Q1 2022 Nuvve Holding Corp Earnings Call

May 12, 2022

Good day and welcome to the new V Holding Corporation first quarter 2022 earnings conference call. All participants will be in a listen only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions.

Good day and welcome to the <unk> holding Corporation 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 todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on a touchdown.

To ask a question, you may press star then one on a touchstone phone. To withdraw your question, please press star then two. Please note this event.

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 riots. Please go ahead Sir.

I would now like to turn the conference over to Eduardo Royes. Please go ahead, sir. Thank you. On today's call are Gregory Paulan, Chief Executive Officer and David Rauch.

Thank you on today's call are Gregory plant, Chief Executive Officer, and David Robson, Chief Financial officer of newly earlier.

Chief Financial Officer of NewVie. Earlier today, NewVie issued a press release announcing its first quarter 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 NewVie'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 statements.

Earlier today <unk> issued a press release announcing its first quarter 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.

Forward looking statements reflect <unk> 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 UVI's filing through the SEC and in the earnings release issued today, which are available on our website. UVI undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances. Cubs and

These risk factors are discussed in these filings with the SEC and in the earnings release issued today, which are available on our website newly 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 Paula <unk>, Chief Executive Officer Gregory.

With that, I would like to turn the call over to Gregory Paulan, Chief Executive Officer of Nuke.

Thanks, Eduardo and Green if you will thank you for joining us as we review our results for the first quarter of 2022.

Thanks Eduardo and good day to all. Thank you for joining us as we review our results for the first quarter of 2020.

In the short period since our last earning call in late March, we have continued to see strong circular 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, RMOU, with the U.S. Department of Energy, DOE.

In the short period since our last earnings call in late March we have continued to see strong secular tailwind for vehicle electrification.

Patient and the adoption of vehicle to grid technology BTG as an example, I'd like to start today's call by highlighting our recent announcement of a memorandum of understanding all of them are you with the U S Department of energy.

This announcement is not only an example of the continued expansion in interest in B2G.

This announcement is not only an example of the continued expansion in insurance and BTG.

but the recognition at the federal level of the critical role that V2G will play in the energy transition.

Recognition at the federal level, the critical role that BTG will play in the energy transition.

We view the <unk> decision to from this partnership to be an admission that transportation electrification cannot unfold with the grid today I E.

Review 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.

Load requirements and valuation associated with EV charging are simply too high.

However, while EVs will be a source of stress on the grid, bi-directional charging and the vehicle-to-grid technology that we have engineered for over a decade also render EVs a key part of the solution.

However, while evs will be a source of stress on the grid bidirectional charging and the vehicle to grid technology inventory at the junior for over a decade also render evs are key part of the solution.

The federal government realizes vehicles should evolve to becoming paid grid.

The federal government and then to realize these vehicles should evolve to becoming paid great resources.

Can you elaborate briefly on the Mou is a collaboration partner to the <unk>, we'd be working with government agencies, you teased in electrification industry leaders to accelerate the commercialization of vehicle to grid vehicle to building vehicle to home and other vehicles grid integration technologies or they are calling vehicle to everything, albeit UX.

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, all of their calling vehicle to everything of V2X.

Do you read shows movie because you trigger measures that we are best positioned to be a leading enabler of the solution given our experience in commercially deploying BTG around the world.

The deal we chose to do because it recognizes that we are best positioned to be a leading enabler of the solution given our experience in commercially deploying VQT around the world.

Can you give us great integrated vehicle I'll give platform, we're 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 with placebo generating revenue for the customer and lowering the total cost of ownership.

To new these great integrated vehicle or give platform, we're able to aggregate and provide power for EVs at scale back into the grid by trading virtual purpose.

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 are resonating well with school districts and operators on commercial fleet, given the predictability of their vehicles schedule and a hyperfocus on costs and we look forward to leveraging our learning and continuing to learn as we work with the deal we and our partners in the same way.

Our solutions have resonated well with school districts and operators of commercial faith given the predictability of their vehicle schedule and their hyper focus on costs and 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 first quarter of 2022.

Getting now to a summary of key accomplishments in the first quarter of 2020.

As discussed on our last earnings call, we announced several exciting partnership in Q1, including one joint venture with 'twenty 'twenty amount of AI to calibrate exclusively on the integration of their artificial intelligence platform with a newbie BTG platform through our partnership with swell to offer a combined solar stationary battery storage and intelligent.

As discussed on our last earning call, we announced several exciting partnerships in Q1, including one, a John Venture with 2021 AI to collaborate exclusively on the integration of the artificial intelligence platform with the new V2G platform. Two, a partnership with Swell to offer a combined solar, stationary battery storage and intelligence easy charging for residential and commercial markets.

EV charging for residential and commercial market.

Three levels first commercial win a 10 year contract with Detroit School District that marks the vouchers and first of all 100% plan zero emission school bus conversion in the Midwest all of which we've discussed in more detail on our last school.

3. Levo's first commercial win, a tenure contract with the Troy School District that marks the largest and first 100% planned zero-emission school bus fit conversion in the Midwest. All of which we've discussed in more detail on our last

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 electrically.

Each of these partnerships is critical we believe to maintaining and growing our competitive edge and providing the value we can deliver for fleets around the world as they go electric.

Since the last earning call the momentum continued to build on 2021 and we've made good progress executing on our business plan for the joint venture, which is called Austria, I recently held a summit at our headquarters in San Diego and executed a collaboration agreement, we think that Australia is poised to be a great.

Since the last earning call, the momentum has continued to build. On 2021.ai, we've made good progress executing on our business plan for the John Venture, which is called Astria AI. We recently held a summit at our headquarters in San Diego and executed a collaboration agreement.

We think that Astra AI is supposed to be a great sales enabler for us. Astra 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 AI platform commercially.

