Nuvve Holding (NVVE) 11 Nov 212021 Q3 Earnings call transcript

Good morning and welcome to Nuvve Holdings Corp.

Third Quarter 2021 Earnings Conference Call. [Operator Instructions] It is my pleasure to introduce, [Edwardo Royce]. Thank you, you may begin.

Thank you. Gregory Officer Executive of are Robson, and call Financial Chief Nuvve. today's Poilasne, Officer Chief David On This morning Nuvve third quarter issued a press results. release XXXX announcing its

Following call up will prepared questions. the remarks, we for open

would we forward-looking contain like Before I to you call statements. that remind may this begin,

statements with best issued over forward- from earnings materially that, discussed these reflect factors filings With risks website. or by they these Gregory Officer Executive to to future obligation Gregory? projections. which SEC. the on update release undertakes those are These And revise are differ forward-looking call While uncertainties circumstances. results or that to I today, judgment Poilasne, our with Chief the subject would are available to looking risk Nuvve. and to events of Nuvve new like could reflect Nuvve's on cause actual any to in statements forward-looking the implied no turn

load renewable generation value also electrification. to main to today for as and increase to prevent the utilize Edwardo help the us In us supports it is have in equity. among apart. strengthen much you, and is from as solution, energy technology vehicle-to-grid Thank provides power highest while climate much the of change. mission for usually capacity gas and grid this of support to alleviate to transportation Transportation as the close quarter. need transportation priority. Glasgow, electrification And World US XX% we curb so, believe, global Scotland the debating deliver It allows been citizen build we vehicles us impact the good our leaders more and gathering to as greenhouse for discussing XX% everyone. force implement and Electrifying Thanks vehicle-to-grid must doing emissions. represents a economic results for solution more group help and critical effectively third electric difficult joining efficiently to public cost vehicles morning, electric discuss

EV network want are latest how VXG House grant over set more that to and for $X.X go November we installation the grid, continue share to a of are to trillion developments, thrilled electricity on leverage billion I charging of all $X.X our broader markets be adoption passed as we're about nationwide electric expedite of $XX on mission. create At these the the that This Before and variety bill X. Representatives all to investment we I important of funding aside partnership for energy and and a $X.X the bipartisan promises and system. segments stations have infrastructure. to excited nation's infrastructure across billion we to people for incredibly are opportunities buses US a we The contains bill renewables execute EV been fund resilient to These for in create about building electric Nuvve, the and work in decades. also the cars billion ecosystem. clean the exposed an

quarter. our that the resiliency. to technology we and of planet few plants tremendous entering Shortly the close since joint energy for made platform. vehicle-to-grid our our grid EDC public and proprietary our Stonepeak we May, highlights. with and batteries the to with progress, mission after introduced at the back followed our This continue from our generate We stability, virtual services In hub a the market enhancement of year already in provide this and Nuvve to that help intelligent venture been Evolve to form Levo out third has predictability, the VXG sold that, electrifying through energy we model. be to busy very services to roll serves multiple with end and of EV have of year, advance a Mobility grid It combining power energy March and transaction name

is vehicles that a that committed rapid The believe Levo more facilitate a much be is As delivering can adjusting electrification. $X we turnkey of EVs. all fleets up types fleet transition to can for support service billion to $XXX as solutions million to scaled amount of

the of to the and also partnership have school past Bird Over continued buses. designer our Blue Corporation, several and manufacturer independent months formed we leading advance with

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pressure patented into software first-of-its=kind VXG partnership the DC bidirectional offer named in October, world's in grid. incentives. grid we designed Quasar, will with announced pioneering and Iberia platform partnership Next, mounting users the hardware reduce significant the The technology first to financial Wallbox Wallbox, on incorporate our home charger VXG

charge year. costs, Iberian emission of sustainable reducing discharge cleaner household effects the risen per technology this can pressure XX% vehicle time prices positive per the addition lifestyle opportune to and on energy technology last by over investments when helping carbon EV Giving XXX have By in transition users year. residents the the to minimizing users Peninsula, In VXG to intensity, compound coX grid in help can optimizing edge of an car Nuvve's offset comes kilogram of zero cutting the and a footprint. their rising users where to rapidly an planet. allows energy by contribute at help average The coX by base and more partnership emission their the is access

