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The Tesla Powerwall for electric vehicles, allowing your car to power the grid.

The ChargePoint for vehicle-to-grid (V2G) technology, enabling EVs to not just charge, but also power the grid.

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• Vehicle-to-Grid (V2G) Platform: A software platform that enables electric vehicles to both charge from and discharge energy back to the power grid, optimizing energy usage and supporting grid stability.
• V2G Charging Infrastructure: Bidirectional charging stations and related hardware that facilitate the two-way energy flow required for Vehicle-to-Grid operations.
• V2G Energy Management Services: Consulting and operational services for fleets, utilities, and other customers to deploy and manage V2G systems, monetizing EV battery capacity for grid services.

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Nuvve (NVVE) primarily sells its vehicle-to-grid (V2G) technology and services to other companies, rather than directly to individuals. Its business model focuses on integrating its V2G platform into electric vehicles and charging infrastructure, which are then deployed by its customers.

Based on their strategic partnerships and public announcements where Nuvve's technology is integrated or licensed for commercial deployment, Nuvve's major customers and partners include:

• The Lion Electric Company (NASDAQ: LEV): A leading manufacturer of electric school buses and commercial urban trucks that integrates Nuvve's V2G technology into its vehicles, which are then sold to fleet operators.
• Blue Bird Corporation (NASDAQ: BLBD): A major school bus manufacturer that partners with Nuvve to offer V2G-enabled electric school buses to school districts and fleet operators.
• Eaton Corporation plc (NYSE: ETN): A global power management company that integrates Nuvve's V2G platform into its broader energy management solutions and charging infrastructure offerings.
• Wallbox N.V. (NYSE: WBX): A global company dedicated to electric vehicle charging solutions that partners with Nuvve for V2G integration in its chargers.

Beyond these specific companies, Nuvve's customer categories, as described in their financial filings, typically include:

• Electric Vehicle (EV) manufacturers
• EV fleet owners and operators (e.g., school districts, municipal fleets, corporate fleets)
• Charge point operators
• Electric utilities
• Microgrid owners and developers

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• Amazon Web Services (AMZN)
• DC America
• Wallbox (WBX)
• EVBox (owned by ENGIE S.A. - ENGI.PA)
• Group14 Technologies
• Siemens (SIE.DE)

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Gregory Poilasne, Co-Founder & CEO

Gregory Poilasne is a co-founder of Nuvve and has served as its Chief Executive Officer since its inception. He is responsible for managing and overseeing all activities related to the development, deployment, and commercialization of Nuvve's technologies, and for developing the overall strategy. He has over 20 years of experience in the start-up and technology space. Poilasne previously served as CEO of DockOn AG, a Radio-Frequency technology company, and as Vice-President of Business Development for Rayspan, another Radio-Frequency technology company. He was also a founder of Ethertronics, an antenna pioneer that was acquired by AVX.

David Robson, Chief Financial Officer

David Robson has over twenty-five years of finance, accounting, and operational experience, holding senior positions with both public and private companies across various industries. He is responsible for Nuvve's financial reporting, analysis, and investor relations. Robson recently served as the Chief Financial Officer and Chief Compliance Officer of Farmer Brothers Co., a national distributor of coffee, tea, and culinary products. He also served as Chief Financial Officer of PIRCH, a curator and retailer of home brands, and Chief Financial Officer of U.S. AutoParts, an online provider of auto parts and accessories. He began his career with Deloitte & Touche LLP.

Ted Smith, President & Chief Operating Officer

Ted Smith is Nuvve's founding investor, has served as a member of its board of directors since 2010, and as its Chief Operating Officer since April 2018. He is directly responsible for managing the successful development, deployment, and operation of Nuvve's technologies and supporting the company's global governance efforts. Smith has over 20 years of experience in the finance industry. He previously served in various roles at Wall Street Associates, including Principal, Chief Operating Officer, and Chief Compliance Officer, and as a Quantitative Analyst. He also served as a Quantitative Analyst at Nicholas-Applegate Capital Management. Smith was an officer in the United States Navy.

