Nuvve and Maine Maritime Academy to Apply Vehicle-to-Grid (V2G) Solutions to Maritime Industry Use Cases

Parties Agreed to Establish a Center for Maritime V2G at Maine Maritime Academy To Advance Programs and Capabilities such as Interoperability Qualification, Data Science, Cybersecurity and Artificial Intelligence, focused on Energy and Maritime Applications Research for V2G

SAN DIEGO and CASTINE, Maine, Aug. 10, 2022 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, and Maine Maritime Academy (MMA), a public maritime college focused on engineering, management, science, and transportation, signed a Memorandum of Understanding (MOU) to create a framework of vehicle-to-grid (V2G) clean-energy solutions across a myriad of maritime applications. With MMA's concerted efforts in engineering and technology for maritime applications, the collaboration is a perfect fit for Nuvve's efforts to expand their technology into nautical applications.

Nuvve is known for commercially deploying its patented vehicle-to-grid (V2G) technology, which aggregates stored energy from electric vehicle (EV) batteries and forms a virtual power plants that can add capacity to the grid and perform services that help stabilize the grid and prevent blackouts.

"The Center for Maritime V2G established by Nuvve and MMA will serve as an operational maritime V2G hub to demonstrate the application of Nuvve's V2G technology in maritime use cases at ports, islands and waterways," said Ted Smith, president and Chief Operating Officer of Nuvve. "Integrating Nuvve's patented V2G technology into maritime infrastructure enables electrified transportation – including marine vessels – to become valuable grid resources."

MMA will expand its current academic and certification programs to include delivery of workforce training in V2G-related data science, operations, cybersecurity, and artificial intelligence.   This will also include interoperability qualification, which is critical to test and qualify combinations of vehicles/vessels/stationary storage and charging stations with Nuvve's V2G platform.

"The programs developed through this strategic collaboration will allow Nuvve to dive deeper into the use of maritime V2G, while also developing cybersecurity risk management and AI tools specifically for maritime industry projects and applications," said Gregory Poilasne, co-founder and CEO of Nuvve. "This 'vessel-to-grid' solution can impact a variety of maritime use cases, where ships and other vessels can store and give energy back to grids via ports, islands and waterways."

"We are always looking for new ways to involve students in cutting-edge technologies and projects that have real-world applications," said Jerry Paul, President of Maine Maritime Academy. "This exciting collaboration which involves real-world applications will help better prepare students by unlocking new, innovative technologies and services to help communities and the planet move forward into a world less reliant on fossil fuels."

For more information about Maine Maritime Academy, please visit www.mma.edu.  For information about V2G and the projects Nuvve has deployed around the world, visit www.nuvve.com.

Nuvve Holding Corp. (Nasdaq: NVVE) is leading the electrification of the planet, beginning with transportation, through its intelligent energy platform. Combining the world's most advanced vehicle-to-grid (V2G) technology and an ecosystem of electrification partners, Nuvve dynamically manages power among electric vehicle (EV) batteries and the grid to deliver new value to EV owners, accelerate the adoption of EVs, and support the world's transition to clean energy. By transforming EVs into mobile energy storage assets and networking battery capacity to support shifting energy needs, Nuvve is making the grid more resilient, enhancing sustainable transportation, and supporting energy equity in an electrified world. Since its founding in 2010, Nuvve has successfully deployed V2G on five continents and offers turnkey electrification solutions for fleets of all types. Nuvve is headquartered in San Diego, Calif. and can be found online at nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

Maine Maritime Academy is a co-educational, public college on the coast of Maine offering 22 programs of study in engineering, management, science, and transportation to promote the maritime interests of the United States. The college serves approximately 950 undergraduate and graduate students in career-oriented degree programs. The job placement rate for MMA graduates is approximately 90 percent within 90 days of graduation with very high paying jobs. The college is consistently recognized for providing a high-value education by organizations such as the Brookings Institution, U.S. News and World Report, and Money Magazine. The 2022 Report by Georgetown University ranked MMA #1 among all public colleges for return on investment for low-income students at public bachelor's degree institutions.

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 (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) 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; (vi) 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; (vii) the effects of competition on Nuvve's future business; (viii) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (ix) 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; (x) 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; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) 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 (xvi) 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 Corporation