we to through operate Turning an Denmark in update Denmark business a next where Nuvve subsidiary ACS. on

viability and technology, areas the favorable see conditions. successfully to value continue which We and demonstrated vehicle-to-grid economic where deployed been market of has in

also We of five VXG we had that country. pleased to say years operation in

announced have regarding few We Mobility also a OEM. recently EV leading a Levo Levo updates a JV. with BYD have partnership

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growth. with and electric are the Operating I'd sets to to Officer, Levo's We Commercial brought have a now Strategy latest further like Chief were executive from Officer for also opportunities Bird team to during And VXG leadership vehicle third accelerate first-of-its-kind This that back to will VXG come. continue Chief Chief our mission announcements will and These out be at experience impressive of skill Levo and the yesterday. and hubs board. many more new build future drive Officer on circle new quarter, of Blue the charging. the help hub

by that assets. way. energy to the transforming We grid energy have into platform intelligent allows vehicles to And our in integrated us do introduce to smart electric EV storage a

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our are first vision make to come this partnership announce We to thrilled true.

providing region. fully annually the and of there to a management, kilowatt the XXX system the to XX will providing million utilities utility for can VXG the really buses facility to use good a is of year, speak which provide range under of on services range approximately we've revenue deployed. agreements will metric to Blue At of coming on I seen and recurring megawatts will Nuvve. amount a to under services a like stations $XX conditions. consider Levo also this model with $XXX. we gigawatts to services. with an capacity the grid kilowatt XXX capacity up management. hub $X to I'm noted paid is the revenue on the grid potential for With quantify when Blue of up to chargers, a we with controls out buses we dispenses under line opportunity can VXG VXG which supply stored. will from which detail buses electric power delivery As megawatts earlier, agreement, be up amount where to this deployment a in management, to Georgia, XXX is additional going through facility Based I chargers ideal Revenue per market, the Blue the negotiated create under stationary by generate revenue the at by Bird XX paid Bird that to battery as use of and some year is production speak Bird electric in potential I'd in for per end low depending dual for about aggregate excess from what charging install the for at grid

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we VXG fleet of the the transition experienced shifts And $X is As is in be the have micro our largest trillion. discussed over to among to economic lifetime. electric previously, market

technology to gap renewable energy. make electric helps and affordable and are vehicle-to-grid the and EV Our between vehicles energy, we catalyze services transportation integrate bridging help in adoption more so essence,

over revenue technology our high roll megawatts extend long-term charging with stations, building out services, management. to to which will network a continuing infrastructure of generate under significant time visibility. the are use We a and degree of We're VXG increasing of

a as signed We a demand pipeline and contracts key of are growing an growing strong have backlog and faster even with customers. result

opportunity revenue are tremendous believe in the indicators All positioned are capture market. of well strong We us the future potential. which to we ahead of of

over turn Let me now call the David. to

a was in revenues charger $X.X sales. XXXX. generated echo Gregory to to compared third to we that third term. This pleased Thanks Gregory. total very revenues want the revenue I quarter grant by over of of are XX.X% we million declining drive decrease of that progress will making we quarter, due the are the sentiment $X.X future offset In higher with long primarily the

we XXXX, in compared with XX%. of QX XXXX increased During represented and second nonrecurring, earned the last our of XXXX. of that revenues project a XX% compared to the by revenues through Service was revenues grant year, Japan in on Product third XX% quarter of total revenues quarter

