Nuvve Signs Agreement with Danish Developer, E&B Renewables, to Secure Battery Energy Storage Projects in Northern Europe and Baltic Countries

Nuvve Denmark ApS, a subsidiary of Nuvve Holding Corp. (Nasdaq: NVVE), a global leader in distributed grid assets management and vehicle-to-grid (V2G) technology, and E&B Renewables ApS, a Danish developer of renewable energy projects, have entered into a Non-Binding Memorandum of Understanding (MoU) to deploy Battery Energy Storage Systems (BESS) in Europe. This MoU establishes a framework based on the collaboration initiated with the three projects announced by Nuvve in Denmark in November 2025.

Under the agreement, the parties expect to develop a diversified portfolio of stationary batteries that will be managed by Nuvve. The projects are expected to include battery power capacity from 2 MW to 100 MW that will be interconnected to the grid.

E&B Renewables and Nuvve plan first to deploy 3 projects in Denmark, each at 2 MW. In early 2026, the partnership intends to secure an additional 20 to 50 MW of projects throughout the Nordic and Baltic countries. Recent market conditions in these markets allows for potential revenues respectively of approximately 2,000,000 kr/MW-yr ($340,000 MW-yr) and 3,400,000 kr/MW-year ($532,000/MW-yr) depending on the location in Denmark and 480 000€/MW-year ($570,000 /MW-yr) in Estonia. These projects usually have a 15-year life span.

The partners intend to target projects where the revenue risk can be hedged over the course of the batteries’ life, across multiple value streams, beyond arbitrage and grid services, thanks to the Nuvve platform, that unlocks potential behind-the-meter services, energy communities, local flexibilities for network operators and physical flexibility purchase agreements (FPA) with prosumers on or next to BESS sites. The MoU is non-binding but reflects the intent of Nuvve and E&B Renewables to cooperate in good faith towards a partnership to pursue the foregoing projects.

“This agreement is the beginning of the materialization of the previously announced expansion of our focus to stationary storage and microgrids,” said Gregory Poilasne, CEO of Nuvve Holding Corp.

“E&B Renewables is eager to work with Nuvve to identify the best projects that offer high yields, low risk, and short time to market,” said Nicolaj Brask Christiansen, co-CEO of E&B Renewables.

“The value of the projects developed by E&B will be brought to a new level by Nuvve’s grid asset management technology which enables upside and risk mitigation from diversification of revenue streams,” added Matias Bøje, co-CEO of E&B Renewables.

About Nuvve Holding Corp.

Nuvve powers the future of flexible energy by turning batteries, electric vehicles (EV), buildings, and distributed assets into dynamic grid resources. At the core is Nuvve’s advanced platform for intelligent energy management and vehicle-to-grid (V2G), orchestrating real-time bidirectional charging, load optimization, and grid services. By harnessing an ecosystem of electrification partners, fleets, stationary storage, and smart EV chargers, Nuvve helps utilities and communities unlock flexibility at scale — enhancing reliability, accelerating electrification, and lowering costs. Nuvve enables a clean energy future where mobility, buildings, and infrastructure work together to support a more resilient, sustainable, and equitable grid. Headquartered in San Diego, California, Nuvve operates globally and online at nuvve.com.

About E&B Renewables ApS

E&B Renewables accelerates the green energy transition by developing Battery Energy Storage Systems (BESS ) and co-located renewable projects. Operating across Denmark with a growing European footprint, the company orchestrates the entire project lifecycle — from origination and permitting to financing, interconnection, construction, and long-term operation.

E&B Renewables delivers superior value to investors by prioritizing the optimization of stationary projects to maximize and diversify revenue streams.

E&B Renewables’ vision is to maximize the revenues and de-risk investments in a more flexible and reliable energy landscape for the European markets.

Forward-Looking Statements

This press release contains forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of forward-looking terms such as “may,” “will,” “expects,” “believes,” “aims,” “anticipates,” “plans,” “looking forward to,” “estimates,” “projects,” “assumes,” “guides,” “targets,” “forecasts,” “continue,” “seeks” or the negatives of such terms or other variations on such terms or comparable terminology, although not all forward-looking statements contain such identifying words. Forward-looking statements include, but are not limited to, statements regarding the anticipated completion, timing and details of the projects contemplated by the MoU, the parties’ ability to come to agreeable terms on a final binding documents relating to the projects contemplated by the MoU, the expected timing of recently announced projects, anticipated growth of various business areas, and other statements that are not historical facts. 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. Such statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties that could cause actual outcomes and results to differ materially. Some of these risks and uncertainties can be found in Nuvve’s most recent Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC). These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Nuvve’s filings with the SEC. Such forward-looking statements speak only as of the date made, and Nuvve disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. This cautionary statement is applicable to all forward-looking statements contained in this press release.

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Media Contact for Nuvve:
Paulo Acuña
pacuna@olmsteadwilliams.com
310.824.9000