Blue Bird's largest vehicle-to-grid (V2G) project features Nuvve's technology to make electric student transportation more accessible and affordable

Nuvve Holding Corp. (Nasdaq: NVVE), a global cleantech company electrifying the planet through its intelligent energy platform, along with Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, and the Ramona Unified School District in California's San Diego County, today announced the unveiling of eight electric, zero-emission school buses powered by DC fast chargers supplied by Nuvve and enabled with Nuvve's GIVe™ vehicle-to-grid (V2G) energy aggregation platform. The parties have completed commissioning and interconnection activities with the local electrical infrastructure provided by San Diego Gas & Electric (SDG&E). As a result, the vehicles are qualified to generate revenues for the school district through SDG&E's Emergency Load Reduction Program (ELRP) by selling energy stored in the vehicles' batteries back to the grid during times of high grid stress or emergencies as determined by the California Independent System Operator (CAISO).

This particular program in the Ramona Unified School District represents Blue Bird's largest commercial V2G project for a school district to date. By participating in the ELRP, SDG&E customers such as the Ramona district can receive $2 per kWh, which equates to a potential savings of up to $7,200 per bus per year, for verified export and load reduction.

The availability of grants, along with the Biden-Harris Administration's recent announcement of the nearly $1 billion Clean School Bus Rebate program, are facilitating the transition to zero-emission fleets for districts like Ramona.

"The introduction of electric school buses helps put Ramona on the map by showing that even small communities are playing important roles in the creation of a safer, cleaner future for our children and the planet," said Rena Seifts, assistant superintendent of Ramona Unified School District. "The data speaks for itself: if we don't reduce our dependence on fossil fuels sooner than later, the younger generations here in Ramona and beyond will be stuck paying a hefty price."

Since ESBs run on electricity only, they produce zero harmful carbon emissions and particulate matter that's typically emitted by traditional, combustion-fueled buses. In addition, ESBs can produce valuable grid service revenue streams that benefit school districts any time the buses are parked and plugged in through Nuvve's V2G technology.

"When a V2G interconnection occurs, the bus, charger and grid are essentially talking to each other," said Gregory Poilasne, founder and CEO of Nuvve. "This communication through our GIVe platform is essential: it monitors the amount of energy being sent to the grid, while ensuring there's enough energy necessary for drivers to complete their routes the next day."

"Electric school buses are a perfect match for V2G technology because of their large onboard batteries," said SDG&E Clean Transportation Director Jeni Reynolds. "These zero-emissions vehicles not only help improve air quality, they can also help meet our community's energy needs by putting electricity back on the grid when parked."

Blue Bird, whose electric fleet is fully compatible with Nuvve's V2G technology, has delivered more than 700 ESBs to customers across the United States and Canada since 2018. With diesel prices at elevated levels, districts are seeking new ways to begin switching to ESBs while maintaining reliable student transportation for students in low income or disadvantaged communities, in particular.

"Introducing Blue Bird zero-emission electric school buses into Ramona means that the school district puts student and community health first," said Albert Burleigh, executive director of EV business development for Blue Bird Corporation. "We're happy to see how Ramona is utilizing grant funding to transition to clean, next-generation student transportation. With literally millions of dollars in grant funding currently available, it's vital for other districts to look into ways they can electrify their fleets today."

How It Works
In 2020, Nuvve and Blue Bird announced a collaboration to introduce V2G-compatible electric buses to the U.S. market and thereby intelligently integrate electric vehicles (EVs) into the grid using Nuvve's V2G platform. All Blue Bird Type C and D electric buses come standard with Nuvve's V2G integration capabilities which, when combined with a Nuvve-supplied V2G charging station, can store and discharge energy. The excess, stored energy across multiple buses can be combined to form virtual power plants that offer valuable grid services which also generate revenue. Blue Bird's V2G capability provides a significant advantage over other ESBs by providing districts a way to leverage them when parked and connected to help stabilize the grid and prevent blackouts.

By using Nuvve's V2G platform, districts like Ramona USD can realize cost benefits by intelligently charging ESBs when rates are low, allowing the district to sell the excess energy in their ESBs back to the grid, when needed. Proceeds can help offset the upfront costs of charging infrastructure, allow districts to afford more electric school buses, put money back into the classroom, and more.  

For more information on Blue Bird electric buses and supporting funding options, visit www.blue-bird.com/buses/electric-school-buses and https://funding.blue-bird.com/cleanschoolbus. For more information on Nuvve, available charging solutions, or V2G technology, visit nuvve.com.

About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) is accelerating the electrification of transportation through its proprietary vehicle-to-grid ("V2G") technology. Its mission is to lower the cost of electric vehicle ownership while supporting the integration of renewable energy sources, including solar and wind. Nuvve's Grid Integrated Vehicle, GIVe™, platform is refueling the next generation of electric vehicle fleets through intelligent, bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on five continents and is deploying commercial services worldwide by developing partnerships with utilities, automakers, and electric vehicle fleets. Nuvve is headquartered in San Diego, Calif. and can be found online at www.nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affiliates in the United States, certain other countries and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.

Nuvve Forward-Looking Statements
The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Nuvve and Nuvve's strategy, future operations, estimated and projected financial performance, prospects, plans and objectives are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Nuvve disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Nuvve cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Nuvve. In addition, Nuvve cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) risks related to the rollout of Nuvve's business and the timing of expected business milestones; (ii) Nuvve's dependence on widespread acceptance and adoption of electric vehicles and increased installation of charging stations; (iii) Nuvve's ability to maintain effective internal controls over financial reporting (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of electric vehicles or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; (vi) potential adverse effects on Nuvve's backlog, revenue and gross margins if customers increasingly claim clean energy credits and, as a result, they are no longer available to be claimed by Nuvve; (vii) the effects of competition on Nuvve's future business; (viii) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (ix) the risk that we conduct a portion of our operations through a joint venture exposes us to risks and uncertainties, many of which are outside of our control; (x) that our joint venture with Levo Mobility LLC may fail to generate the expected financial results, and the return may be insufficient to justify our investment of effort and/or funds; (xi) changes in applicable laws or regulations; (xii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiii) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xiv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xv) the possibility that Nuvve may be adversely affected by 3 other economic, business, and/or competitive factors, including increased inflation and interest rates, and the Russian invasion of Ukraine; and (xvi) risks related to the benefits expected from the $1.2 trillion dollar infrastructure bill passed by the U.S. House of Representatives (H.R. 3684). Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Annual Report on Form 10-K filed by Nuvve with the Securities and Exchange Commission (SEC) on March 31, 2022, and in the other reports that Nuvve has, and will file from time to time with the SEC. Nuvve's SEC filings are available publicly on the SEC's website at www.sec.gov.

Nuvve Press Contact
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Nuvve Investor Contact
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About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com.

Blue Bird Press Contact
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Julianne Barclay
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About Ramona USD
Ramona Unified School District is a rural district located approximately 30 miles northeast of San Diego. Serving a student population of approximately 5,400 students, Ramona Unified continues its pursuit of excellence while "Preparing Today's Learners for Tomorrow's World!" For more information, please visit www.ramonausd.net.

Ramona Press Contact
Ramona Unified School District
Rena Seifts
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