million, generally engineering charger XX% and third quarter for gross incurred was XX% the chargers margins last million from in We expect AC million be third second XXX%. smaller expenses was of for and and the XXXX, and compared expenses on service mix $XX,XXX margins estimated future paid associated primarily and business during price accrued $XXX,XXX of at were the preferred the year. accrued common service range during Total XXXX change over the gross approximately become [Indiscernible] result of outstanding subsequently will quarter and represents on dividends XXXX, SG&A third up the $XXX,XXX, the the and in of of million for and Net Levo the compared a of revenues the are shares the and margins of fees, was resulted to preferred in incremental attributable of for XX.X% $X.X for XXXX. shares our value and Levo. $XX,XXX income expenses, are attributable second product the a continue and revenues expenses engineering quarter September XX% months of were $X.X $XXX,XXX Other mix. revenues stock private the based grant quarter Other Levo income three months with closing in to margins which warrants, income DC Preferred operating to and XX, associated mix chargers, AC expense of income This to $X by $XXX,XXX million revalue quarter. renew a $X.X to and Accretion XXXX. at million service sales third This $X payroll larger compared for quarter products recruiting included $X.X third quarter. quarter. XX, increased in change to quarter XX%. income will was a was third DC gross of between quarter in the XXXX price, three quarter third loss for for October, from with increase R&D the in September ended of and in stockholders the shares. redemption the expense the Margins are quarter, during of the each carrying year-over-year $X.X to difference XXXX. these of value quarter issuance increase of the charger million services. to ended

million was funding school remain Inventory the at to million from to balance of sheet; for September Now had along with districts, in inventory $X.X the -- turning transaction approximately second intend our strong of four cash of to $XX.X the pipe we buses the of XXXX, to XX, and DC several we receipt as investment. quarter bill million our chargers. increase increased from the the in and the third quarter. This to sequential electric school due high additional lease $X.X which the power end with

help have to in meet with wide levels that sufficient we inventory existing entered ensure suppliers hand the coming demands. intend quarters. key we have customer chain supply industry Given carry commitments purchase And on higher inventory constraints, we into to to

the classified these costs, with capital capital $X.X embedded put features shares paid million accounted preferred the non redemption right quarter, features equity, The transaction this million mezzanine pay and costs to determine million preferred to we as permanent as to issue deferred Stonepeak the deploy To liability, available the in will outside a as for mezzanine capital. shareholders. equity on are result equity and required shares as a to and as separately sheet shares Evolve. classified of from contingent $X.X be that of These balance The of akin and the considered to Levo. amortized to were preferred X.X as more economic balance preferred controlling shares. $X.X because capitalized To be million considered costs in commitment redeemable Levo are preferred characteristics to and associated for the clearly we in During of million, shares to therefore additional not stock were preferred of risks the shares. the the of liability instrument derivative a characteristics derivative its financing will available closely a debt economic be the preferred redeemable redemption $XXX related

flows $XX.X pay of of non charges. financing working and loss associated higher for included million $X.X formation. resulted we with operating $X.X And $X.X increase preferred a Levo's We in quarter, for from in Levo. from costs use cash resulted the the million flows financing which transaction $X.X of net to balance inventory shares. which cash costs primarily the excluding in quarter, for the levels the activities capital to During million used million of cash We generated in issuance cash use transaction $X.X the million cash related during million

quantify discuss I'll conditions. future stationary Currently, grid under capacity of megawatts megawatts Japan. and our a States, manages located that charters, our electrical chargers throughout service management metric management include can and from under management, of the Now, and use batteries and revenues. aggregated Europe VXG United VXG megawatts Nuvve under supply our ideal the batteries deployment chargers is the under amount we to estimated

The the XX.X total increasing from under the under revenues. we comprised management megawatts XX.X batteries. and of from chargers, DC service the quarter, X.X XX.X megawatts megawatts of an chargers, quarter, stationary During was end to XX.X%. the of under added end X.X management AC the quarter, management X.X of to the at megawatts Nuvve third second megawatts At for customer grid X.X management, under X.X megawatts of X.X megawatts for earn increase included agreements, allowing third megawatts our future representing from

continue to we agreements, the hubs, will sign megawatts we VXG our under further one management. which Blue Bird, future As like create with extend

