Good afternoon, and welcome to Nuvve Holding Corporation's Second Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Joe Dorame. Please go ahead.

Thank you, Gary. Good afternoon, and thank you for joining us today. On the call are Gregory Poilasne, Chief Executive Officer; and David Robson, Chief Financial Officer of Nuvve. Before we begin, I’d 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 our periodic SEC filings 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'd like to turn the call over to Gregory Poilasne, Chief Executive Officer of Nuvve. Gregory?

Thank you, Joe. Good afternoon, everyone. Thanks for joining us today to discuss our results for the second quarter. We have a lot of exciting work and partnerships underway and are making significant progress executing on our mission to accelerate the electrification of transportation through our proprietary vehicle to grid of V2G technology. We are advancing the implementation of our technology through key partnerships and customers around the world. While adoption will take time, our pipeline is robust and our future is bright. We are delivering on what we said we would do to build our momentum. Our team is hard at work, capitalizing on the resources and opportunities we have. David and I are looking forward to walking you through our second quarter results, recent developments and outlook for the remainder of the year. Before we dive into the key developments of the second quarter, I’d like to welcome investors who may be new to Nuvve and provide a brief overview of the differentiated technology we have and how it's helping us achieving our mission. Our mission is to lower the cost of electric vehicle ownership whilst supporting the integration of renewable energy for scalable and sustainable green society. Our grid is a Nuvve's vehicle platform of GIVe refuels the next generation of electric fleets. Our proprietary V2G technology allows electric vehicle batteries to store and discharge energy when parked included that from renewable sources such as solar and wind. It enables the linking of multiple electric vehicle batteries through EV charging stations into a virtual power plant or VPP, providing billion-directional services to the electric grid in a qualified and secured manner. The transition to electric mobility is among the largest microeconomic shifts in our lifetime, with tremendous opportunity to accelerate solutions to climate change. And we sit…

Thanks, Gregory. I'll start with an overview of our results for the quarter and our current financial position before getting into our outlook for the remainder of 2021. As a reminder, we completed the Levo Joint Venture on August 4th, and therefore the results of the second quarter and backlog as of June 30th are not reflective of the potential it presents. In the second quarter of 2021, we generated total revenues of a million dollars compared to half a million for the second quarter of 2020, an increase of 112%. We saw an acceleration of deployment and installation of our Level 2 in DC charging stations over the prior year in over the first quarter of 2021. As a note, we expect grant revenues to be a smaller portion of our future revenues as we deploy more hardware and grid services to commercial customers. Margin on products and service revenues was 53% for the second quarter, compared to 59% for the sequential first quarter. The change in, Q2, compared with Q1 as a result of DC charger sales making up a larger share of the revenues and carry a lower overall gross margin rate. SG&A expenses were $5.3 million for the second quarter 2021, as compared to $0.9 million in the year ago second quarter. The increase was primarily attributable to an increase in compensation expenses, professional fees, and other expenses associated with becoming a public company. Second quarter R&D expenses were $1.7 million, from $0.7 million in the year ago period. The increase was primarily attributable to an increase in compensation expenses, and subcontractor expenses used to advance the company's platform functionality in integration with more vehicles. Net loss for the second quarter of 2021 was $6.2 million, compared to $1.1 million in the second quarter of 2020.…

Thanks, David. In summary, we are pleased to learn from we are seeing in our business, the demand from customers and exciting partnership underway. We are continuing to leverage our leading and differentiated technology that meets a pressing need to lower the cost of EV ownership that is growing rapidly. We believe the strong demand and robust pipeline will drive significant revenue and shareholder value in the near and long-term. We're excited about what's ahead and look forward to continuing to update -- to update you on our progress. Thank you for taking the time to join us today. With that I will now turn it back to the operator to begin the question-and-answer session, operator.

We will now begin the question and answer session. [Operator Instructions] Our first question is from Eric Stine with Craig-Hallum. Please go ahead.

Hi, Gregory. Hi, David

Hi, Eric

Well, I appreciate you given the backlog number that's very helpful. Just any -- any color you give on the pipeline. I mean, clearly it's expanding. And really, it's expanded quite a bit with Levo. But any details around that. And what you've seen over the last two, three quarters would be very helpful.