Sales of the enabler for US Australia is bringing a fool AI environment that not only offers the ability to run different type of models, but also provide additional governance tools necessary to run the iPad form commercially our JV is going today, even products such as forecasting worldwide database predictive maintenance and energy insights and reporting.

Our JV is going to deliver products such as forecasting, a worldwide type database, predictive maintenance and energy insights and reporting, all of which support this intersection between transportation and energy.

All of which support this intersection between transportation and energy.

This whole form as part of our broader integrated offering as we look to continuously make our intelligent platform even smarter.

This whole form is part of our broader integrated offering as we look to continuously make our intelligent platform even smarter.

In early April we have announced a qualification to start commercial operation in the Japanese and energy market receiving approval from the transmission system, operator, along with all our partners to get us to show and Chubu electric.

In early April , we have announced our qualification to stop commercial operations in the Japanese energy market, receiving approval from the transmission system operator along with all our partners, Toyota Susho and Chubu Electronics.

I would give platform demonstrated it can successfully discharge power from large industrial stationary storage batteries to provide power to the grid and absorb demand for creation that results from big power storage.

Our gift platform demonstrated it can successfully discharged power from large industrials stationary storage batteries to provide power to the grid and absorb demand situation that results from power sources.

This milestone builds on a series of small scale demonstration projects 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.

This milestone built 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 all the time over.

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.

Over the next few months, we will leverage the stationary batteries in order to provide capacity back to the grid and support electric vehicle deployments.

As we expand our reach into the commercial business. We have two key announcement, bringing more diversity to our product offering and more flexibility to add megawatts under management rollout.

As we expand our reach into the commercial feed 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 perimetry.

Earlier this week, we disclosed an agreement with Power Electronics, a global manufacturer of solar inverters and charging hardware. Power Electronics will add Nuvi V2G certified capabilities to their existing bidirectional chargers for customers in North America and Europe . This partnership is very important to us as it expands Nuvi'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.

Orange County will add <unk> certified capabilities to their existing bidirectional charterers for customers in North America and Europe .

Partnership is very important to us as it expands navy'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 Centro, a designer manufacturer of electric, light, and medium-duty commercial vehicles.

Also this week, we announced an alliance with central a designer and manufacturer of electric light and medium duty commercial vehicles central will begin to offer bundled movie judging packages to commercial fleets with a U S product lineup in the past fall market.

Central will begin to offer bundled Nubian charging packages to commercial fleets with their U.S. 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 Central and their very attractive relatively low cost vehicles.

This is a new market category for us and we are pleased to be able to enter it with central and Theyre very attractive low cost vehicle.

Central allows us to diversify OEM offering for our fleet as a service solution, and in the future, partnership will be done.

Central allows us to diversify OEM offering private fleets as a service solution and in the future partnership you know BTG hops concept.

Adding new Oems expanding product claims and securing vitucci hubs, our cards through our strategy and our partnership with central checks all those boxes.

adding new OEMs, expanding our product range, and securing V2G hubs, a whole core to our strategy, and our partnership with Centro checks all these boxes.

Yeah.

Wins, such as these have supported movies recently conditions, such as being named US way 22, DNF tenure by Bloomberg, New energy Finance last month.

Wins such as these have supported Nuvi's recent recognitions such as being named as 2022 BNF Pioneer by Bloomberg New Energy Finance last month, an award we are very proud of and which inspires us to continue to push ourselves even further on our quest to play a foundational role in intelligently electrifying the planet.

We are very proud and which inspires us to continue to push ourselves even further on a quest to play a foundational role in gains on sale. If you find the planet.

Turning now to megawatt under management, which we have discussed the past couple of quarters as an indicator of the potential revenue growth and we did very commercial

Turning now to megawatts under management, which we have discussed the past couple of quarters as an indicator of the potential revenue growth <unk> commercial wins.

As of March 31st, 2022, we had 16.9 megawatts under management. This reflects roughly 15% increase from December 31st, 2021, and tripled the amount compared to the prior year.

At March 31st 2022, we have $16 nine megawatts under management.

Flex 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 be very healthy as well. Our Qualified Pipeline currently stands at approximately $225 million.

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 agreements.

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 accept...

Remind you that we do not expect to contract the odd percent 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.

The other products and services can be either sold outright or our customers' Austria, a multiyear agreements, which would affect timing on revenue recognition.

Our business developments will inevitably 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.

Our business development will inerrantly continue to be lumpy from quarter to quarter when it comes to the pace of commercial wind, changes in backlog and order flow, which David will touch in a few minutes.

However, critically we remain in numbers seem to discussions with customers many of which we have a framework agreement with or are in late stage negotiation with.

However, critically, we remain in numbers-active discussions with customers, many of which we have framework agreements with or are in late-stage negotiations.

Elaborating on this.

As discussed in our last call, the school bus market remains critical to us, but there are many other segments for our V2G offer.

We discussed on our last call. The school bus market remains critical to us, but there are many other segments far vitucci offering.

These include with fleet management companies, government fleets, including in more isolated locations that have grid infrastructure challenges and mobile storage systems.

These include with fleet management companies government fleets, including and more isolated location that have great infrastructure challenges on mobile storage systems.

Further, we continue to expand existing partnerships and grow our V2G hub model.

Further we continue to expand existing partnerships and grew our <unk> models.

We're also pursuing partnerships with multiple universities. Universities are valuable collaborators and provide a channel for B2G expansion and deployment, given their large fleet and diverse use cases, rich talent pool and the ability to partner on an academic level.

We're also pursuing partnership with multiple universities universities are valuable collaborators and provider channel four between 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 BQG verticals such as the automotive, airport, data science, and maritime segments. At select universities, we tend to have deep expertise and existing partner ecosystems within these certain segments.

University partnerships also important because they offer us the opportunity to dive into new and emerging because your verticals such as somebody airport data science and maritime segments as select universities tend to have deep expertise and existing partner ecosystem within this.

Segments.

