Nuvve Provides First Quarter 2022 Financial Update – Benzinga – Press Release


Investor Conference Call to be Held Today at 5:00 PM Eastern Time (2:00 PM PT)

SAN DIEGO, May 12, 2022 /PRNewswire/ — Nuvve Holding Corp. (Nuvve) NVVE, a global cleantech company electrifying the planet at the intersection of energy and transportation through its intelligent energy platform, today provided a first quarter 2022 update.

 First Quarter Highlights

  • Announced plans to form a joint venture with 2021.AI Aps to integrate their artificial intelligence platform to Nuvve’s Grid Integrated Vehicle (GIVe™) platform
  • Launched a strategic engagement with Swell Energy to advance opportunities for electric vehicle participation in Swell’s virtual power plant network
  • Levo awarded a 10-year contract by the Troy Community Consolidated School District in Troy, Illinois
  • Added 2.2 megawatts under management during the quarter, increasing total megawatts under management to 16.9 as of March 31, 2022
  • Cash and cash equivalents of $23.7 million, as of March 31, 2022

Management Discussion

Gregory Poilasne, chairman and chief executive officer of Nuvve, said, “Nuvve started 2022 with strong momentum as evidenced by 15% growth in megawatts under management during the first quarter relative to the fourth quarter of 2021, and nearly triple the revenue compared to the first quarter of 2021. We also continued to expand our customer and opportunity set and strategic partnerships that will amplify our value proposition and retain our competitive edge in vehicle-to-grid (V2G). We created a joint venture with 2021.AI Aps and announced a partnership with Swell Energy to broaden and optimize the services offered by Nuvve’s V2G technology today. The critical role that V2G can play in electrification continues to gain more public and widespread awareness as supported by our recent partnership with the U.S. Department of Energy to help accelerate V2G technology adoption. We expect to announce several exciting developments that will support further backlog and revenue growth as we progress…