vehicles grid a This based to begin our grid management expect we under expect XX estimated the management and Contracted hub to and which rate per kilowatt of revenues. merchant negotiated from additional Merchant is Blue revenues in by year factors associated this mentioned, agreement, results Gregory of combination inputs, to facility in over and geographies revenues, future revenues the for exposed contracted utilities. and customer the revenue types the connected the As our an Bird brings of grid length -- service megawatts with based vehicles, megawatts of expected deployed, from upon to a term under XXXX. we time, service and at megawatts be is bring number the to deployment me deployments. including will be the on expose paid revenues is of generating service projected network, the of those the

exposed Gregory deployments, these seeing in grid combination are on services to of mentioned, kilowatt focused, the per we our revenues As vary. service merchant are opportunities revenue of Currently ranging These service $XXX grid the we markets where year a the include per year. between $XX regions contracted will depending kilowatt services. and geographic revenues

customer nature Given to generally deployments, these are revenues years. recurring over a of XX period our of long the XX term

grow. management, megawatts charger of will future our earn continue expand service grid to we under our to and deployments increase number the ability As revenues

to provide seeing will we per megawatts periodic kilowatt and of ranges we our the management are marketplace. updates under forward, Going in year, revenue

these turn questions helpful in to any more Investor a website to And the or I'll may forward have today's was We discussing today Gregory. look presentation have on you discussion our posted back with metrics. and future call We discussions. now detail hope Relations to

Thanks David.

our we electrification it the are executing early through proprietary on significant of While in services. is transportation mission progress our energy still journey, and our making accelerate to vehicle-to-grid

to we momentum partnerships our and and are foundation through expanded building continue We our pleased the with the contracts. be business across very increasing customer solid

our pipeline we look backlog megawatts indication to further answer we operator to delivering While the journey. and time, robust it now future and of our With shareholders. while the is revenue back to turn will to the update strong and customers begin forward adoption management generate which will question our We growing, a under take to continuing as way session. and you value I over Operator? along dive into that, will are

with Our Stine the question comes Instructions] Eric first from of line [Operator Craig-Hallum.

morning. Yes, taking questions. for for Aaron the on Spychalla It's thanks good Eric,

kind to First a a for in that talk can little five we BYD, of market us things on then, OEMs bit looking there. with little the rollout. might on other next over that traction years -- how you just as timing how And provide about the on the might out maybe look maybe more expected be jumpstarting with details gain

a it of Gregory Yes, Aaron, as I are mean, here, we at looking vehicles. portfolio

on some We are actually East Coast. -- we underway projects BYD with have the

parallel, right And able in sure phase we we go through charging And that But the first have that interesting make one, underway, in an the to the so that engaged we are talked to some always about commercial talk then the deployment of we is of are now trucks that stations the category to is the and integration vehicles two, technology all past. vehicles the in platform. have implementation. also used qualification

example. one be would that So

maybe about of maybe over and next on rollout, for P&L of that frame, second and and you All kind then there then color just and the years? talk the help there kind right, opportunity some of of contributing you handful to the Wallbox. can the the see there, kind thanks planned traction initial how

plants When interesting, been because is we environment. setting market Yes, done a are a many where grid has different we order regulatory basically in services. this recently, to the so grid I for our in in project already is provide say was we've times closed, think up been far now have right And with services. that mean, -- helping large right, Spain closed I it There changed those partners history. limited power has that that I very to is this

segments. obviously is estimating thing of is protecting where vehicles, to that We core expanding services, One are providing sure our consumer able providing type chain a different with home to commitment We've that, will going our that's variety said on are do access vehicle across making on which drivers far, grid, ready which basically to all the market, a Wallbox the we've as same fleet not been so said, a from battery the this to ancillary as very, range. me be me interesting aggregating address with competency, And very the no, to is example such while on that this consumer aspects for we've partners. we'll it the under to always And market. market. that And already way important. perfect value And are focused services while the strategy, to the time. market, that also whole the partnership we the is how we focus delivering the at opening are will to our two executing the so very they of relates and the other

lot VXG. end day. the really what about Good. And to then a just But more you there? if environment, guys just mean, about the of the I know I kind competitive winning. starting you're can seeing you're there's, of that market win the lot in talk sneak of Why obviously more you're I on bids. in Can talk a maybe aren't at one

bit little further. So kind that about maybe just talk a of

There's have said, is the that exciting a subject the way. done at that as that a an right, is very a in deployment me, smart becoming now VXG one awareness to significant because, heart on of could if EV hand, building is cost not that's it's And EV Yes. you deployments.