Xavier Moreau, EVP Strategy & Business Development

Xavier Moreau leads Strategy and Business Development at Nuvve. He began his career as a management consultant and later joined Areva T&D, which became Schneider Electric, where he directed global sales operations and drove strategy and marketing for its Electric Utilities segment. As an independent strategic advisor, he developed insights into changes in electric utilities, renewables, and decarbonization for corporations and start-ups, including Nuvve.

Denis Borzunov, Vice President of Customer Experience, Transformation, and Innovation

Denis Borzunov brings over 15 years of operational excellence, business transformation, and ESG experience to Nuvve. His background includes work in cleantech, automotive, telecom, and energy/resources sectors with companies such as Nissan, KPMG, and Cleantech Open.

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The public company Nuvve (NVVE), specializing in vehicle-to-grid (V2G) technology, faces several key risks to its business operations and financial viability.

1. Financial Instability: Nuvve has experienced significant financial challenges, including a notable decrease in revenue and widening operating losses. For instance, in Q2 2025, Nuvve reported a 58.5% year-over-year drop in revenue and a widened operating loss of $14.80 million. The company's cash position has been low and declining, raising concerns about its liquidity and overall financial stability, with its cash position at approximately $0.4 million as of December 31, 2024, a decrease from December 2023. Furthermore, Nuvve has a negative debt-to-equity ratio and negative shareholder equity. A reverse stock split implemented by the company can also indicate underlying financial distress. Financial and corporate risks constitute the largest category of risks for Nuvve, representing 37% of identified risks. The company's long-term potential heavily relies on its ability to achieve consistent profitability and generate positive cash flow.
2. Intense Competition: Nuvve operates in a rapidly growing and dynamic electric vehicle (EV) charging and vehicle-to-grid (V2G) market, which is characterized by intensifying competition. The market sees the entry of new players and the expansion of existing companies. Nuvve faces direct competition from other V2G solution providers such as Wallbox and Fermata Energy. Indirect competitors include larger energy management and smart grid solution providers, as well as automotive original equipment manufacturers (OEMs). Success in this landscape is dependent on securing strategic partnerships and demonstrating reliable V2G performance. High initial investment costs for establishing EV infrastructure also create financial barriers for smaller market entrants like Nuvve.
3. Technological and Market Adoption Challenges: The success of Nuvve's V2G technology is inherently linked to the broader adoption rates of electric vehicles and the successful integration of V2G capabilities into existing energy grids. "Tech & Innovation" accounts for 22% of the company's identified risks. The company must continuously innovate and adapt its technology to evolving market needs and regulatory frameworks to maintain its competitive edge and drive market penetration.

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Major Electric Vehicle (EV) manufacturers developing and integrating proprietary Vehicle-to-Grid (V2G) aggregation and energy management platforms directly into their vehicles and ecosystems. This vertical integration by OEMs could allow them to offer V2G services directly to consumers and utilities, disintermediating specialized third-party V2G platform providers like Nuvve. Evidence includes OEMs like Ford actively promoting vehicle-to-home (V2H) capabilities (a stepping stone to V2G) with their F-150 Lightning, and other manufacturers exploring comprehensive energy management solutions for their electric vehicle fleets. These developments suggest a trend where OEMs may create closed ecosystems for V2G services rather than relying solely on external aggregators, thereby limiting Nuvve's addressable market and partnership opportunities.

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Nuvve Holding Corp. (NVVE) focuses on Vehicle-to-Grid (V2G) technology, offering a platform and services that enable electric vehicles (EVs) to send stored energy back to the electrical grid, optimizing EV charging, reducing the total cost of EV ownership, and supporting renewable energy integration.

