Nuvve unit agrees to acquire Romanian battery storage developer

Nuvve Holding Corp. (NASDAQ: NVVE) announced that its wholly owned Danish subsidiary, Nuvve Denmark ApS, entered into a sale and purchase agreement on June 22, 2026, to acquire all equity interests of BESS Sibiu SRL, a Romanian company developing a 42 MW battery energy storage system in Sibiu, Romania.

Under the terms of the agreement, Nuvve Denmark will pay the sellers a monthly fee of €10,000 (approximately $11,420) from the agreement's execution until the project reaches commercial operation or a long-stop date. At closing, Nuvve Denmark will pay an initial purchase price of approximately €420,000 (approximately $480,000), subject to adjustments including changes related to a financial guarantee made to the Romanian Energy Regulatory Authority and outstanding loans owed by BESS Sibiu to the sellers.

A further payment of approximately €1,260,000 (approximately $1,440,000) is contingent on BESS Sibiu receiving a generation license from the Romanian Energy Regulatory Authority. This payment would be reduced by any previously paid monthly fees. If the generation license is not obtained within 15 months of closing due to reasons attributable to the sellers, the payment will not be owed.

Nuvve Denmark also agreed to repay seller loans totaling RON 946,000 (approximately $206,000).

The agreement is subject to closing conditions including approval under Romanian law and review by Romania's foreign direct investment commission. The agreement will automatically terminate if conditions are not met by October 22, 2026, or if closing has not occurred by that date.

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