the the understanding I has developed IT developed -- this we as PGM the the the we also Since that was and University as services. world, not implementation We, are we Delaware, here I and because think recognized that -- in time, why during were around to started region. around that else think the that think, we in we an VXG the in by just more the into at is more technology to benefits been we when we've be in but US, of variety that nobody attend work can IT leader building just professor was there have of to also and the discussing working services Nordics, as has in to our some all the technology participate Europe, started Belgium significant been as and in the on the in an deploy been around deployment I've develop We've the will it platform is then Italy, through based that early doing world. joint grid order or when the Iberia deploy, XXXX, Now, Germany develop, University - and UK, with with venture started either in have a to Nuvve has in to XXXX, EDF this in I Delaware, the and France, we've work we well peninsula, the our and that in investor the organization Toyota that Japan. show have platform

leader have how all all understanding those reasons, we work experience, things more to I have think much on have together. we the So and really making just a deeper us those because

from Our Craig the question line comes Roth. of next with Irwin

my for questions. Good taking and morning thanks

Gregory, of wanted start with So, the I Levo the right. to impact financial on P&L,

So prior August this date what Is take to partnership started, quarter. a is the X a August it closed in $X.X fair million quarter impact mentioned and approximate the you and of run really the you us can was an this to the maybe rate up then initiate and $X.XX And cost quarter to with a X, joint you venture? set around expenses? share million start

question. let address David I will this

Craig. Hi, Yes.

little fourth show expenses amount in million the that which $X.X this our that quarter, be we was about think more. I bit maybe it'll quarter, a

maybe So in the fourth $XXX,XXX running million, quarter. the $X.X

excellent. expenses any expenses in Were can And out? the launch? Okay, there official cash you of front call then

we included financing those see in Yes, that costs. you capitalize can deferred

around amount total So $X was million. the

assuming picture, we the seems but that customers excellent. XXX buses for. XXX smaller bus. as to should be you're slightly what number? And But ask When satisfy we Levo back just would much total if XX well. a mean things, at the you lower Okay, is looking and and the with be potentially I be it joint Levo once And school Then looking invested. look school obviously at venture, entirely doing it's of could right million districts $XXX megawatts it's management, to has mix a the as under know does reasonable a expectation? generate broader most fully at bigger step megawatts, buses. school Biden I seems Or other probably batteries have President that as buses, means the XXX kilowatts that megawatt to

I think so is trend various heart is the I have the mean, the serving we've buses of on I routes. seen school the of question. of kilowatt the this The hour; far most batteries bus XXX battery it's a think the think I school

or trips covered. be Now brought longer that you sometimes are are to would slightly needed special that be

batteries, I we charging are And -- think on decided go still stations. is think to side deployment and size which we I numbers we're this so be why kilowatt the of XXX be, the where to might XXX now low that the that think of with more the going than hour is kilowatt maybe on

so those dispensers a Now keep in switch. those, implementation be will though mind, on the two first

current XX kilowatts put where kilowatt But running hour, mean, end bit how US, So that's hey, to are hour, side are per still, think, side. be would services we kilowatt But $XXX up. and buses, I XXX XXX that on year, grid XXX using other the you flexibility if probably between of that's on all consider the at on XXX that it little will gives a are be in it will XXX $X.X bus buses you kilowatt no, if and if one school able us maybe XXX,XXX of right. vehicles there billion those in school the buses I have gigawatts, you that the -- XX you're that, provide. more

