Nuvve and Blue Bird Equip First All-Electric School Fleet in Texas

Martinsville Independent School District Welcomes Fleet of Five Blue Bird Electric School Buses Powered by Five Nuvve Level II Chargers and Managed by Nuvve's FleetBox software

SAN DIEGO, Oct. 25, 2023 /PRNewswire/ -- Nuvve Holding Corp. (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, and Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, have replaced the Martinsville Independent School District (ISD)'s diesel fleet with five Blue Bird Vision electric buses, five Nuvve Level II chargers and the innovative AI-powered Nuvve FleetBox 2.0 charge management software.

Martinsville ISD is now officially the first Texas school district to boast an all-electric school bus fleet, according to the Texas Electric School Bus Project, a nonprofit that tracks school transportation electrification in the state. Blue Bird's Vision electric, zero-emission school buses can carry a maximum of 71 students for up to 120 miles on a single charge. Based on Nuvve's advanced battery charging infrastructure offerings, the buses require only a small portion of the day to fully recharge.

Martinsville ISD Principal Keith Kimbrough commented: "We're a small district but proud to be leading the way on sustainable and clean commutes for Texas school children. Before I became an educator, I was in the construction industry. Now, after working so closely with Nuvve, Blue Bird and Rush Truck Centers, I'm a believer in clean transportation and clean wind power for Texas communities like mine. I'm proud to have managed the process of converting from diesel to electric from beginning to end, and we're convinced other districts will take notice of what we're doing here. We are happy to share the playbook and, over time, our results."

"We're proud of the work our Nuvve K-12 team and partners are doing to advise and fully support Martinsville Independent School District on its electrification journey, as it achieves this milestone and also marks our first installation in Texas," said Nuvve CEO Gregory Poilasne.

Blue Bird, an iconic, century-old school bus builder, helps school districts in Texas and across North America accelerate the adoption of its electric, zero-emission school buses.

"We are pleased to team up with Nuvve and our local dealer partner Rush to help Martinsville ISD shift to clean student transportation," said Blue Bird President Britton Smith. "With more than 1,500 electric vehicles on the road, Blue Bird is the undisputed leader in zero-emission school buses. We look forward to continuing to drive innovation and sustainability in Texas, and to inspiring other districts based on our partnership with Nuvve and the Martinsville model."

Kimbrough secured a $1.58 million Clean School Bus grant from the U.S. Environmental Protection Agency in October 2022 to help underwrite the project. He also partnered with Rush Truck Centers as dealer, Blue Bird for the fleet and Nuvve K-12 to consult and provide the right chargers and software for the district's routes and daily charging needs.

About Nuvve Holding Corp. 
Nuvve Holding Corp. (Nasdaq: NVVE) is a global leader in vehicle-to-grid (V2G) technology serving the mission-critical needs of commercial fleets. The company's intelligent, cloud-based software, Nuvve GIVe™, is a platform that transforms electric fleets into mobile storage resources allowing them to contribute, and not just consume, electricity. It enables a flexible suite of V2G, charge management and grid services that provide electric grid resilience while also generating recurring revenues to offset fleet operation costs. Committed to accelerating the planet's transition to a net-zero future, Nuvve is securing fleet electrification partners across the e-mobility and grid value chain and supports active deployments around the world with 18.3 megawatts currently under management. Nuvve is headquartered in San Diego, Calif., USA. To learn more about the value of V2G, futureproofing EV infrastructure and using EVs for grid resilience, visit nuvve.com.

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.

Nuvve Press Contact
(W)right On Communications, Larry Smalheiser
[email protected], +1 925-413-3137

Nuvve Investor Contact
ICR Inc.
[email protected], +1 646-200-8872

Blue Bird Press Contact
TSN Communications, Julianne Barclay
[email protected], +1 267-934-5340

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, including the remediation of identified material weaknesses in internal control over financial reporting relating to segregation of duties with respect to, and access controls to, its financial record keeping system, and Nuvve's accounting staffing levels; (iv) Nuvve's current dependence on sales of charging stations for most of its revenues; (v) any impact of the analysis of the accounting and reporting of warrants related to the extension of filing the Form 10-Q for the first quarter; (vi) 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; (vii) 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; (viii) the effects of competition on Nuvve's future business; (ix) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (x) 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; (xi) 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; (xii) changes in applicable laws or regulations; (xiii) the COVID-19 pandemic and its effect directly on Nuvve and the economy generally; (xiv) risks related to disruption of management time from ongoing business operations due to our joint ventures; (xv) risks relating to privacy and data protection laws, privacy or data breaches, or the loss of data; (xvi) 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 (xvii) 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.

SOURCE Nuvve Holding Corp.