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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________
Commission file number: 001-40296
NUVVE HOLDING CORP.
(Exact Name of Registrant as Specified in Its Charter)
Delaware86-1617000
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
2468 Historic Decatur Road, San Diego,California92106
(Address of principal executive offices)(Zip Code)
 (619)456-5161
(Registrant’s telephone number), including area code
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common Stock, par value $0.0001 per shareNVVEThe Nasdaq Stock Market
Warrants to Purchase Common StockNVVEWThe Nasdaq Stock Market
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
xYes   o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
x Yes   o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyx
Emerging growth companyx
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o Yes   x No
As of November 4, 2021, 18,801,247 shares of the issuer’s common stock, par value $0.0001 per share, were issued and outstanding.




NUVVE HOLDING CORP.
FORM 10-Q FOR THE QUARTER ENDED September 30, 2021
TABLE OF CONTENTS

i


PART I—FINANCIAL INFORMATION
Item 1.    Interim Financial Statements.
NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2021December 31, 2020
Assets
Current assets
Cash$40,735,312 $2,275,895 
Restricted cash380,000  
Accounts receivable1,099,185 999,897 
Inventories6,179,175 1,052,478 
Security deposit, current 20,427 
Prepaid expenses and other current assets1,485,229 416,985 
Total Current Assets49,878,901  4,765,682 
Property and equipment, net95,425 95,231 
Intangible assets, net1,515,936 1,620,514 
Investment670,951 670,951 
Deferred financing costs46,505,225  
Financing receivables125,000  
Security deposit, long-term3,057 3,057 
Total Assets$98,794,495 $7,155,435 
Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity 
Current Liabilities
Accounts payable$2,718,326 $2,960,249 
Accrued expenses2,974,820 585,396 
Deferred revenue262,939 196,446 
Debt 4,294,054 
Other liabilities7,770  
Total Current Liabilities5,963,855 8,036,145 
Warrants liability626,000  
Derivative liability - non-controlling redeemable preferred shares509,785  
Other long-term liabilities20,561  
Total Liabilities7,120,201 8,036,145 
Commitments and Contingencies
Mezzanine equity
Redeemable non-controlling interests, preferred shares, zero par value, 1,000,000 shares authorized, 3,138 shares issue and outstanding; aggregate liquidation preference of $3,177,096 at September 30, 2021
2,723,960  
Stockholders’ (Deficit) Equity
Convertible preferred stock, $0.0001 par value, zero and 30,000,000 shares authorized; zero and 16,789,088 shares issued and outstanding; aggregate liquidation preference of $0 and $12,156,676 at September 30, 2021 and December 31, 2020, respectively
 1,679 
Preferred stock, $0.0001 par value, 1,000,000 shares authorized; zero shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
  
Common stock, $0.0001 par value, 100,000,000 and 30,000,000 shares authorized; 18,634,537 and 9,122,996 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively
1,865 2,616 
Additional paid-in capital127,992,794 19,650,659 
Accumulated other comprehensive income (loss)69,941 (77,841)
Accumulated deficit(38,844,294)(20,457,823)
Nuvve Stockholders’ Equity (Deficit)89,220,306 (880,710)
Non-controlling interests(269,972) 
Total Stockholders’ Equity (Deficit)88,950,334 (880,710)
Total Liabilities, Mezzanine equity and Stockholders’ Equity (Deficit)$98,794,495 $7,155,435 
The accompanying notes are an integral part of these condensed consolidated financial statements.
1


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenue
Products and services$682,900 $541,349 $1,761,319 $901,395 
Grants480,104 799,561 1,182,047 1,847,988 
Total revenue1,163,004 1,340,910 2,943,366 2,749,383 
Operating expenses
Cost of product and service revenue387,582 32,125 877,468 65,329 
Selling, general, and administrative6,599,490 1,366,472 16,352,021 3,083,892 
Research and development1,622,608 770,696 4,574,803 1,977,781 
Total operating expenses8,609,680 2,169,293 21,804,292 5,127,002 
Operating loss(7,446,676)(828,383)(18,860,926)(2,377,619)
Other income (expense) 
Interest income (expense)3,220 (48,457)(592,345)(55,787)
Change in fair value of conversion option on convertible notes 19,000  19,000 
Change in fair value of warrants liability557,000  627,228  
Change in fair value of derivative liability(12,179) (12,179) 
Other, net(69,647)75,590 321,914 81,246 
Total other (expense) income, net478,394 46,133 344,618 44,459 
Loss before taxes(6,968,282)(782,250)(18,516,308)(2,333,160)
Income tax (benefit) expense    1,000 1,000 
Net loss$(6,968,282)$(782,250)$(18,517,308)$(2,334,160)
Less: Net loss attributable to non-controlling interests(130,837) (130,837) 
Net loss attributable to Nuvve Holding Corp.$(6,837,445)$(782,250)$(18,386,471)$(2,334,160)
Less: Preferred dividends on redeemable non-controlling interests39,096  39,096  
Less: Accretion on redeemable non-controlling interests preferred shares100,039  100,039  
Net loss attributable to Nuvve common stockholders$(6,976,580)$(782,250)$(18,525,606)$(2,334,160)
Net loss per share attributable to Nuvve common stockholders, basic and diluted$(0.37)$(0.09)$(1.16)$(0.27)
Weighted-average shares used in computing net loss per share attributable to Nuvve common stockholders, basic and diluted18,627,978 8,778,916 15,931,466 8,778,916 
The accompanying notes are an integral part of these condensed consolidated financial statements.
2


