Good day, and welcome to the Nuvve Holding Corp. first quarter 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch tone phone. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Eduardo Royes. Please go ahead, sir. Thank you. On today's call are Gregory Poilasne, Chief Executive Officer, and David Robson, Chief Financial Officer of Nuvve. Earlier today, Nuvve issued a press release announcing its Q1 2022 results. Following prepared remarks, we will open the call up for questions. Before we begin, I would like to remind you that this call may contain forward-looking statements. While these forward-looking statements reflect Nuvve's best current judgment, they are subject to risks and uncertainties that could cause actual results to differ materially from those implied by these forward-looking projections. These risk factors are discussed in Nuvve's filings with the SEC and in the earnings release issued today, which are available on our website. Nuvve undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. With that, I would like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory? Thanks, Eduardo, and good day to all. Thank you for joining us as we review our results for the Q1 of 2022. In the short period since our last earnings call in late March, we have continued to see strong secular tailwinds for vehicle electrification and the adoption of vehicle-to-grid technology, V2G. As an example, I'd like to start today's call by highlighting our recent announcement of a memorandum of understanding, or MOU, with the U.S. Department of Energy, DOE. This announcement is not only an example of the continued expansion in interest in V2G, but the recognition at the federal level of the critical role that V2G will play in the energy transition. We view the DOE's decision to form this partnership to be an admission that transportation electrification cannot unfold with the grid today as is. The load requirements and variation associated with EVs charging are simply too high. However, while EVs will be a source of stress on the grid, bidirectional charging and the vehicle-to-grid technology that we have pioneered for over a decade also render EVs a key part of a solution. The federal government realizes vehicles should evolve to becoming paid grid resources. To elaborate briefly on the MOU as a collaboration partner to the DOE, we'll be working with government agencies, utilities, and electrification industry leaders to accelerate the commercialization of vehicle-to-grid, vehicle-to-building, vehicle-to-home, and other vehicle grid integration technologies, or what they are calling vehicle to everything or V2X. The DOE chose Nuvve because it recognizes that we are best positioned to be a leading enabler of this solution given our experience in commercially deploying V2G around the world. Through Nuvve's grid-integrated vehicle, or GIV, platform, we are able to aggregate and provide power for EVs at scale back into the grid by creating virtual power plants. We integrate electric vehicle into the grid in the most efficient way possible, generating revenue for the customer and lowering the total cost of ownership. Our solutions have resonated well with school districts and operators of commercial fleets given the predictability of their vehicle schedule and their hyper-focus on cost. We look forward to leveraging our learning and continuing to learn as we work with the DOE and our partners in this MOU. Turning now to a summary of key accomplishments in the Q1 2022. As discussed on our last earnings call, we announced several exciting partnerships in Q1, including one, a joint venture with 2021.AI to collaborate exclusively on the integration of their artificial intelligence platform with the Nuvve V2G platform. Two, a partnership with Swell to offer combined solar, stationary battery storage, and intelligent EV charging for residential and commercial markets. Three, Levo's first commercial win, a 10-year contract with the Troy School District that marks the largest and first 100% planned zero-emission school bus fleet conversion in the Midwest, all of which we've discussed in more detail on our last call. Each of these partnerships is critical, we believe, to maintaining and growing a competitive edge and providing the value we can deliver for fleets around the world as they go electric. Since the last earnings call, the momentum has continued to build. On 2021.AI, we've made good progress executing on our business plan for the joint venture, which is called Astrea AI. We recently held a summit at our headquarters in San Diego and executed a collaboration agreement. We think that Astrea AI is poised to be a great sales enabler for us. Astrea is bringing a full AI environment that not only offers the ability to run different type of models but also provide additional governance tools necessary to run an AI platform commercially. Our JV is going to deliver products such as forecasting, a worldwide tire database, predictive maintenance, and energy insights and reporting, all of which support this intersection between transportation and energy. This all forms part of our broader integrated offering as we look to continuously make our intelligent platform even smarter. In early April, we have announced