Nuvve Holding Corporation (NASDAQ:NVVE) Q3 2022 Earnings Conference Call November 14, 2022 5:00 PM ET

Company Participants

Eduardo Royes - IR

David Robson - CFO

Gregory Poilasne - Co-Founder, Chairman & CEO

Conference Call Participants

Eric Stine - Craig-Hallum

Brian Dobson - Chardan Capital Markets

Operator

Good day, and welcome to the Nuvve Holding Corp. Third Quarter 2022 Earnings Call. [Operator Instructions]. Please note, this event is being recorded. I would now like to turn the conference over to Eduardo Royes. 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 third quarter 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 Nuvve's filings with the SEC and in the earnings release issued today, which are both 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

Thanks, Eduardo, and hello to all. We appreciate you joining our third quarter 2022 results call. Last time, we focused on several favorable legislative developments. And in the third quarter, this momentum continued to build. In September, the Biden-Harris administration announced that it would be doubling the EPA's clean school bus rebate award to nearly $1 billion as part of the first round of funding for this program.

In October, we were thrilled to see the first allocation come to fruition with the award of $913 million in grants to 389 school district applicants. This grant funding will support a purchase of nearly school buses and provide rebates on charging and hardware infrastructure. Nuvve was proud to have formally represented 10 school districts in their grant application process. In fact, Nuvve is the only charging station provider to submit grant, a testament, we believe, the strength of our technology, strong track record in EV infrastructure projects execution and expertise in grant writing -- associated with Nuvve are expected to translate to $22.9 million in funding for 61 electric school buses manufactured by Nuvve's partners, and in funding for Nuvve's high-powered bidirectional chargers and associated charging infrastructure, site design and development services. Please note that this revenue figure translates to $20,000 in hardware and infrastructure rebate money per bus, which is the maximum allowed per vehicle to this program.