In the process. We also have the trust or the workforce that would be required for the electrification of transportation.

in the process. We also have a cluster, the workforce that will be required for the electrification.

We look forward to hopefully crossing the finish line on several existing partnerships and developments in the month 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.

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, Craig I will start with recap of first quarter of 2022 results in the first quarter, we generated total revenues of $2 $4 million compared to 799000 in the first quarter of 2021.

Thanks, Gregory. I will start with a recap of first quarter of 2022 results. In the first quarter, we generated total revenues of $2.4 million, compared to $799,000 in the first quarter of 2021. This represents a year-over-year increase of nearly 200%, primarily due to hardware and service revenues growing by more than $17,000.

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.

<unk> sale of five electric school buses and increase in revenues from the sale of charging stations.

The sales of these EVs during the first quarter is a means for us to deploy hardware that can expand our platform to grow megawass under management and create an avenue for future grid service revenue.

Sales of <unk> during the first quarter 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 rich service revenues.

This supports our business model of short-term hardware sales with potential long-term great service revenue.

Product and service revenues in the first quarter of 2022, representing 95% of total revenues compared with 39% of first quarter 2021.

Product and service revenues in the first quarter of 2022 represented 95% of total revenues compared with 39% of first quarter 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 first quarter, 2022, compared to 59.2% for the first quarter last year.

Margin on product and service revenues was four 9% for the first quarter 2022, compared to 59, 2% for the first quarter last year.

Our gross margins were lower than the prior year, primarily due to the aforementioned bus sale and higher installation expenses on charging stations appointments.

Our gross margins were lower than the prior year, primarily due to the aforementioned bus sale and higher installation expenses on charging stations appointed.

Total operating costs, excluding costs to sales, were $9.8 million for the first quarter of 2022 compared to $5.7 million in the first quarter of 2020.

Total operating costs, excluding cost of sales were $98 million for the first quarter of 2022 compared to $5 7 million in the first quarter of 2021.

This increase was primarily attributable to increased cost associated with being a public company and an increase in payroll costs from increased staffing.

This increase was primarily attributable to increased costs associated with being a public company.

and increase in payroll costs from increased staffing.

and the cost associated with LIVO, which we established last year.

And the costs associated legal which we established last year.

On a sequential basis versus the fourth quarter of 2020,

On a sequential basis versus the fourth quarter of 2021 the.

The increase was $1.3 million from $8.5 billion.

The increase was $1 3 million.

From $8 5 million, largely due to higher legal and professional fees and higher costs to support needs of mobility.

largely due to higher legal and professional fees and higher costs to support legal mobility.

Cash operating expenses excluding cost to sales, stock compensation, and depreciation and amortization was $8.7 million in the first quarter of 2022 compared to $7.4 million in the fourth quarter of 2021. Levo incurred half a million dollars

Cash operating expenses, excluding cost of sales stock compensation, and depreciation and amortization was $8 7 million in the first quarter of 2022 compared to $7 4 million in the fourth quarter 2021.

Levo incurred half a million dollars in operating expenses during the first quarter.

Other income was $458,000 in the first quarter of 2022 versus a $288,000 expense in the year ago quarter.

Other income was $458000 in the first quarter of 2022 versus a $288000 expense in the year ago quarter.

net loss, which would be able to do the constant.

Net loss attributable to <unk> common stockholders for the first quarter of 2020.

for the first quarter of 2022 was 9.2 million compared to 5.4 million for the first quarter of 2021.

It was $9 2 million compared to $5 4 million for the first quarter of 2021.

Now turning to our balance sheet we.

We had approximately $23.7 million in cash as of March 31, 2022 and remain in a good position with the funding from the transaction and our pipe assessment.

We had approximately $23 7 million in cash as of March 31, 2022 and remain in a good position with the funding from the transaction and our patent assertion.

As an aside and subsequent to.

So the first quarter and we disclosed last week the entered into an aftermarket offering agreement pursuant to which <unk> may offer and sell shares of its common stock in an aggregate offering price of up to $25 million.

to the first quarter end, we disclosed last week that we entered into an at-the-market offering

pursuance of which newbie may offer and sell shares of its common stock and an aggregate offering price of up to $25 million.

We used $8 6 million in cash during the first quarter, primarily attributable to $7 9 million in net cash losses.

We used $8.6 million in cash during the first quarter, primarily attributed to $7.9 million in net cash loss.

0.6 million in higher working capital and 0.3 million in fixed asset purchases associated with our new corporate option.

$6 million and higher working capital and $3 million and fixed asset purchases associated with our new corporate office space offset by $2 2 million in foreign currency exchange rate gains.

offset $5.2 million in foreign currency exchange rate gains. Inventory.

Inventory decreased by one point.

$8 million to $9 3 million at the end of the first quarter from $11 1 billion at the end of the fourth quarter 2021 the.

$8 million to $9.3 million at the end of the first quarter from $11.1 million at the end of the fourth quarter, 2021. The decrease was primarily driven by the sale of buses and charging stations as discussed early.

The decrease was primarily driven by the sale of buses and charging stations as discussed earlier.

Accounts payable decreased by $2.5 billion to $3.2 million at the end of the first quarter from $5.7 million at the end of the fourth quarter of 2021. The decrease was driven primarily by the payment for the purchase of DC charging stations received

Accounts payable decreased by $2 5 billion to $3 2 million at the end of the first quarter from $5 7 million at the end of the fourth quarter of 2021. The decrease was driven primarily by the payment for the purchase of D. C. Charging stations received in the fourth quarter 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 aggregate amount of electric capacity from the deployment of our <unk> Chargers, England, GE Chargers and stationary batteries.

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 electrical capacity from the deployment of our V2G chargers, V1G chargers, and stationary batteries that NUMI manages and can supply under ideal conditions. Currently, our megawatts under management includes chargers and batteries located throughout the United States, Europe , and the United States.