our qualification to start commercial operations in the Japanese energy market, receiving approval from the transmission system operator along with our partners, Toyota Tsusho and Chubu Electric Power. Our GIV platform demonstrated it can successfully discharge power from large industrial stationary storage batteries to provide power to the grid and absorb demand fluctuation that results from peak power sources. This milestone builds on a series of small-scale demonstration project we successfully completed a few years ago in Japan using EV batteries, and is an example of how we continue to evolve and grow our partnerships over time. Over the next few months, we will leverage these stationary batteries in order to provide capacity back to the grid and support electric vehicle deployments. As we expand our reach into the commercial fleet business, we have two key announcements, bringing more diversity to our product offering and more flexibility to our megawatts under management rollout. Earlier this week, we disclosed an agreement with Power Electronics, a global manufacturer of solar inverters and charging hardware. Power Electronics will add Nuvve V2G-certified capabilities to their existing bi-directional chargers for customers in North America and Europe. This partnership is very important to us as it expands Nuvve's existing line of medium and heavy-duty charging station offering for fleet customers on a global scale, and helps de-risk our supply chain in charging hardware, which is, of course, critical to our business. Also this week, we announced an alliance with Cenntro, a designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro will begin to offer bundled Nuvve charging packages to commercial fleets with their US product lineup in the Class 4 market. This is a new market category for us, and we are pleased to be able to enter it with Cenntro and their very attractive, relatively low-cost vehicle. Cenntro allows us to diversify OEM offering for our fleet-as-a-service solution, and in the future, partnership in our V2G hubs concept. Adding new OEMs, expanding our product range, and securing V2G hubs are all core to our strategy, and our partnership with Cenntro checks all these boxes. Wins such as these have supported Nuvve's recent recognitions, such as being named as 2022 BNEF Pioneer by Bloomberg New Energy Finance last month, an award we are very proud and which inspires us to continue to push ourselves even further on our quest to play a foundational role in intelligently electrifying the planet. Turning now to megawatts under management, which we have discussed the past couple of quarters as an indicator of the potential revenue growth and with their commercial wins. As of March 31st, 2022, we had 16.9 MW under management. This reflects roughly 15% increase from December 31, 2021, and triple the amount compared to the prior year. Taking an even higher level, we are pleased that our pipeline continues to look very healthy as well. Our qualified pipeline currently stands at approximately $225 million. As noted last time, we consider our qualified pipeline to be those potential customers where we have a memorandum of understanding in place or where we are working towards a definitive agreement. Remind you that we do not expect to convert 100% of our pipeline. Further, products and services can be either sold outright to our customers or through a multi-year agreement, which would affect timing on revenue recognition. Our business developments will inherently continue to be lumpy from quarter- to- quarter when it comes to the pace of commercial wins, changes in backlog and order flow, which David will touch in a few minutes. However, critically, we remain in numerous active discussions with customers, many of which we have framework agreements with or are in late-stage negotiation with. Elaborating on this, as discussed on our last call, the school bus market remains critical to us, but there are many other segments for our V2G offering. These include with fleet management companies, government fleets, including in more isolated locations that have grid infrastructure challenges and mobile storage systems. Further, we continue to expand existing partnerships and grow our V2G hub models. We're also pursuing partnerships with multiple universities. Universities are valuable collaborators and provide a channel for V2G expansion and deployment, given their large fleet and diverse use cases, rich talent pool, and the ability to partner on an academic level. University partnerships are also important because they offer us the opportunity to dive into new and emerging V2G verticals such as the automotive, airport, data science, and maritime segments, as select universities tend to have deep expertise and existing partner ecosystem within these certain segments. In the process, we also help foster the workforce that will be required for the electrification of transportation. We look forward to hopefully crossing the finish line on several existing partnerships and developments in the months ahead and discussing these in more details on our next call. I will now turn the call over to David to discuss our financial results before I wrap up with some prepared remarks, and we can