure (utilities, fleet • Historical value d
Slide 18: The Nuvve V2G Promise
THE NUVVE V2G PROMISE Drivers always have Cost savings and We work within OEM enough energy to revenue generation battery warranty drive opportunities limits Fun Fact from Rønne Harbor, Bornholm, Denmark: Port Security Vehicle: Nissan Leaf with 24kWh battery Operating nearly 5 years of V2G; 93000km,
Slide 19: Saving & Revenue Opportunities
SAVING & REVENUE OPPORTUNITIES Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and utility bill savings behind the meter. Smart Charging One-way stop/start charge at scheduled times TOU[1] Demand V1G Dynamic charge rate based
Slide 20: Creating Value Across the Ecosystem
CREATING VALUE ACROSS THE ECOSYSTEM INTELLIGENTLY ACCELERATING THE CONNECTING THE PAVING THE PATH CONNECTING ELECTRIFICATION ENERGY TO A SUSTAINABLE VEHICLES AND THE OF THE PLANET ECOSYSTEM FUTURE GRID ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 20
Slide 21: Our Company
OUR COMPANY ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary.
Slide 22: Leadership Team
LEADERSHIP TEAM Gregory Poilasne Ted Smith David Robson Steve Moran Co-Founder, Chief Operating Officer Chief Financial Officer Chief Legal Officer Chairman & CEO ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 22
Slide 23: A Brief History
A BRIEF HISTORY ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 23
Slide 24: Our Global Footprint
OUR GLOBAL FOOTPRINT • Headquarters in San Diego, CA • Offices in Newark (Delaware), London, UK, and Copenhagen, Denmark • 60+ employees and growing • 25+ years of V2G R&D • 300+ installations and experience managing 12+ MW across five continents • 5+ years of continuous V2G commercial operations in
Slide 25: V2G Around the World
Copenhagen, Oxford, UK Denmark El Cajon, CA Bornholm, Denmark Azores, Portugal Concord, CA San Diego, CA Durango, CO Bornholm, Denmark Pekin, IL V2G AROUND THE WORLD Frederiksberg, Denmark White Plains, NY ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 25
Slide 26: Turnkey Fleet Solutions
TURNKEY FLEET SOLUTIONS • Initial capital investment of up to $750M from Stonepeak Partners and Evolve • Offering 100% financing with no upfront costs Electric Vehicle V2G Technology Fully equipped Our vehicle-to-grid technology electric vehicle fleet harnesses your battery when you’re not using it
Slide 27: First Mover Advantage
Data IP Years of data accumulation Nuvve owns key allows Nuvve to move rapidly patents + 25+ and accurately for future TSO years of R&D developments Qualification Already qualified by several TSOs making it easier to expand V2G Experience FIRST 10+ years of market participation and stakeholder inter
Slide 28: V2G Opportunities
V2G OPPORTUNITIES ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary.
Slide 29: U.S. Market Opportunity
U.S. MARKET OPPORTUNITY • Fleet Total Addressable Market: ~$176B+ • Passenger Vehicle Total Addressable Market: ~$6.4T SCHOOL BUSES POSTAL FLEET ~480,000 buses | TAM: $96B ~225,000 vehicles | TAM: $27B MILITARY FLEET ~170,000 vehicles | TAM: $17B MASS TRANSIT ~160,000 vehicles | TAM: $36B Sources: N
Slide 30: Cleaner Rides for Kids
CLEANER RIDES FOR KIDS • Largest mass transit fleet in the U.S. • Consistent route-based transport with known energy needs • Parked and unused most of the time • 95%+ are diesel today – bad for student, driver, and community health • Reduction of ~88mm tons of carbon emissions with the electrificati
Slide 31: Market Opportunity: U.S. School Buses
MARKET OPPORTUNITY: U.S. SCHOOL BUSES Yellow School Assuming 100% Electric School Bus Power Buses in the US(1) electrified by 2035 with Capacity ~29 GW 60kW V2G chargers 480,000 100% electrification of school buses could increase U.S. electric power generation capacity by nearly 3%(2) Assuming all e
Slide 32: Market Opportunity: Passenger Vehicles
MARKET OPPORTUNITY: PASSENGER VEHICLES Global Electric Assuming 100% Global Electric Vehicle Vehicles(1) electrified by 2040 Power Capacity with 7kW V2G chargers 500M by 2040 ~3500 GW 100% V2G electrification of global EVs by 2040 would represent over 3 times the total U.S. power generation capacity
Slide 33: ESG Multiplier
ESG MULTIPLIER Environmental, Social, Governance • Higher asset utilization of EVs • Enabling increased penetration of renewables • Distributed energy resource for the grid • Increases grid resiliency and reduces need for costly grid upgrades to integrate EVs • “Energy equity” – increasing capacity