That many managers and kept supply under ideal conditions. Currently are megawatts under management includes Chargers batteries located throughout the United States.

Europe and Japan.

During the first quarter, we added 2.2 megawatts under management, increasing our total megawatts under management to 16.9 from 14.7 megawatts at the end of the fourth quarter, 2021.

During the first quarter, we added two two megawatts under management, increasing our total megawatts under management of $16 nine from 14 seven megawatts at the end of the fourth quarter 2021.

The 16.9 megawatts under management was comprised of 4.2 megawatts from DC chargers, 5.7 megawatts from AC chargers, and 7.5 megawatts from DC chargers.

The $16 nine megawatts under management was comprised of $4 two megawatts DC Chargers.

Five seven megawatts of AC Chargers and 10, one megawatts from stationary batteries.

At the end of the first quarter, 6.7 of the 16.9 megawatts under management included customer agreements allowing for newbies to earn future grid service revenue.

At the end of the first quarter six seven of the $16 nine megawatts under management, including customer agreements, allowing for a movie to earn future grid service revenues.

As we create future gains in key hubs, we will further step our megawatts under management.

As we create future V2G hubs, we will further expand Omega 1.

This brings me to the estimated future grid service revenues associated with Omega-Lutz under the

This brings me to the estimated future grid service revenues associated with our megawatts under management and enable us to be deployed which is based on a combination of contracted with service revenues and merchant exposed revenues.

and they lost to be deployed, which is based on a combination of contractor-grid-service revenants and merchant-exposed revenants.

Contracted with service revenues results from negotiated revenues per kilowatt year.

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 geography.

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 do you expect to use patterns for those vehicles the length of term with the customer agreements.

And geographies of the deployments.

Attending.

Depending on geographic regions and our appointments, the grid service revenue opportunities will vary. We are currently seeing grid service revenues ranging between $85 per kilowatt a year up to $300 per kilowatt a year.

On the geographic regions of our appointments the grid service revenue opportunities there.

We are currently seeing grid service revenues ranging between $85 per kilowatt year up to $300 per kilowatt here.

These revenues include a combination of contracted services and merchant exposed services, given the long term nature of our customer deployments.

These revenues include a combination of contracted services and merchant exposed services, given the long-term nature of the contract.

These revenues are generally recurring over a period of 10 to 12 years.

Revenues are generally recurring over a period of 10 to 12 years.

At March 31, our hardware and services backlog was $4 million backlog declined from the end of the fourth quarter due to strong sales in Q1, and the timing to convert our existing qualified pipeline into backlog.

At March 31st, our hardware and services backlog was formally adopted.

backlog decline from the end of the fourth quarter due to strong sales in Q1 and the time 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 UV to significantly grow megawaks and remain in the system.

Although not all of our qualified pipeline convert into backlog.

<unk> of our qualified pipeline demonstrates the potential for newsy to significantly grow megawatts under management, which is building at a faster pace in 2022 than we expected in 2021.

which is building at a faster pace in 2022 than we expected in 2021.

And with more megawatts under management, we're able to offer more services, which can generate larger amounts of.

And with more megawatts under management, we were able to offer more services, which can generate larger amounts of rich service revenues.

And with that, let me turn it back to Gregory for some closing thoughts before we go to QA.

And with that.

Let me turn it back to Gregory for some closing thoughts before we go to Q&A.

Thanks, David 23 is off to a strong start and as we diversify and expand our partner base expand our megawatts under management and grow our revenue.

Thanks, David. 23 is off to a strong start. And as we diversify and expand our partner base, expand our mega-weapons and management, and go our other side.

Tailwinds for V2G remain strong, and our recent demo with the DOE underscores the importance of V2G in the energy transition in a significant role as a pioneer for this technology.

The tailwind from BTG remains strong and our recent Mou with the Doa underscores the importance of BTG in the energy transition and a significant role as opinion for this technology.

wins in the first quarter position as well for the future and the conversation we are having across a variety of partner types excited us about what needs to come over the balance of the year.

In the first quarter position us well for the future and the conversation we're having across the 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 second quarter 2022, earning calls.

We look forward to speaking with you again on our second quarter 2022 earning call.

With that we'll now turn the call back over to the operator to begin our Q&A operator.

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 question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speaker phone, please pick up your handset before pressing the key.

Thank you we will now begin the question and answer session.

A question you May Press Star then one on your Touchtone phone.

If you are using a speakerphone. Please pick up your handset before pressing the keys if at anytime Youre question. That's been addressing he would like to withdraw. Your question. Please press Star then two at this time, we will pause momentarily to assemble IRA.

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 to assemble our round.

And our first question will come from Brian Dobson with Chardan capital markets. Please go ahead.

And our first question will come from Brian Dobson with Chart in Capital Markets. Please go ahead. Hi. Good evening. Thanks for taking the time.

Hi, good evening, Thanks for taking my question.

Hey, so you recently signed a memorandum of understanding the U.S. Department of Energy. What type of long-term opportunities do you believe that could open for the company?

Hey, Brian .

So you recently signed a memorandum of understanding the U S Department of energy what type of long term opportunity do you believe that could open for the company.

You know, I think there are a couple aspects that are that are associated with it.

I think a couple of aspects.

That are associated with it.

One is obviously to make sure that market.

One is, obviously, to make sure that markets are accessible for EVs and the diversity of energy markets are accessible for electric vehicles that have bi-directional capabilities.

Accessible for Evs and a diversity of it.

Energy markets are accessible for electric.

Or was that a bite external capabilities.

and also harmonize, you know, some of those things. For example, there's a ruling from FERC 2222 that is being implemented right now. And we just need to make sure that the V2G piece can access, you know, FERC 2222 is a targeting behind a 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

And also and I know.

Some of those things are examples of that.

There is a ruling from FERC until 'twenty to 'twenty two.

That that is being implemented right now and we just need to make sure that the <unk> can access.

2020 with targeting.