open to Q&A. Thanks, Gregory. I will start with a recap of Q1 2022 results. In the Q1, we generated total revenues of $2.4 million compared to $799,000 in the Q1 of 2021. This represents a year-over-year increase of nearly 200%, primarily due to hardware and service revenues growing by more than seven times, reflecting the sale of five electric school buses and an increase in revenues from the sale of charging stations. The sales of these EVs during the Q1 is a means for us to deploy hardware that can expand our platform to grow megawatts under management and create an avenue for future grid service revenues. This supports our business model of short-term hardware sales with potential long-term grid service revenues. Product and service revenues in the Q1 of 2022 represented 95% of total revenues, compared with 39% of Q1 2021 revenues. We expect product and service revenues to be the lion's share of revenues going forward. Margin on product and service revenues was 4.9% for the Q1 2022, compared to 59.2% for the Q1 last year. Our gross margins were lower than the prior year, primarily due to the aforementioned bus sale and higher installation expenses on charging station deployments. Total operating costs, excluding cost of sales, were $9.8 million for the Q1 of 2022, compared to $5.7 million in the Q1 of 2021. This increase was primarily attributable to increased costs associated with being a public company, an increase in payroll costs from increased staffing, and the costs associated with Levo, which we established last year. On a sequential basis versus the Q4 of 2021, the increase was $1.3 million, up from $8.5 million, largely due to higher legal and professional fees and higher costs to support Levo Mobility. Cash operating expenses excluding cost of sales, stock compensation, and depreciation and amortization was $8.7 million in the Q1 of 2022, compared to $7.4 million in the Q4 of 2021. Levo incurred $500,000 in operating expenses during the Q1. Other income was $458 thousand in the Q1 of 2022 versus a $288 thousand expense in the year ago quarter. Net loss attributable to Nuvve common stockholders for the Q1 of 2022 was $9.2 million, compared to $5.4 million for the Q1 of 2021. Now, turning to our balance sheet. We had approximately $23.7 million in cash as of March 31st, 2022, and remain in a good position with the funding from the transaction and our PIPE investment. As an aside, and subsequent to the Q1 end, we disclosed last week that we entered into an at-the-market offering agreement pursuant to which Nuvve may offer and sell shares of its common stock at an aggregate offering price of up to $25 million. We used $8.6 million in cash during the Q1, primarily attributed to $7.9 million in net cash losses, $0.6 million in higher working capital, and $0.3 million in fixed asset purchases associated with our new corporate office space, offset by $0.2 million in foreign currency exchange rate gains. Inventory decreased by $1.8 million- $9.3 million at the end of the Q1 from $11.1 million at the end of the Q4 2021. The decrease was primarily driven by the sale of buses and charging stations, as discussed earlier. Accounts payable decreased by $2.5 million- $3.2 million at the end of the Q1 from $5.7 million at the end of the Q4 of 2021. The decrease was driven primarily by the payment for the purchase of DC charging stations received in the Q4 of last year. Now, turning to our megawatts under management and estimated future grid service revenues. As Gregory noted, megawatts under management is a metric we use to quantify the aggregated amount of electric capacity from the deployment of our V2G chargers, V1G chargers, and stationary batteries that Nuvve manages and can supply under ideal conditions. Currently, our megawatts under management includes chargers and batteries located throughout the United States, Europe, and Japan. During the Q1, we added 2.2 MW under management, increasing our total megawatts under management to 16.9 MW from 14.7 MW at the end of the Q4 of 2021. The 16.9 MW under management was comprised of 4.2 MW from DC chargers, 5.7 MW from AC chargers, and 7.1 MW from stationary batteries. At the end of the Q1, 6.7 MW of the 16.9 MW under management included customer agreements allowing for Nuvve to earn future grid service revenues. As we create future V2G hubs, we will further expand our megawatts under management. This brings me to the estimated future grid service revenues associated with our megawatts under management and megawatts to be deployed, which is based on a combination of contracted grid service revenues and merchant exposed revenues. Contracted grid service revenues results from negotiated revenues per kilowatt year to be paid by the utilities. Merchant exposed grid service revenues is projected based on a number of factors and inputs, including the types of vehicles connected to our network, the expected use patterns for those vehicles, the length of term of the customer agreements, and the geographies of the deployments. Depending on the geographic regions of our deployments, the grid service revenue opportunities will vary. We are currently seeing grid service revenues ranging between $85 per kW year up to $300 per kW year. These revenues include