Nuvve Holding Corp. · NASDAQ:NVVE
Nuvve — SPAC Merger (November 2020)
33 slides from Nuvve's SPAC merger presentation, November 2020
Slide 1: We Make Electric Vehicles Affordable And Greener
We Make Electric Vehicles Affordable And Greener Investor Presentation – November 2020 1 Nuvve Copyright © 2020. All Rights Reserved. 1
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation (this “Presentation”) is provided for information purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination between Newborn Acquisition Corp. (“Newborn” or “NBAC”) and Nuvve Corp
Slide 3: Legal Disclaimer (cont.)
Legal Disclaimer (cont.) Financial Information; Non-GAAP Financial Measures The financial information and data contained in this Presentation is unaudited and does not conform to Regulation S-X. Accordingly, such information and data may not be included in, may be adjusted in or may be presented dif
Slide 4: Introductions
Introductions GREGORY POILASNE TED SMITH Co-Founder, Chairman, CEO Director, COO Nuvve Copyright © 2020. All Rights Reserved. 4
Slide 5: Who is Nuvve?
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 grid in a qualified and secure manner. • The company ge
Slide 6: Our Mission
Our Mission To lower the cost of electric vehicle (EV) ownership while supporting the integration of renewable energy for scalable and sustainable green society. EV share (new global sales) Wind/PV share (global capacity) 2% 15% 2018 2018 57% 52% 2040 2040 Source : BNEF Nuvve Copyright © 2020. All R
Slide 7: EV Market Forecast
EV Market Forecast EV adoption will drive the need for vehicle-grid integration (VGI) and vehicle-to-grid (V2G) in 2021 Nuvve Copyright © 2020. All Rights Reserved. 7
Slide 8: Electric Grid is Not Ready & Smart Charging will not be Enough
Electric Grid is Not Ready & Smart Charging will not be Enough EV Industry Power Industry Uni-directional Transition to distributed power High volatility High volatility Unconnected to grid Increasing renewables Heavy uncontrolled loads Little virtualization of assets Increasing regulatory mandates
Slide 9: Bi-directional is the Solution
Bi-directional is the Solution EV Industry Vehicle-Grid Integration Power Industry Uni-directional Transition to distributed power High volatility Bi-directional High volatility Unconnected to grid Stabilization of renewables Increasing renewables Heavy uncontrolled loads Access to energy markets Li
Slide 10: Nuvve’s Platform And Services
Nuvve’s Platform And Services Electric vehicles go from being unreliable resources into Reduces the cost of EV reliable, dispatchable and ownership, encourages EV monetizable assets. adoption Helps stabilize the grid Guarantees vehicle will be set with Nuvve’s for use by owner when bidirectional cha
Slide 11: V2G project locations worldwide
Barcelona, Spain EVS32 Lyon, Bornholm, France Denmark London, UK UCSD, San Diego CA Culver City, CA Newark, Delaware Corsica, France V2G Torrance, CA El Cajon, San Diego CA Manila, Philippines Nagoya, Japan San Jose, CA CDG Airport, Paris Windhoek, Namibia 11 Nice, France Frederiksberg, Denmark
Slide 12: Nuvve Platform Implementation
Nuvve Platform Implementation GIVe™ Aggregator AI Integration, under development Dispatch Forecast Bid Report • Compatible w/ all standards • Control infrastructure • Performance and Vehicle-Based Market-Based directly or via API’s. Financial Results • Availability • Historical trends reporting to •
Slide 13: Nuvve Product Vision
Nuvve Product Vision Evolving with energy markets worldwide Adaptable Standards compatibility Micro-service based to (EV, EVSEs, etc.) enable quick iteration Scalable Adjustable Nuvve Copyright © 2020. All Rights Reserved. 13
Slide 14: Value (Revenue) Proposition
Value (Revenue) Proposition • Nuvve is capable of providing all levels of Vehicle Grid Integration, including V2G, providing revenues from grid services and uutility bill savings behind the meter. Value Proposition Smart Charging Binary Stop/Start charge at scheduled times TOU(1) V1G Dynamic charge
Slide 15: Denmark Business Case
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 Grid) EUR 106 Mobility Fee EUR 562 Total Revenues
Slide 16: Energy And Power Capacity Market
Energy And Power Capacity Market Market size Number EV / $ 3M / $3B Grid-wide $1,000 per car per year 1. Frequency Regulation High value – Power capacity Behind the meter/Grid-wide 30M / $30B 2. Demand Charge $1,000 per car per year Demand Response Peak Power – EV Integration Behind the meter 130M /
Slide 17: Nuvve Comparison to Competition Today
