Some 38 AC and DC bidirectional charging station connections, all linked to the company’s proprietary vehicle-to-grid V2G GIVe software platform to provide charging services to an additional 38 electric school buses, or 1.42 MW of capacity.

The implementation of these new charging stations increases Nuvve's megawatts under management by 1.4 and brings the total to 22.7 as of October 31, 2023. This is 30% above Nuvve's 17.4 megawatts under management at year-end 2022.

Nuvve's K-12 business unit, which the company launched in June 2023 to focus on turnkey electrification services for student transportation, performed these deployments. The prior monthly record was 24 chargers representing 1.1 MW. With a planned acceleration in connections in November and December, Nuvve expects to surpass its prior quarterly record in the fourth quarter of 2023.

Fleet electrification has been hampered by tightness and challenges across supply chains that arose in 2021 and continued through 2022 and into 2023 with fleet owners frequently needing to wait many quarters between making their initial purchase and having their electric vehicles and all of the necessary infrastructure in place and ready for connection. The increased growth rate in Nuvve's charging station connections signals the beginning stages of potentially exponential growth and improvement in fleet owner readiness for their electrification plans as vehicles and associated electric vehicle supply equipment (EVSE) are delivered and utility interconnections are established.