Targeting behind the meter energy storage and we continue to do that.

So the execution on FERC with way too is important.

Another piece I think that matters.

Standardization.

And, you know, we also strongly believe in standardization. We think it's important that, you know, that all those resources are accessible and can be controlled. And the last piece is, you know, making sure that you do all of that while you are taking care of the ultimate customer experience by the drivers, which makes sure that all of this is not impacting the drivers. So we think it's all very much in line with our own strategy

And.

We also have strong debating standardization.

Paul on that.

All of those resources.

Accessible and can be controlled.

And the last piece is.

Making sure that you do all of that while you are taking care of the customer experience by the drivers we can make sure that all of this is that impacting the drivers. So we think it's all day much in line with our own strategy in Idaho.

Great. Thanks very much.

Great. Thanks very much. And, you know, a similar question. You also gained approval from the Japanese Transmission System Operator. You know, could you speak to some of the opportunities that that could lead to?

Similar question you also gained approval from the Japanese transmission system operator.

Could you speak to some of the opportunities.

It could lead to.

Yes.

Yeah.

Can you say it again that didn't hit the end of the government.

Sorry about that I think I have a connection issue.

I'm 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 that approval could lead to?

Just regarding your recent approval from the Japanese transmission system operator.

Could you speak to some of the strategic opportunities that that approval could lead to.

Yes, absolutely so.

Yes, absolutely. So, you know, we, depending on the market that you're addressing, what you're looking to get has an entry point.

Depending on the market that youre addressing about chipotle computer get antsy points.

Japan at this point after shutting down all of their nuclear power plants.

Japan at this point, you know, after shutting down all that new KFR

the EV path was less important to them. And so storage in Japan has been a very exciting way to help them further introduce renewable generation and help them to keep their grid stable. And so 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, and we're hoping that it will happen over the next year.

They that EV part was less important to them.

Storage in Japan, as the very exciting ways to help them. So theyre introduced renewable generation and help them to get that to keep that stable.

And so thats been the entry points in the meantime over the three years, we've been working with the regulator.

And yet how vitucci would also be able to participate into those buckets and we're expecting that to happen.

To happen over the next.

You know, 18 months or so. And so this is a way for us to establish ourselves, build experience in participating in those markets through stationary storage and then to have a time bring a variety of unidirectional vehicles as well as vehicle vehicles. And again, you should expect that to happen over the next 12 to 18 months as we, we are building out in Japan. And so the first step is expanding the amount of stationary storage we have over there and then to combining.

18 months or so.

So this is a way for us to establish ourselves build experience in participating in those markets for stationary storage.

To overtime bring a variety of unique action or vehicles.

Well as EQT vehicles.

And again, you should expect that to happen over the next 12 to 18 months as we are building out in Japan, and so the first step is expanding the amount of stationary storage we have over there and then if you combine them.

Excellent and my final final question.

Yeah, excellent. And my final, final question, you know, we've been, we've been speaking with, with many of the charging companies and 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 similar to the partnership that you have with wall box regarding your technology and some of their products? Absolutely.

We've been we've been speaking with many of the charging companies 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.

<unk> similar to the partnership that you have with wall box regarding your technology into their products.

Absolutely I think.

So, first of all, at this point, we are very, very focused on sleep, right? I need to emphasize that as an organization, but, but we know, like the wallbox we are, you know, as I said, if it's in the consumer space.

So first of all at this point, we are very very focused on fleet right.

That's an organization, but but we like the robotics, we are as I said do you think.

In the consumer space.

Um, 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.

We don't see ourselves, becoming a consumer company, but we see ourselves working with partners either charging station manufacturers or vehicle manufacturers.

To support them in deploying BTG.

And we think that the consumer opportunity is going to be very, very large. We see the fleet opportunity being the underlying 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 going to be naturally more volatile because the use of those vehicles is a lot more random.

And we think that the consumer opportunity is going to be very very large we see the fleet opportunity being the underlying.

No value with less.

That's about how we are managing those vehicles and then combining that with the consumer on top of it which are going to be that's really more volatile because the use of those vehicles that are more random.

But the combination of those two is very, very exciting for us. And the way we address this, this random aspect is, for example, the work that we are doing with Astra AI, our AI platform, and our partnership with 2021 of AI, in order to, to account for all that, but activity in how we are treating both vehicles in participating into the various energy markets we are getting into.

But the combination of those two.

Very very exciting for us and the way we address this random aspect.

Examples of the work that we're doing with Australia.

Our AI platform and our partnership with 2021 about AI in order to account for all of that activity and how we are treating those vehicles in participating into the everyday entry buckets, 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.

Again, if you have a question, please press star then one. Our next question will come from Eric Stein with Craig Hallam. Please go ahead. Hi Gregory. Hi David.

Hi, Greg Hi, David.

Eric? Hi, Eric.

Eric Hi, Eric.

Hey.

So you're just thinking about the demand you're starting to see early here. And obviously people trying to answer the million dollar question about when it's the damn kind of 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 could start to see that ramp or how are you kind of thinking about things playing out over the next call it nine to 12 months?

So just thinking about the demand you're starting to see early here and obviously people trying to answer the $1 million question about windows.

Damn kind of break I mean, do you feel like people are waiting for the lottery.

Infrastructure funding in <unk>.

Once that sorts itself out you can start to see that ramp or how are you kind of thinking about things playing out over the next call. It nine to 12 months.

Okay.

I don't think people are waiting for for the infrastructure bill because there is already quite a bit of money.

I don't think people are waiting for the infrastructure to be able because there is already quite a bit of money available.

And we see just with all the activity I think I think for US we talk a little bit about it we see very larger press release that we are working on right now.

It's just a question.

We've talked about our qualified pipeline.

And it's just a question of bringing those large surplus relief to a close.

As you know like if you get to your question the multimedia tax to close it.

