Nuvve Holding Corp. (NASDAQ:NVVE) Q4 2022 Results Conference Call March 31, 2023 10:00 AM ET
Company Participants
Eduardo Royes - Managing Director, ICR
Gregory Poilasne - Chief Executive Officer
David Robson - Chief Financial Officer
Conference Call Participants
Eric Stine - Craig-Hallum
Brian Dobson - Chardan Capital Markets
Operator
Good morning, and welcome to the Nuvve Holding Corporation Fourth Quarter and Full Year 2022 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Eduardo Royes, Managing Director, ICR. Please go ahead.
Eduardo Royes
Thank you. On today's call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its fourth quarter and full year 2022 results. Following prepared remarks, we will open the call up for questions.
Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections. These risk factors are discussed in these filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances.
With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?
Gregory Poilasne
Thank you, Eduardo, and hello to everybody joining us today. We thank you for joining our fourth quarter and full year 2022 results call. The fourth quarter saw a watershed moment for school bus electrification with the awarding of grant funding as part of the EPA clean school bus program in October. As discussed at length, on our November call, we were thrilled to find out in October that Nuvve facilitated 10 of its school district customers in receiving 61 EPA clean school bus rebates as part of the first phase of this five-year program.
Over the past several months, we have been working closely with the school district partners for which we were the [Grandbriters], along with other potential customers with application process we facilitated. Receiving grant, our rebate money is just step one in the process of electrification. Recall that our recipients received $20,000 in hardware and infrastructure-based money per bus. This translates into $1.22 million in funding for Nuvve high-powered chargers infrastructure and site design associated with the 61 buses, but customers have flexibility in how they spend it.