NUVVE HOLDING CORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net loss $(6,968,282)$(782,250)$(18,517,308)$(2,334,160)
Other comprehensive (loss) income, net of taxes
Foreign currency translation adjustments, net of taxes51,179 (83,704)147,782 (95,113)
Total Comprehensive loss $(6,917,103)$(865,954)$(18,369,526)$(2,429,273)
Less: Comprehensive loss attributable to non-controlling interests(130,837) (130,837) 
Comprehensive loss attributable to Nuvve Holding Corp.$(6,786,266)$(865,954)$(18,238,689)$(2,429,273)
Less: Preferred dividends on redeemable non-controlling interests(39,096) (39,096) 
Less: Accretion on redeemable non-controlling interests preferred shares(100,039) (100,039) 
Comprehensive loss attributable to Nuvve common stockholders$(6,647,131)$(865,954)$(18,099,554)$(2,429,273)
The accompanying notes are an integral part of these condensed consolidated financial statements.
3


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
Series A Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Non-controlling InterestsTotal
SharesAmountSharesAmount
Balances December 31, 2020, as previously reported16,789,088 $1,679 26,162,122 $2,616 $19,650,659 $(77,841)$(20,457,823)$ $(880,710)
Conversion of shares due to merger capitalization(16,789,088)(1,679)(17,039,126)(1,704)3,383   —  
Balances December 31, 2020, as previously reported— — 9,122,996 912 19,654,042 (77,841)(20,457,823) (880,710)
Beneficial conversion feature - convertible debenture— — — — 427,796 — — — 427,796 
Conversion of convertible debenture— — 544,178 54 3,999,381 — — — 3,999,435 
Repurchase of common stock from EDF— — (600,000)(60)(5,999,940)— — — (6,000,000)
Assumption of private warrant liability from Newborn— — — — (1,253,228)— — — (1,253,228)
Merger recapitalization, net of share redemption of $18,629 and issuance costs of $5,979,675
— — 8,060,418 806 51,750,557 — — — 51,751,363 
Placement agent fee paid in common stock— — 208,532 21 2,085,299 — — — 2,085,320 
PIPE offering, less issuance costs of $2,500
— — 1,425,000 143 14,247,357 — — — 14,247,500 
Notice of exercise of put option— — — — (2,000,000)— — — (2,000,000)
Stock-based compensation— — — — 262,105 — — — 262,105 
Currency translation adjustment— — — — — 116,749 — — 116,749 
Net loss— — — — — — (5,361,720)— (5,361,720)
Balances March 31, 2021  18,761,124 1,876 83,173,369 38,908 (25,819,543) 57,394,610 
Additional merger recapitalization costs— — — — (265,736)— — — (265,736)
Buyback of shares related to exercise of put option— — (134,500)(13)13 — — —  
Issuance of warranties to Stonepeak and Evolve— — — — 30,234,000 — — — 30,234,000 
Issuance of options to purchase shares of common stock to Stonepeak and Evolve— — — — 12,584,000 — — — 12,584,000 
Stock-based compensation— — — — 1,090,603 — — — 1,090,603 
Currency translation adjustment— — — — — (20,146)— — (20,146)
Net loss— — — — — — (6,187,306)— (6,187,306)
Balances June 30, 2021  18,626,624 1,863 126,816,249 18,762 (32,006,849) 94,830,025 
Exercise of stock options— — 7,913 2 18,323 — — — 18,325 
Stock-based compensation— — — — 1,337,373 — — — 1,337,373 
Stonepeak and Evolve warrants and option deferred commitment costs - amortization— — — — (179,151)— — —  (179,151)
Currency translation adjustment— — — — — 51,179 — — 51,179 
Preferred dividends - non-controlling interest — — — — — — — (39,096)(39,096)
Accretion on redeemable non-controlling interests preferred shares— — — — — — —  (100,039)(100,039)
Net loss— — — — — — (6,837,445)(130,837)(6,968,282)
Balances September 30, 2021 $ 18,634,537 $1,865 $127,992,794 $69,941 $(38,844,294)$(269,972)$88,950,334 
The accompanying notes are an integral part of these condensed consolidated financial statements.
4