We're very very excited about about the airports and we don't think that people are just waiting for the infrastructure money to come out.

Those decisions.

And everything is sort of a supply chain factor, so it does take you longer to get supply of finished vehicles and components to go in it. So that's just a short-term issue, not a long-term issue.

I would say Eric that supply chain.

So it is taking longer to get supply.

Initial vehicles and components that go in it so.

It's just a short term.

Issue not a long term issue.

Okay.

Okay. And maybe, you know, don't want to put words in your mouth, but just curious if you agree that the, you know, as you said, you've got to get through the process, but, you know, third-party funding from LIVO 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.

Okay, and maybe don't want to put words in your mouth, but just curious if you agree.

That the as.

As you said, you've got to get through the process, but.

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.

Starting to see adoption going forward.

Yes, yes, absolutely.

The infrastructure Bill and then money paying for the first one who people five buses.

You know, the infrastructure bill and then what in general is paying for the first one to 345 buses, but like the commitment from from try right is really about doing the whole.

Like the commitment from from Troy is really about doing the whole fleet.

Um, and they understand that the, the, the infrastructure bill is not going to pay for all of this. That's why they, they are coming in and they're working with people.

They understand that.

The infrastructure Bill is by benefit all of it that's why they are coming in that are working with you.

Got it.

Um, you know, just sticking with Levo a little bit, I know that the main focus of it is school buses, but 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 bus.

Just sticking with leave a little bit.

Know that the main focus of it.

School buses.

But just curious.

One 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 is really up and running or do you expect that to really be.

Largely school buses.

I think the baseline is school bus a lot of the expertise of the teams around the school buses.

But I think that there are opportunities.

Now, many opportunities outside of just your.

Media opportunities outside of just that your school bus business.

Alright.

All right, I mean, we're seeing those opportunities. So Gregory said school bus fleet are focused, but we're also seeing opportunities. We're talking to customers who have interest beyond school buses through EVO.

We're seeing those opportunities at Gregory said school bus fleets are focused.

We're also seeing opportunities, we're talking to customers who are interested the school buses.

Okay Gotcha.

Yes.

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.

Maybe last one for me just an update on BYD I mean, I know you have a number of collaborations and partners.

That one was or was it pretty noteworthy one that goes back a few quarters, but maybe just an update on that.

Yes.

Yeah, I mean, you know, we, we, we are getting on on integration ideas of where to get done there and that's in the way. And then, you know, we, we are working with them on, on a few different opportunities that we have not been able to to share yet, but we will be able to share some of that.

We are getting into.

Integration with <unk>.

Where it could get done.

And that's underway and then.

We are working with them.

Cloud opportunities.

But being able to share yet, but we'll be able to share some of that data.

Okay. Thanks, a lot.

Yeah.

Thanks, Thank you.

This concludes our question and answer session I would like to turn the conference back over to Greg Ray Quinlan for any closing remarks.

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

Thank you very much for listening to us today, and we're looking forward to sharing more about our projects over time.

Thank you very much for listening to yesterday, and we're looking forward to sharing more about our progress.

Over the next quarter. Thank you.

Yeah.

The conference has now concluded. Thank you for attending today's presentation you may now disconnect.

The conference is now concluded. Thank you for attending today's presentation. You may now decide.

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Good day and welcome to the new B Holding Corporation 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.

After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on a touchtone phone to withdraw your question. Please press Star then two.

To ask a question, you may press star then 1 on a touch-down phone. To withdraw your question, please press star then 2. Please note this event is not valid.

Please note this event is being recorded.

I would now like to turn the conference over to Eduardo Royas. Please go ahead, sir. Thank you. On today's call are Gregory Paulan, Chief Executive Officer, and David Robson.

I'd now like to turn the conference over to Eduardo <unk>. Please go ahead Sir.

On today's call are Gregory Paula <unk>, Chief Executive Officer, and David Robson, Chief Financial Officer of Navy earlier today in newly issued a press release announcing its first quarter 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.

Chief Financial Officer of NewVie. Earlier today, NewVie issued a press release announcing its first quarter 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 NewVie'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 statements.

Statements. These forward looking statements reflect <unk> best current judgment, they are subject to risks and uncertainties that could cause actual results could differ materially from those implied by these forward looking projections. These risk factors are discussed in <unk> filings with the SEC and in the earnings release issued today.

These risk factors are discussed in newbies filing through the SEC and in the earnings release issue today, which are available on our website. Newbie undertakes no obligation to revise or update any forward-looking statements to reflect future events or circumstances.

Are available on our website newly 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 <unk> Chief Executive Officer.

With that, I would like to turn the call over to Gregory Paulan, Chief Executive Officer of Newport.

Gregory.

Thanks, Eduardo and grid. If you will thank you for joining us as we review our results for the first quarter of 2022.

Thank you for joining us as we review our results for the first quarter of 2020.

In the short period since our last earning call in late March, we have continued to see strong circular tailwinds for vehicle electrification and the adoption of vehicle-to-grid technology, VQG. 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.

In the short period since our last earning call in late March we have continued to see strong secular tailwind from a vehicle electrification and the adoption of vehicle to grid technology <unk> 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.

D R.

This announcement is not only an example of the continued expansion in interest in VQG.

This announcement is not only an example of the continued expansion and interest in <unk>.

but the recognition at the federal level of the critical role that V2G will play in the energy transition.

The recognition at the federal level of the critical role that BTG will play in the energy transition.

We view the <unk> decision to from this partnership to be an admission that transportation electrification cannot unfold with the grid today as <unk>.

The load requirements and valuation associated with EV charging us.

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 engineered for over a decade also render EVs a key part of the solution.

However, while evs will be a source of stress on the grid bidirectional charging and the vehicle to grid technology inventory.

Over a decade also render evs are key part of the solution.

The federal government realizes vehicles should evolve to becoming paid grid resources.

The federal government materializes vehicles should evolve to becoming paid great resources.