Nuvve Comparison to Competition Today Transportation Fleet Charge ✔️ ✔️ ✔️ ✔️ ✔️ TOU ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ Behind-The-Meter ✔️ Demand Charge ✔️ ✔️ ✔️ ✔️ ✔️ Demand Response ✔️ ✔️ ✔️ ✔️ ✔️ Voltage Control ✔️ Reactive Power ✔️ Grid Energy Arbitrage ✔️ ✔️ Freq. Regulation ✔️ Bi-Directional ✔️ ✔️ ✔️ ✔️ Nuvve
Slide 18: First-mover Advantage in V2G Space
First-mover Advantage in V2G Space Entry Barrier First Mover Advantage Nuvve Today for Competitors Difficult for competitors to peform V2G Intellectual Property (IP) Nuvve owns key patents functions without violating Nuvve`s IP Nuvve is already qualified by multiple TSOs It is a long path for distri
Slide 19: Nuvve Roll-out Strategy
Nuvve Roll-out Strategy Charge Point US – Europe - Japan / 15118-20 and other standards v2g Operator (CPO) Nordics and Europe / v1g US – Europe - Japan / Telematic v2g Car OEM US - Europe / Telematic v1g Heavy US – Europe / Shuttle – Delivery Truck – Transit bus Duty Fleet US / School Bus Light Duty
Slide 20: SPV Brings Financing and a Turnkey Solution
SPV Brings Financing and a Turnkey Solution 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 (SPV) to finance equipment • Vehicle, Charging sta
Slide 21: School Bus SPV Model
School Bus SPV Model INVESTORS EVSE Equity Debt Mfrs Network EPC N Upgrades U Energy Market Mkt Participation Equipment & Services OEMs V Rev Share EV Bus BTM V2G & BTM Revs V E SPV Procurement EVSE Mfrs EVSE School District Provide Required Infrastructure & Turnkey Svc LLC or LP Procurement Capital
Slide 22: The Nuvve Team
The Nuvve Team GREGORY POILASNE WILLIAM KEMPTON TED SMITH MARC TRAHAND Tim O’Neal Co-Founder, Chairman, CEO Co-Founder, Chairman TAC Director, COO EVP, Marketing VP, Engineering Board of Directors JACKIE PIERO LYNN AMES RAPHAEL DECLERCQ KENJI YODOSE VP. Regulatory VP. HR & Infrastructure Board Membe
Slide 23: Transaction Summary & Financials
Transaction Summary & Financials 23
Slide 24: Transaction Summary
Transaction Summary • Nuvve is being acquired by Newborn, a publicly listed POST TRANSACTION SOURCES & USES ($MM) special purpose acquisition company with $57.5M cash in VALUATION ($MM)(1)(2)(3) trust Sources Shares Outstanding 20.2 • Nuvve pre-money equity value of ~$102M Price Per Share $10.00 Cas
Slide 25: Nuvve Comparable Company Benchmarking
Nuvve Comparable Company Benchmarking Revenue CAGR (2020-2022) • Nuvve’s 2020 – 2022E revenue CAGR 3 12.0% of 312% significantly higher than 60.0% N/A comparables • Nuvve’s pro forma valuation is at a EV / 2020E Revenue(1)(2) 44.3x significant discount to the two primary 2 3 .9x 3 4.2x comparables,
Slide 26: Historical and Projected P&L
Historical and Projected P&L PROJECTION ACTUALS(1 ) 2020 ($ in '000s) 2017 2018 2019 YTD(2) Low High 2021 2022 Revenue $720 $1,519 $3,482 $2,999 $5,000 $6,000 $32,300 $93,400 COGS $383 $532 $1,441 $477 $1,535 $2,244 $17,700 $45,700 Gross Profit $337 $988 $2,041 $2,522 $3,465 $3,756 $14,600 $47,700 O
Slide 27: Balance Sheet Snapshot
Balance Sheet Snapshot(1) $ in '000s ASSETS LIABILITIES Current Assets Current Liabilities Cash $ 59 Accounts payable $ 1,887 Accounts receivable 634 Accrued expenses 339 Inventory 185 Deferred revenue 1,846 Prepaid expenses and other 399 Convertible notes(2) 1,118 Total Current Assets 1,276 Total C
Slide 28: Appendix
Appendix 28
Slide 29: Company Outline
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 or pending • Projects around the world • 3 years
Slide 30: Market Access By Region
Market Access By Region U.S.A Product Denmark Norway U.K France Japan China CAISO PJM NYISO Time of Use ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ (Optimization) Demand ✔️ ✔️ ✔️ n/a n/a n/a n/a ✔️ n/a Charge Demand ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ ✔️ 2020 Response Frequency 2022 ✔️ ✔️ ✔️ ✔️ 2020 2020 2024 2022 Regulation Capac
Slide 31: Year 2019 Recap
Year 2019 Recap • 10 years of market participation in PJM (the largest transmission system operator (TSO) in the country) • 3.5 years of commercial operation in Denmark • Average $2,000 per vehicle per year JCDecaux in Denmark V2G fleet deployment in Denmark • Dreev, a EDF and Nuvve Joint venture fo
Slide 32: Market size (Global) & Revenue Opportunity/Unit
Market size (Global) & Revenue Opportunity/Unit Total Electric Market is worth $3,214B in 2016 (source: Reuters) $1.5B $4B $290B TAM / year TAM / year TAM / year $500 / EV / year $800 / EV / year $2000 / EV / year Transportation Services Behind-The-Meter Services Grid Services $ Value Per EV Per Yea
Slide 33: We Make Electric Vehicles Greener
Nuvve NuvveCopyright Copyright© ©2020. 2020.All AllRights RightsReserved. Reserved. We Make Electric 33 Vehicles Greener 33 Nuvve Copyright © 2020. All Rights Reserved.