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
(Unaudited)
Series A Convertible
Preferred Stock
Common StockAdditional
Paid-in
Capital
Accumulated Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
SharesAmountSharesAmount
Balances December 31, 2019, as previously reported16,789,088 $1,679 24,542,314 $2,454 $17,131,913 $107,620 $(15,573,689)$1,669,977 
Conversion of shares due to merger capitalization(16,789,088)(1,679)(15,763,398)(1,576)3,255    
Balances December 31, 2019, effect of reverse recapitalization (refer to Note 2)— $— 8,778,916 $878 $17,135,168 $107,620 $(15,573,689)$1,669,977 
Stock-based compensation— — — — 17,557 — — 17,557 
Currency translation adjustment— — — — — 26,781 — 26,781 
Net loss— — — — — — (497,808)(497,808)
Balances March 31, 2020  8,778,916 878 17,152,725 134,401 (16,071,497)1,216,507 
Stock-based compensation— — — — 15,421 — — 15,421 
Currency translation adjustment— — — — — (38,190)— (38,190)
Net loss— — — — — — (1,054,102)(1,054,102)
Balances June 30, 2020  $ 8,778,916 $878 $17,168,146 $96,211 $(17,125,599)$139,636 
Stock-based compensation— — — — 82,090 — — 82,090 
Currency translation adjustment— — — — — (83,704)— (83,704)
Net loss— — — — — — (782,250)(782,250)
Balances September 30, 2020 $ 8,778,916 $878 $17,250,236 $12,507 $(17,907,849)$(644,228)
The accompanying notes are an integral part of these condensed consolidated financial statements.
5


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine Months Ended September 30,
 20212020
Operating activities
Net loss$(18,517,308)$(2,334,160)
Adjustments to reconcile to net loss to net cash used in operating activities
Depreciation and amortization122,352 123,607 
Share-based compensation2,690,081 115,068 
Beneficial conversion feature on convertible debenture427,796 (19,000)
Accretion of discount on convertible debenture116,147 43,385 
Change in fair value of warrants liability(627,228) 
Loss on disposal of asset1,349  
Gain on extinguishment of PPP Loan(492,100) 
Noncash lease expense2,141  
Change in operating assets and liabilities
Accounts receivable(99,963)76,948 
Inventory(5,126,698)32,266 
Prepaid expenses and other assets(4,062,202)(93,332)
Accounts payable(240,200)427,332 
Accrued expenses2,260,833 137,983 
Deferred revenue66,493 220,662 
Net cash used in operating activities(23,478,507)(1,269,241)
Investing activities
Proceeds from sale of property and equipment7,784  
Purchase of property and equipment (22,504)
Net cash provided (used) in investing activities7,784 (22,504)
Financing activities
Proceeds from issuance of convertible notes 496,500 
Proceeds from Newborn Escrow Account58,184,461  
Redemption of Newborn shares(18,629) 
Issuance costs related to reverse recapitalization and PIPE offering(3,970,657) 
Proceeds from PIPE offering14,250,000  
Repayment of Newborn sponsor loans(487,500) 
Repurchase of common stock from EDF(6,000,000) 
Newborn cash acquired50,206  
Purchase of stock from investor(2,000,000) 
Payment of financing costs(1,000,000) 
Payment of finance lease Obligations(4,613) 
Proceeds from PPP/EIDL Loan 642,000 
Proceeds from exercise of stock options18,325  
Issuance of Common Stock (3)
Issuance of Preferred Stock3,138,000  
Repayment proceeds from shareholder loan (75,000)
Proceeds from shareholder loan 75,000 
Net cash provided by financing activities62,159,593 1,138,497 
Effect of exchange rate on cash150,547 (95,399)
Net increase (decrease) in cash and restricted cash38,839,417 (248,647)
Cash and restricted cash at beginning of year2,275,895 326,703 
Cash and restricted cash at end of period$41,115,312 $78,056 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6