a combination of contracted services and merchant exposed services. Given the long-term nature of our customer deployments, these revenues are generally recurring over a period of 10 years-12 years. At March 31st, our hardware and services backlog was $4 million. Backlog declined from the end of the Q4 due to strong sales in Q1 and the timing to convert our existing qualified pipeline into backlog. As Gregory touched earlier, our qualified pipeline remains strong at approximately $225 million. Although not all of our qualified pipeline will convert into backlog, the size of our qualified pipeline demonstrates the potential for Nuvve to significantly grow megawatts under management, which is building at a faster pace in 2022 than we expected in 2021. With more megawatts under management, we're able to offer more services, which can generate larger amounts of grid service revenues. With that, let me turn it back to Gregory for some closing thoughts before we go to Q&A. Thanks, David. 2022 is off to a strong start, and as we diversify and expand our partner base, expand our megawatts under management, and grow our revenue. The tailwinds for V2G remain strong, and our recent MOU with the DOE underscores the importance of V2G in the energy transition and our significant role as a pioneer for this technology. Our wins in the Q1 position us well for the future, and the conversation we're having across a variety of partner types excite us about what is to come over the balance of the year. We look forward to speaking with you again on our Q2 2022 earnings call. With that, we'll now turn the call back over to the operator to begin our Q&A. Operator? Thank you. We will now begin the Q&A session. To ask a question, you may press star then one on your touch tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you'd like to withdraw your question, please press star then two. At this time, we will pause momentarily. Our first question will come from Brian Dobson with Chardan Capital Markets. Please go ahead. Hi. Good evening. Thanks for taking my question. Hey, Brian. Hey. You recently signed a memorandum of understanding with the US Department of Energy. What type of long-term opportunities do you believe that could open for the company? You know, I think there are a couple aspects that are associated with it. One is obviously to make sure that markets are accessible for EVs and a diversity of an energy markets are accessible for electric vehicles that have bi-directional capabilities, and also harmonize, you know, some of those things. For example, you know, there's a ruling from FERC 2222 that is being implemented right now. We just need to make sure that the V2G piece can access, you know, FERC 2222 is targeting behind the meter energy storage and V2G is included in that. So the execution on FERC 2222 is important. Another piece I think that matters for the DOE is standardization. You know, we also strongly believe in standardization. We think it's important that you know that all those resources you know are accessible and can be controlled. The last piece is you know making sure to do all of that while you are taking care of the ultimate customer experience, right, the drivers. We need to make sure that all of this is not impacting the drivers. We think it's all very much in line with our own strategy and our own path. Great. Thanks very much. You know, similar question, you also gained approval from the Japanese transmission system operator. You know, could you speak to some of the opportunities that could lead to? Can you say it again? I didn't hear the end of the sentence. Oh, sorry about that. I think I have a connection issue. Just regarding your recent approval from the Japanese transmission system operator, could you speak to some of the strategic opportunities that approval could lead to? Yes, absolutely. You know, depending on the market that you're addressing, what you always need to get as an entry point, you know. Japan at this point, you know, after shutting down all their nuclear power plants, they, their EV path was less important to them. Storage in Japan has been a very exciting way to help them further introduce, you know, renewable generation and help them to keep their grid stable. That has been the entry point. In the meantime, over the last three years, we've been working with the regulator in looking at how V2G would also be able to participate into those markets, and we're expecting that to happen over the next, you know, 18 months or so. This is a way for us to establish ourselves, build experience in participating in those markets through stationary storage, and then to over time bring a variety of unidirectional vehicles, as well as V2G vehicles. Again, you should expect that to happen over the next 12 months-18 months as we are rolling out in Japan. The first step is expanding the amount of stationary storage we have over there, and then to combining with EVs. Yeah. Excellent. My final question. You know, we've been speaking with many of the charging companies, and the feedback we're hearing is unanimously positive regarding the consumer demand for vehicle-to-grid charging technology. Do you think that there'll be more opportunities for you to partner in ways, you