Okay. That's very briefly on the Mou is a collaboration partner to the degree we'd be working with government agencies, <unk> 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 they are calling vehicle to everything, albeit UX.

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.

We chose NUV because it recognizes that we are best positioned to be a leading enabler of the solution given our experience in commercially deploying because you're around the world.

Do you Richard maybe because the truth is that we are best positioned to be a leading enabler of the solution given our experience in commercially deploying BTG around the world.

Can you give us great integrated vehicle I'll give 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.

To new these great integrated vehicle or give platform, we're able to aggregate and provide power for EVs at scale back into the grid by creating virtual purpose.

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 faiths given the predictability of their vehicles schedule and their hyper focus on costs and look forward to leveraging our learning and continuing to learn as we work with the DOE and our partners in this MOU.

Solutions of resonated well with school districts and operators of commercial fleet, given the predictability of their vehicles schedule and a hyperfocus on costs and we look forward to leveraging our learning and continuing to learn as we work with the Dod and our partners in this Mou.

Turning now to a summary of key accomplishments in the first quarter of 2022.

Getting now to a summary of key accomplishments in the first quarter of 2020.

As discussed on our last earning call we announced several exciting partnership in Q1, including one joint venture with 2021 does AI to collaborate and exclusively on the integration of artificial intelligence platform with a newbie BTG platform to our partnership with swell to offer a combined solar stationary battery storage and intelligent.

As discussed on our last earning call, we announced several exciting partnerships in Q1, including one, a John Venture with 2021 AI to collaborate exclusively on the integration of the artificial intelligence platform with the new V2G platform, two, a partnership with Swell to offer a combined solar, stationary battery storage and intelligence easy charging for residential and commercial markets.

EV charging for residential and commercial market.

3. Levo's first commercial win, a tenure contract with the Troy School District that marks the largest and first 100% plan zero emission school bus fit conversion in the Midwest. All of which we've discussed in more detail on our last

<unk> the world's first commercial win a 10 year contract with Detroit School District that marks the largest and the first 100% plan zero emission school bus 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 in maintaining and growing a competitive edge and providing the value we can deliver for fleets around the world as they go electrically.

Each of these partnerships is critical we believe to maintaining and growing our competitive edge and providing the value we can deliver for fleets around the world as they go electric.

Since the last earning call the momentum continued to build on 2021 under the <unk>.

Made good progress executing on our business plan for the joint venture, which is called Austria, AI recently held a summit at our headquarters in San Diego and executed a collaboration agreement. We think that Australia is poised to be a great sales enabler for US Australia is bringing a full AI environment that not only offers the ability to run different.

Of models, but also provide additional governance tools necessary to run the AI platform commercially.

Our JV is going to deliver products such as forecasting, a worldwide-type database, predictive maintenance and energy insights and reporting, all of which support this intersection between transportation and energy.

The JV is going to deliver products, such as forecasting worldwide database predictive maintenance and energy insightful reporting all of which support this intersection between transportation and energy.

This whole form is part of our broader integrated offering as we look to continuously make our intelligent platform even smarter.

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 operation in the Japanese and energy market receiving approval from the transmission system, operator, along with our partners to get that to show and Chubu electric.

Ill give platform demonstrated it can successfully discharged power from large industrial stationary storage batteries to provide power to the grid and absorb demand situation that results from our associates.

This milestone build on a series of smaller scale demonstration project. We successfully completed a few years ago in Japan, using EV batteries and this 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.

Over the next few months, we will leverage the 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 megawatts under management rollout.

As we expand our reach into the commercial fit 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.

Earlier this week, we disclosed an agreement with Power Electronics, a global manufacturer of solar inverters and charging hardware. Power Electronics will add new VV2G 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 new VVs existing line of medium and heavy VV charging station offering for food customers on a global scale and helps you risk our supply chain in charging hardware, which is of course critical to our business.

Tony will add <unk> certified capabilities to their existing bidirectional charterers for customers in North America and Europe . This partnership is very important to us as it expands <unk> 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 hard.

<unk>, which is of course critical to our business.

Also this week, we announced an alliance with Centro, a designer manufacturer of electric, light, and medium duty commercial vehicles.

Also this week, we announced an alliance with central a designer and manufacturer of electric light and medium duty commercial vehicles.

Central will begin to offer bundled, movie-charging packages to commercial fleets with a U.S. product lineup in the past four markets.

Central we begin to offer bundled movie judging packages to commercial fleets with a U S product lineup in the past fall market.

This is a new market category for us, and we are pleased to be able to enter it with Central and their very attractive relative below cost vehicle.

This is a new market category for us and we are pleased to be able to enter it with central and theyre very attractive relatively low cost vehicle.

Central allows us to diversify OEM offering for our fleet as a service solution, and in the future, partnership will be done.

Central allows us to diversify OEM offering for our fleet as a service solution and in the future partnership BTG hops concept.

Adding new Oems, expanding our product lines and securing BTG hubs, our cards through our strategy and our partnership with central checks all those boxes.

adding new OEMs, expanding our product clients, and securing V2G hubs, a whole core to our strategy, and our partnership with Centro checks all these boxes.

Wins, such as these have supported new these recent recognitions such as being named as 2022 DNF tenure 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 a quest to play a foundational role engaged until you find the planet.

Winds, such as these, have supported Nuvi's recent recognitions, such as being named as 2022 BNF 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 intelligent 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 <unk> commercial wins.

Turning now to megawatt and the management, which we have discussed the past couple of quarters as an indicator of the potential revenue growth, and we did very commercial

As of March 31st, 2022, we have 16.9 megawatts under management. This reflects roughly 15% increase from December 31, 2021, and triple the amount compared to the prior year.

At March 31, 2022, we have $16 nine megawatts under management.

Flex 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 be very healthy as well. Our qualified pipeline currently stands at approximately 225 million.

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 where we are working towards a definitive agreements.