NUVVE HOLDING CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
(Unaudited)
Nine Months Ended September 30,
20212020
Supplemental Disclosure of Noncash Financing Activity
Conversion of preferred stock to common stock$1,679 $ 
Conversion of debenture and accrued interest to common shares$3,999,435 $ 
Conversion of shares due to reverse recapitalization$3,383 $ 
Issuance of common stock for merger success fee$2,085,299 $ 
Non-cash merger transaction costs$2,085,299 $ 
Accrued transaction costs related to reverse recapitalization$189,434 $ 
Issuance of private warrants$1,253,228 $ 
Forgiveness of PPP Loan$492,100 $ 
Issuance of Stonepeak and Evolve warrants$30,234,000 $ 
Issuance of Stonepeak and Evolve options $12,584,000 $ 
The accompanying notes are an integral part of these condensed consolidated financial statements.
7

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Note 1 – Organization and Description of Business
(a)Description of Business
Nuvve Holding Corp., a Delaware corporation headquartered in San Diego, California (the “Company” or “Nuvve”), formerly known as NB Merger Corp., was founded on November 10, 2020 under the laws of the state of Delaware. On March 19, 2021, the Company (at the time known as NB Merger Corp.) acquired the outstanding shares of Nuvve Corporation (“Nuvve Corp.”), and the Company changed its name to Nuvve Holding Corp. (see Business Combination below).
The Company owns 100% of Nuvve Corporation, a Delaware corporation headquartered in San Diego, California (“Nuvve Corp.”), which was founded on October 18, 2010, to develop and commercialize Vehicle to Grid ("V2G") technology. Nuvve has developed a proprietary V2G technology, including the Company’s Grid Integrated Vehicle (“GIVe”) cloud-based software platform, that enables it to link multiple electric vehicle ("EV") batteries into a virtual power plant ("VPP") to provide bi-directional energy to the electrical grid in a qualified and secure manner. The VPP can generate revenue by selling or making available to utility companies excess energy when the price is relatively high or buying energy when the price is relatively low. The V2G technology may allow energy users to reduce energy peak consumption and enable utilities to reduce the required internally generated peak demand. This V2G technology was initially developed in 1996 by Dr. Willett Kempton, Ph.D, at the University of Delaware and is now being deployed for commercial use as a part of the management of fleets of electric vehicles, including buses. Nuvve’s technology is patent protected. Nuvve’s first commercial operation was proven in Copenhagen in 2016. Since then, Nuvve has established operations in the United States, the United Kingdom, France, and Denmark. In addition to Nuvve’s algorithms and software, Nuvve provides complete V2G solutions to its customers, including V2G bidirectional chargers which are preconfigured to work with Nuvve’s GIVe platform. The Company’s technology is compatible with several charger manufacturers both in DC (such as CHAdeMO, a DC charging standard for electric vehicles, enabling seamless communication between the vehicle and the charger) and AC mode.
(b)Structure of the Company
Nuvve has two wholly owned subsidiaries, Nuvve Corp. and Nuvve Co (Nuvve Japan). Nuvve Corp. has three wholly owned subsidiaries: (1) Nuvve Denmark ApS, (“Nuvve Denmark”), a company registered in Denmark, (2) Nuvve SaS, a company registered in France, and (3) Nuvve LTD, a company registered in United Kingdom. In March 2020, following the establishment of its investment in Dreev in 2019 (Note 6), the Company ceased operations of its subsidiary, Nuvve SaS in France. The two employees of Nuvve SaS resigned from the Company in March 2020 and were concurrently hired by Dreev. Financial results for Nuvve SaS are included in the Company’s financial results through the cessation of operations.
On August 4, 2021, the Company formed Levo Mobility LLC, a Delaware limited liability company ("Levo"), with Stonepeak Rocket Holdings LP, a Delaware limited partnership (Stonepeak"), and Evolve Transition Infrastructure LP, a Delaware limited partnership ("Evolve"). Levo is a consolidated a entity of the Company. Please see Note 16 for a summary description of the key items of the Levo agreements, and Note 2 for the principles of consolidation.
Levo is a sustainable infrastructure company focused on rapidly advancing the electrification of transportation by funding V2G-enabled EV fleet deployments. Levo utilizes Nuvve’s V2G technology and committed capital from Stonepeak and Evolve to offer Fleet-as-a-Service for school buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more to eliminate the primary barriers to EV fleet adoption including large upfront capital investments and lack of expertise in securing and managing EVs and associated charging infrastructure.

Levo's turnkey solution simplifies and streamlines electrification, can lower the total cost of EV operation for fleet owners, and support the grid when the EVs are not in use. For a fixed monthly payment with no upfront cost, Levo will provide the EVs, such as electric school buses, charging infrastructure powered by Nuvve’s V2G platform, EV and charging station maintenance, energy management, and technical advice.

Levo will initially focus on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children while supporting carbon dioxide emission reduction, renewable energy integration, and improved grid resiliency.
8

NUVVE HOLDING CORP. AND SUBSIDIARIES
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Note 2 –