The addressable markets for Nuvve's main products and services are substantial and global, with specific opportunities identified in various regions:

• Global Vehicle-to-Grid (V2G) Technology Market:
  • In 2024, the global vehicle-to-grid technology market was valued between approximately USD 3.2 billion and USD 4.62 billion.
  • This market is projected to reach between USD 17.88 billion by 2030 and USD 80 billion by 2034/2035, growing at a Compound Annual Growth Rate (CAGR) ranging from 24.3% to 38% over various forecast periods.
• Regional V2G Market Share:
  • Europe held a significant share of the global vehicle-to-grid technology market, accounting for approximately 35.80% to 36.6% in 2024. The European market size was around USD 1.98 billion in 2024 and is expected to reach approximately USD 17.66 billion by 2034.
  • North America also holds a notable share, with some reports indicating it dominated the market with a 38.48% revenue share in 2023.
• Specific Addressable Markets for Nuvve's V2G Technology:
  • U.S. Public Sector Bus Fleets: Nuvve identifies an annual opportunity of USD 3.5 billion to USD 6.9 billion for electrifying public sector bus fleets in the United States, including school buses, postal vehicles, military transports, and public transit buses.
  • U.S. Electric School Bus Replacement: The replacement of electric school buses in the U.S. alone represents a USD 3 billion to USD 5 billion market opportunity.
  • U.S. Ancillary Services Market: The U.S. ancillary services market for power, to which V2G technology contributes, exceeded USD 8.0 billion in 2022 and is expected to reach USD 17 billion by 2031.
  • Global EV Integration: Looking further out, Nuvve estimates a global annual opportunity of USD 420 billion to USD 840 billion by 2040, assuming 550 million EVs on the road utilize its V2G technology.

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Here are 3-5 expected drivers of future revenue growth for Nuvve (NVVE) over the next 2-3 years:

1. New Mexico Contract: Nuvve secured a substantial contract with the State of New Mexico to provide turnkey electrification services. This project presents an estimated market opportunity of $400 million over four years, which is anticipated to be a significant driver of revenue growth starting in 2025.
2. Growth in Megawatts Under Management and Grid Services: Nuvve's "megawatts under management" metric, which represents the aggregate electrical capacity from its V1G and V2G chargers, has shown an increasing trend. The company's Vehicle-to-Grid (V2G) technology, by enabling electric vehicles to feed energy back into the grid, is positioned to generate recurring revenue through grid services and enhance grid stability.
3. Expansion into Battery-as-a-Service (BaaS) and Stationary Battery Markets: Nuvve has diversified its business by entering the stationary battery sector and launching a Battery-as-a-Service model in the U.S., alongside expanding its operations in Japan with a new entity focused on battery aggregation. This strategic move aims to reduce reliance on government funding and open new revenue streams.
4. Integration of Fermata Energy Assets: The acquisition of Fermata Energy assets and the subsequent integration of platforms are expected to lead to operational efficiencies and contribute to future business expansion.
5. Increased Customer Orders for Hardware and Services: Despite past delays in funding awards, Nuvve has observed an increase in customer sales orders for its chargers and a rise in service revenues, including a notable hub project in Fresno, California. The company reported a customer backlog exceeding $18 million at the beginning of 2025, providing a strong foundation for future growth.

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Share Repurchases

• Nuvve repurchased 134,499 shares from EDF Renewables, Inc. at $14.87 per share.

Share Issuance

• In October 2024, Nuvve completed a private placement of senior convertible notes and warrants, generating gross proceeds of $3,375,000.01.
• In July 2025, Nuvve issued 3,044,463 shares of common stock and 1,984,940 pre-funded warrants at $0.95 per share, aiming to raise approximately $4.8 million for corporate purposes, including strategic investments and cryptocurrency acquisitions.
• Stockholders approved increasing the total authorized shares from 100 million to 200 million in February 2025.
• Nuvve established an At-the-Market (ATM) offering program in January 2023, allowing it to sell up to $25,000,000 of common stock.

Inbound Investments

• Conditional capital contribution commitments from Stonepeak and Evolve to Nuvve's consolidated subsidiary, Levo, for up to $250 million, expired on August 4, 2024.

Outbound Investments

• No significant new outbound investments by Nuvve in other companies were detailed in the provided information over the last 3-5 years.

Capital Expenditures

• Capital expenditures in the last 12 months (prior to November 2025) totaled approximately $46,465.
• The focus of capital expenditures for Levo (now 100% owned by Nuvve) is related to achieving $125 million in aggregate contract value with third parties for infrastructure.