know, similar to the partnership that you have with Wallbox regarding your technology and some of their products? Absolutely. I think, you know, first of all, at this point, we are very, very focused on fleets, right? I need to emphasize that as an organization. We, you know, like the Wallbox, we are, you know, as I said, dipping our feet in the consumer space. We don't see ourselves becoming a consumer company, but we see ourselves working with partners, either charging station manufacturers or vehicle manufacturers, in order to support them in deploying V2G. We think that the consumer opportunity is gonna be very, very large. We see the fleet opportunity being the underlying, you know, value with less volatility in terms of how we are managing those vehicles and then combining that with the consumer on top of it, which are gonna be naturally more volatile because the use of those vehicles is a lot more random. The combination of those two is very exciting for us. The way we address this random aspect is, for example, the work that we are doing with Astrea AI, our AI platform and our partnership with 2021.AI, in order to account for all that volatility in how we are treating those vehicles in participating into the various energy markets we are getting into. Excellent. Thank you very much for the color. Thanks. Again, if you have a question, please press star then one. Our next question will come from Eric Stine with Craig-Hallum. Please go ahead. Hi, Gregory. Hi, David. Hey, Eric. Hi, Eric. You know, just thinking about the demand you're starting to see early here and obviously, you know, people trying to answer the million-dollar question about when does the dam kinda break. I mean, do you feel like people are waiting for the lottery, you know, for the infrastructure funding, and once that sorts itself out, you can start to see that ramp? Or how are you kinda thinking about things playing out over the next, call it, 9 months-12 months? I don't think people are waiting for the infrastructure bill because there is already quite a bit of money available. We see just a lot of activity. I think for us, you know, we talk a little bit about it. We see very large opportunities that we are working on right now, and it's just a question of, you know, we've talked about our qualified pipeline. It's just a question of bringing those large opportunity to a close. As you know, right, the bigger the opportunity, the more time it takes to close it. It's. You know, we're very excited about the opportunity that we are facing. We don't think that people are just waiting for the infrastructure money to come out in order to make those decisions. I would say, Eric, clearly the supply chain, you know, is a factor, so it is taking longer to get supply of finished vehicles and components that go in it. That's just a short-term issue, not a long-term issue. Okay. Maybe, you know, don't wanna put words in your mouth, but just curious if you agree that. You know, as you said, you gotta get through the process, but you know, third-party funding from Levo or the other sources that are out there, I mean, would you agree that that is more important than the infrastructure funding in terms of, you know, starting to see adoption going forward? Yes. Yeah, absolutely. You know, the infrastructure bill, and then money in general, is paying for the first one, two, three, four, five buses. Like the commitment from Troy, right, is really about doing the whole fleet. Mm-hmm. They understand that the infrastructure bill is not gonna pay for all of it. That's why they are coming and they are working with Levo. Yep. Got it. You know, just sticking with Levo a little bit, I know that the main focus of it is school buses. Just curious, you know, what other end markets, whether it's commercial vehicles, other fleets, I mean, do you see that as being a meaningful part of the portfolio once Levo is really up and running, or do you expect it to really be, you know, largely school buses? I think the baseline is school bus. A lot of the expertise from the team is around the school buses. I think that there are opportunities, you know, many opportunities outside of just the pure, school bus business. All right. I mean, we're seeing those opportunities. As Gregory said, school bus fleets are our focus, but we're also seeing opportunities and we're talking to customers who have interest beyond school buses through Levo. Okay. Gotcha. Maybe last one for me, just an update on BYD. I mean, I know you have a number of collaborations and partners. You know, that one was a pretty noteworthy one that goes back a few quarters, but maybe just an update on that. Yeah. I mean, you know, we are executing on integration, and there's a little bit of work to get done there. That's underway. You know, we are working with them on a few different opportunities that we have not been able to share yet, but we hope we'll be able to share some of that very soon. Okay. Thanks a lot. Thanks. Thank you. This concludes our Q&A session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks. Thank you very much for listening to us today, and we're looking forward to sharing more about our progress over the next quarter. Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.