And we a right why so, is here no, gigantic this market. is are

the hill. at of are bottom the We

many bill I And of place are but partnership We're was the as and players, order support I at this are as focused expand, think it's education. been is we we've infrastructure the to of putting executing heart heart finally And putting extremely in we will VXG well. Aaron vision. the help all together, us in to saying on it. blueprint that hope, on the our at

really really revenue sources we for now, at vehicles all potential that's us exciting is us. was for So generation look are what those

you. Thank

for Blue So hold allow working to vehicles buses is I so can will is Or for that customer the could maybe of orders for to full a then, from impaired functionality they participation they putting weeks used different expect the batteries them and would vehicles while delivery, had the inventory you full manufacturing of that systems in battery participation in not line, ago, buses to off and bring potentially, Bird the so would this they is as months, of number exercise these grid facility of suggested for they're deliver? their talked allocation full parked and a while sitting different in lot, there a about we prepared of that the the that be of services batch see, things. their when wait that, percentage couple EV Nuvve given with condition school idle and the

the at we that much that charge charges per especially system. when maybe based happen Usually goes range now times, the the I with peaks these there this very means an $XX longer the end for would million you now like see. So very a or the $XX less. in right are year and at continental revenue $XX amount low those have grid that kilowatt of year, a limited this took, that of grid service we specific services, And of aiming think of talked on about we you're here, also to right, variety annual is capacity what as $X is is that

is So because year. it's of extremely on not number every straining do Is it's it that question? discharges you that answered the battery your that limited a

perfect. no, that's Yes,

question So about I right. could then if timing, ask a

talk really was hardware going the So Phil for probable mean across recognition President you Biden, around our [Indiscernible] about very Can districts about to from the US. school timeline opportunity for the that? I children and different this and revenue is know the support Horlock in excited what the installations, the and and

and that the lots. sometimes XXXX. of And we and XXX parking scale in XXXX, whole And early up running the end as towards said, will probably goes be covering targeting installation, number And we the to Yes. is setup buses to we now XXXX. towards are in with happen XXX on have initially, we'll be model all way the of to a the buses the limited that

up then So order could faster, to in and a to of goes XXXX a for this fill reached have all XXXX but XXXX, installation, these conservative then capacity, XXXX that wanted rollout end we spots, there is a to the we've go approach. and timeline full and between full

your the deployments is of potentially hubs recognizing core our I line along really things, consider long trying is vision is goes business we recurring per one potentially, early. up, question with think on than revenue case, specific a In the it's year of But more two develops it now lot being of with a that revenue $X plus more charger that XX site, dollar this term, years deployment. that. million these

are why recurring that much investors on have to to our as those there's So path we grid. is is of And based the some the other rather also the we model, to inventory careful not true infrastructure placing very still providing there under we piece quite revenue trying build of the and bit business the and possible which and building the delivery. of been need as of in is are understand this value we've uncertainty didn't our of uncertainty supply charging to recognize front, the orders go still the and cost on assets therefore see on, able have on the good a chain, and this helping we stations, is that up maintenance core we of but in early news

of and Gregory, to we closing today's call for reached question-and-answer have the end over would turn remarks. this Ladies to gentlemen, session. I back like

you. everybody today. I call thank the want on to Thank

progress the Bird hub, the to our emphasize targeting, hub we one in lot first near with that also strategy, I in what and we is deployments Blue of we'll just not need on on but able further of hope that parking other the really this of heart think again, future. some at deployments which is that the I places. I working are share is and be in really and to are And blueprint the manufacturers,

be size have of at the business, buses. about when we've Now vehicles school all converting and that really But to into of we the look at electric vehicles talked the the target the we look you globally, where consumer have kilowatt And billion. again, XXXX, $XXX kilowatts account vehicles to seven per year if per that's vehicles. we a consider, year, of time for kilowatt market X,XXX could $XXX about a

$XXX consider per kilowatt you $XXX that's billion If year, market size.

exciting us, So front of opportunities. on I fleet. have have we we gigantic a very very -- in have been focused We market

into anybody are the also with I space to As of same the else look of shared at a time you, our we approach little capabilities starting the because with platform. consumer different than

are we look we So the more very in progress much. of about future you very, Thank the forward And very our excited with sharing to progress. near you.

conference. This concludes today's

the of day. participation. And You this may time. at your your lines enjoy rest your you for disconnect Thank