Nuvve : and Blue Bird Announce Plans to Expand Partnership and Utilize Levo’s Fleet-as-a-Service Leasing Model to Make Electric School Buses More Affordable

Nuvve and Blue Bird Announce Plans to Expand Partnership and Utilize Levo's Fleet-as-a-Service Leasing Model to Make Electric School Buses More Afordable

Expanded partnership utilizes Nuvve's vehicle-to-grid technology in

Blue Bird electric buses to make electrifcation of student

transportation more accessible and affordable

SAN DIEGO, CA and FORT VALLEY, GA (August 11, 2021) - Nuvve Holding Corp.(Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrifcation of transportation through its proprietary vehicle-to-grid (V2G) platform, andBlue BirdCorporation (Nasdaq: BLBD), the leading American-made independent designer and manufacturer of school buses, announced today their plan to deploy the extensive fnancing capabilities from Levo Mobility LLC(Levo), Nuvve's recently formed joint venture with Stonepeak Partners LP, across Blue Bird's distribution network, allowing customers to lease V2G electric school buses, related charging infrastructure, and energy management for an attractive fat monthly fee with no upfront costs. The Nuvve and Blue Bird partnership expansion also makes V2G ubiquitous in the electric school bus market by integrating Nuvve V2G charging infrastructure within the Blue Bird manufacturing and distribution network.

Nuvve and Blue Birdpreviously announced their collaboration to introduceV2G-compatibleelectric buses to the U.S. marketand more intelligently integrate electric vehicles (EVs) into the grid using Nuvve's V2G platform. AllBlue Bird Type C and D electric busesare manufactured with Nuvve's V2G integration which, when combined with a Nuvve V2G charging station, are able to store and discharge energy. The excess, stored energy across multiple buses can be combined to form virtual power plants (VPPs) offering valuable grid services that earn revenue. Blue Bird's V2G capability provides a signifcant advantage over other electric buses to school districts, by providing a way to leverage the buses when parked and connected to help stabilize the grid and prevent blackouts.

Levo will offer its Fleet-as-a-Service (FaaS) model through Blue Bird's nationwide distribution network, providing fully fnanced electric school buses along with associated charging infrastructure, service, and energy management to qualifed Blue Bird customers and dealers. Levo has a capital commitment of up to $750 million with the potential to electrify up to 3,500 school buses. By providing multiple paths to acquire electric school bus feets, Nuvve, Levo, and Blue Bird are delivering fexibility to school districts and bus operators and accelerating their path towards electrifcation and sustainability.

"We are always looking at innovative ways to reduce our customers' cost of ownership for their school buses," said Phil Horlock, CEO of Blue Bird Corporation. "By incorporating the cost of charging infrastructure and the benefts from lower operating costs and V2G revenue into the lease price, the total value of zero-emission Blue Bird school buses becomes very attractive. We are excited to collaborate with Nuvve and look forward to continuing to advance our positions as market leaders in the V2G-enabled electric school bus segment."

Nuvve's V2G platform and charging infrastructure will also be installed at Blue Bird's manufacturing facility to allow all new electric buses to quickly charge before delivery, taking advantage of the V2G capability by providing revenue-generating energy back to the power grid.

"Blue Bird has championed electric school buses that come standard with V2G capability, and its customers trust its ability to help maximize their investment," said Gregory Poilasne, chairman and CEO of Nuvve. "Integrating V2G infrastructure upstream in the supply chain is a natural next step, and we're proud that our partnership has produced a new level of accessibility for schools transitioning away from dirty diesel engines. We look forward to our continued collaboration to help intelligently electrify transportation in this key market."

By using Nuvve's V2G platform, schools can realize cost benefts by intelligently charging electric buses when rates are low and allowing Nuvve to sell the excess energy in their electric buses back to the grid when needed; these proceeds can be shared with customers or help offset upfront costs of charging infrastructure. Additionally, the technology enables electric vehicles to act as "storage on wheels" for renewable energy, including solar and wind that is intermittent by nature, and helps integrate these resources into the grid in a more predictable and reliable way.

The two companies also plan to deploy Nuvve V2G charging stations along with electric buses at select Blue Bird dealers in multiple states across the U.S. With V2G buses and charging infrastructure on site, Blue Bird dealerships will be able to demonstrate the asset optimization, revenue generating capabilities and showcase the lower total cost of ownership of V2G for school transportation leaders interested in converting their feets from diesel to electric buses.

For more information on Nuvve, available charging solutions, or V2G technology, visit nuvve.com. For more information on Blue Bird electric buses, visit bluebirdelectricbus.com.

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About Nuvve Holding Corp.

Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) is accelerating the electrifcation 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 feets through intelligent, bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on fve continents and is deploying commercial services worldwide by developing partnerships with utilities, automakers, and electric vehicle feets. Nuvve is headquartered in San Diego, California, and can be found online at www.nuvve.com.

Nuvve and associated logos are among the trademarks of Nuvve and/or its affliates 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 Press Contact

(W)right On Communications

Chance Shay

[e-mail]

[phone]

Nuvve Investor Contact

Lytham Partners

Robert Blum or Joe Dorame

[e-mail]

602-889-9700

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird's longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifcally designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. Blue Bird has a rich history of binging new technology to the school bus space and is the undisputed leader in alternative-power school buses, having more than 20,000 low and zero emission buses on the road. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird's parts distribution center located in Delaware, Ohio.

Blue Bird Press Contact

Justyne Lobello

[e-mail]

[phone]

Blue Bird Investor Contact

Mark Benfeld

[e-mail]

About Levo Mobility LLC

Levo Mobility LLC (Levo) is a joint venture of Nuvve Holding Corp., Stonepeak Partners, and Evolve Transition Infrastructure LP that provides Fleet-as-a-Service (FaaS) solutions enabling feets to switch to electric vehicles (EVs) quickly with no upfront costs and full fnancing options. For a fat fee, Levo provides turnkey support including site planning, construction services, deployment of vehicle-to-grid(V2G)-enabled EVs and associated charging infrastructure, as well as maintenance and V2G energy management services to seamlessly transition a customer's feet to electric while lowering their total cost of EV operation. Levo combines Nuvve's proprietary V2G technology, EV OEM partnerships, and expertise in transportation electrifcation with substantial capital and additional resources from Stonepeak and Evolve to bridge the gap between the need to

electrify transportation and the large upfront investment needed to do so. Levo's mission is to be the all-in-one partner for feet electrifcation while intelligently integrating EVs into the grid and increasing the penetration of clean energy sources. For more information visit levomobility.com.

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, regarding the Nuvve's strategy, future operations, estimated and projected fnancial 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 qualifed by the statements in this section, to refect 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 diffcult to predict and many of which are beyond the control of Nuvve, including the following factors: (i) Nuvve's dependence on widespread acceptance and adoption of electric vehicles, V2G, and increased installation of charging stations;

1. Nuvve's current dependence on sales of charging stations for most of its revenues; (iii) overall demand for electric vehicle charging and the potential for reduced demand if governmental rebates, tax credits and other fnancial incentives are reduced, modifed 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, modifed or eliminated; (iv) potential adverse effects on Nuvve's 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; (v) our joint venture with Levo Mobility LLC may fail to generate the expected fnancial results, and the return may be insuffcient to justify our investment of effort and/or funds; (v) the effects of competition on Nuvve's future business; (vi) risks related to Nuvve's dependence on its intellectual property and the risk that Nuvve's technology could have undetected defects or errors; (vii) changes in applicable laws or regulations; (viii) the COVID-19 pandemic and its effect directly