Slide 34: 2021 Q3 Earning Call
2021 Q3 EARNING CALL ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary.
Slide 35: $1.2T Bipartisan Infrastructure Bill
$1.2T BIPARTISAN INFRASTUCTURE BILL Nuvve Opportunities $7.5B $7.5B $3B Electric Vehicle Chargers Clean Energy Buses Tech to Enhance Grid Flexibility Specific V2G Mentions in Bill • Sec. 11109: adds the installation of electric vehicle and vehicle-to-grid (V2G) infrastructure as eligible grant fundi
Slide 36: Q3 Highlights
Q3 HIGHLIGHTS Announced Plans for V2G Hub at Blue Bird V2G hub with up to 200 Nuvve V2G fast chargers for Blue Bird electric buses coming off the production line Partnership with Wallbox Announced first-of-its-kind V2G collaboration for the Iberian peninsula with Wallbox Quasar Won Sourcewell Contra
Slide 37: Levo Updates
LEVO UPDATES BYD PARTNERSHIP • Integrating Nuvve V2G platform with BYD battery electric vehicles (BEVs) • Levo to deploy up to 5,000 BEVs over the next five years LEADERSHIP TEAM • Hired new chief commercial officer, chief strategy officer, and chief operating officer– all with school bus industry e
Slide 38: First-of-its-Kind V2G Hub
FIRST-OF-ITS-KIND V2G HUB • Blue Bird production facility in Fort Valley, GA for electric buses coming off the line • Installing up to 200 Nuvve V2G DC 125kW fast charging stations with dual dispensers • Will charge up to 400 Blue Bird electric buses • Will create a capacity of up to 25 MW under man
Slide 39: The Future of EV Fleets
THE FUTURE OF EV FLEETS This V2G hub will serve as a blueprint for large-scale school bus fleet deployments across the country. In order to meet climate challenges, we must introduce electric vehicles to the grid in a smart, integrated way and our intelligent energy platform allows us to do that by
Slide 40: 2021 Nuvve V2G Growth
2021 NUVVE V2G GROWTH 12.4 MW UNDER MANAGEMENT Megawatts under MW Under Management management has 14 grown 147% from the 12 end of 2020 through 10 Q3-21 8 6 12.4 4 6.9 5.0 5.6 2 0 Q4 2020 Q1 2021 Q2 2021 Q3 2021 ©2021 Nuvve Holding Corp. All rights reserved. Confidential and proprietary. 40
Slide 41: Condensed Consolidated Balance Sheets
Assets Q3 2021 YTD 2020 FY CONDENSED Current assets Cash 40,735,312 2,275,895 CONSOLIDATED Restricted cash Accounts receivable 380,000 1,099,185 999,897 - BALANCE SHEETS Inventory Prepaid expenses and other current assets 6,179,175 1,485,229 1,052,478 416,985 Total Current Assets 49,878,902 4,765,68
Slide 42: Condensed Consolidated Statement of Operations
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS 3 Months Ended 3 Months Ended 9 Months Ended 9 Months Ended 9/30/21 9/30/20 9/30/21 9/30/20 Revenue Products and services 682,900 541,349 1,761,319 901,395 Grants 480,104 799,561 1,182,047 1,847,988 Total revenue 1,163,004 1,340,910 2,943,366 2,749,383
Slide 43: Condensed Consolidated Statements of Cash Flows
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months ended Sep 30 2021 2020 Operating activities Net loss $ (18,517,308) $ (2,334,160) Adjustments to reconcile to net loss to net cash used in operating activities Depreciation and amortization 122,352 123,607 Share-based compensation 2,690,081