Well I can start and Gregory can add. I think, as we said, we're seeing a pipeline and even a faster rate than our backlog. And now that we just recently announced Levo received more interest because of that. So we like the speed at which is growing, we're not in position today to give a quantitative number to what that is.

Okay, that's fair, but maybe then just on Stonepeak since that's going to be a big driver of it. I mean, obviously right now, you're, you're in early stages there. But you also know kind of some of the business that is out there to be had I mean, do you feel, or how far do you feel you're down the path in educating the market, that this is even an option, right to finance a school bus for the same monthly payment as a diesel. Do you feel that the market is sufficiently educated to take advantage of that, or is that something that you think will take some work here going forward?

So, let me take that. I think that we -- the market is very different from place to place. And as I said earlier, we have -- we can't be everywhere. And so we have decided to focus our attention on a handful of states. And that handful of states were selected on multiple factor some of them being the value and potential value of V2G in those states. But also the level of reception that we've seen from the different channels we've been able to expose in those territories, as well, as in the case of working with Blue Bird, the partnership we can establish with a local dealership that have the local relationships. And so I think to answer your question, there's a broad range, but we see some areas and some of -- I always get some early adopters that are ready to dive into it. And we see quite a big group of that coming to us right now. And I hope we'll be positioned to announce some of them very, very soon. And then it's a question of upkeeping dedication, which is why what we want to do is, going to the dealerships, setting up charging station buses, demonstrating to the local school districts how this all works together as well as doing this demonstration on -- in the parking lot of Blue Bird have a full-scale deployment with a large number of charging stations. We think those are the steps to demonstrate and to accelerate the adoption to show that this is real, and to demonstrate to the people that school districts that they can do that, they can switch over to electric school buses without impacting their operation, right, their number one priority is transporting the kids safely and didn't want to pay more. And that's where we believe we are putting all the bricks together to achieve that.

One thing I would add it right, which is we just closed on so peak in I mean, we're excited to get past that. And now we're -- now that the entities formed and it's official, we're building out marketing materials. As I said, in my remarks, we're building out a management team. And so more of that now can accelerate now that we closed it. So the first step was to close on the transaction and form the entity which we've done. You're going to see more to come now that that's been completed.

Okay. Good. Maybe just last one, and then, I'll turn it over for someone else. But I noticed that announcement made by Boris that they're partnering with Nissan in Europe, clearly, I would expect that you'd be part of that. So maybe just kind of what you expect from that? What you're seeing from other OEMs.

Yeah. I mean, in general, two things. One is all probably just fleets. And right now, we're going to be successful with fleets. And that's going to be the entry point. Now, we think that the reach of the technology can really help across the board. But when you talk to traditional large scale OEM, their focus is really about, how do I bring million EV's to the street, right. And we believe that our technology has a strong player in that. But we are -- as say, we are taking one step at a time. And right now our focus is on things. And even in those partnerships. Now we've worked with Nissan. Now we have Nissan e-NV200 in Denmark that has been now that has been running on a platform for nearly five years now. And so we've always been working with Nissan. We have a good relationship with Nissan. And yes, when we look at, working with Nissan across Europe, and nearly 80 charging stations that are being deployed there as well. That's all part of the same group. Today as a company, our number one focus is especially in the U.S. Europe is very important.

Got it, secondary, okay. Thanks a lot.

Mr. Simon. as a conference operator, please continue, if you have more questions.

I get to jump to another call.

Thank you.

Okay. This concludes our question-and-answer session. I would like to turn the conference back over to Gregory Poilasne for any closing remarks.

Yeah. Thank you very much. Thank you very much, everybody for being here today. What I need to emphasize and what I said is that, the fleets are very important for us in the short run, which is why we have the partnership with Bluebird. And that's because they have a much larger contribution to what we are doing. That's our number one focus. And we are so excited about the opportunity associated with those three deployments. And expect to hear a lot more on that range over the next the next few weeks, as Levo is being rolled out. And we can share some more exciting news about the progress that we are making. So thank you very much for sharing with us these updates. And we look forward to keeping on working with you over the next few months.

The government is now concluded. Thank you for attending today's presentation. You may now disconnect.