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 that.

Remind you that we do not expect to contract the Hydra president of our pipeline.

Further, products and services can be either sold or tried to our customers or through a multi-year agreement, which would affect timing on revenue initiatives.

Rather <unk>.

Alex and services can be either sold outright customers, Austria, a multiyear agreements, 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 other flow, which David will touch in a few minutes.

However, critically we remain in numbers discussed.

However, critically, we remain in numbers, active discussions with customers, many of which we have framework agreements with our IN8 page negotiations.

Discussions with customers many of which we have framework agreements with 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 of the segments far vitucci offering.

As discussed in our last call, the school bus market remains critical to us, but there are many other segments for V2G or for V2G.

These include with fleet management companies, government fleets, including in more isolated locations that have grid infrastructure challenges and mobile storage systems.

These include fleet management companies government fleets, including and more isolated location that have great infrastructure challenges on mobile storage systems.

Further, we continue to expand existing partnerships and grow our V2G hub models.

Further we continue to expand existing partnerships and grew our <unk> 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.

We're also pursuing partnership with multiple universities universities are valuable collaborators and provider channel for BTG expansion and deployment given their large fleet and diverse use cases, rich talent pool and the ability to partner on an economic level.

University partnerships are also important because they offer us the opportunity to dive into new and emerging B2G verticals, such as the Automotive, Airport, Data Science, and Maritime Segments. At CELECT universities tend to have deep extrude and existing partner ecosystem within these certain segments.

Diversity partnerships also important because they offer us the opportunity to dive into new and emerging BTG verticals such as some of the.

Airport data science and maritime segments as select universities tend to have deep expertise and existing partner ecosystem within this.

Segments.

In the process. We also have the trust or the workforce that will be required for the electrification of transportation.

in the process. We also have cluster the workforce that would be required for the electrification.

Thanks, Craig I'll.

Thanks Gregory. I will start with a recap of first quarter of 2022 results. In the first quarter, we generated total revenues of $2.4 million compared to $799,000 in the first quarter of 2021. This represents a year-over-year increase of nearly 200%, primarily due to hardware and service revenues growing by more than $7,000.

I will start with the recap of first quarter of 2022 results in the first quarter. We generated total revenues of $2 4 million compared to 799000 in the first quarter 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.

reflecting the sale of five electric school buses and an increase in revenues from the sale of charging buses.

This supports our business model of short-term hardware sales with potential long-term grid service revenue.

Product and service revenues in the first quarter of 2022 represented 95% of total revenues compared with 39% of first quarter 2021 revenues.

Product and service revenues in the first quarter of 2022 represented 95% of total revenues compared with 39% of first quarter 2021 revenue.

We expect product and service revenues to be the lion's share of revenues going forward.

We expect Producted Service Revenues to be the lion's share of revenues going forward.

Margin on product and service revenues was 4.9% for the first quarter 2022, compared to 59.2% for the first quarter last year.

Margin on product and service revenues was four 9% for the first quarter 2022, compared to 59, 2% for the first quarter last year.

Our gross margins were lower than the prior year, primarily due to the aforementioned bus sale and higher installation expenses on charging stations appointments.

Our gross margins were lower than the prior year, primarily due to the aforementioned butt sale and higher installation expenses on charging station deployments.

Total operating costs, excluding costs to sales, were $9.8 million for the first quarter of 2022, compared to $5.7 million in the first quarter of 2020.

Total operating costs, excluding cost of sales were $9 8 million for the first quarter of 2022 compared to $5 7 million in the first quarter of 2021.

This increase was primarily attributable to increased cost associated with being a public company and an increase in payroll costs from increased staffing.

This increase was primarily attributable to increased costs associated with being a public company and increased payroll costs from a public company.

and the cost associated with LIVO, which we established last year.

And the costs associated with Levo, which was established last year.

On a sequential basis versus the fourth quarter of 2020,

On a sequential basis versus the fourth quarter of 2021 the.

The increase was $1.3 million from $8.5 billion.

The increase was $1 3 million up from $8 5 million largely due to higher legal and professional fees and higher costs to support lethal mobility.

largely due to higher legal and professional fees and higher costs to support legal mobility.

Levo incurred half a million dollars in operating expenses during the first quarter.

Other income was $458,000 in the first quarter of 2022 versus a $288,000 expense in the year ago quarter.

Other income was $458000 in the first quarter of 2022 versus a $288000 expense in the year ago quarter.

Net loss attributable to do the construct

Net loss attributable to <unk> common stockholders for the first quarter of 2020 was $9 2 million compared to $5 4 million for the first quarter of 2021.

for the first quarter of 2022 was 9.2 million compared to 5.4 million for the first quarter 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 assessment.

We had approximately $23 7 million in cash as of March 31, 2022 and remain in a good position with the funding from the transaction and our patent assessment.

As an aside and subsequent to.

to the first quarter end, we disclosed last week that we entered into an at-the-market offering

So the first quarter and we disclosed last week that we entered into an aftermarket offering agreement pursuant to which <unk> may offer and sell shares of its common stock in an aggregate offering price of up to $25 million.

pursuant to which new fee may offer and sell shares of its common stock and an aggregate offering price of up to $25 million.

We used $8 6 million in cash during the first quarter, primarily attributed to $7 9 million in net cash losses.

We used $8.6 million in cash during the first quarter, primarily attributed to $7.9 million in net cash loss.

0.6 million in higher working capital and 0.3 million in fixed asset purchases associated with our new corporate option.

$6 million and higher working capital and $3 million and fixed asset purchases associated with our new corporate office space offset by $2 2 million in foreign currency exchange rate gains.

offset by $0.2 million in foreign currency exchange rate gains. Inventory.

Inventory decreased by one point.

$8 million to $9 3 million at the end of the first quarter from $11 1 billion at the end of the fourth quarter 2021 the.

The decrease was primarily driven by the sale of buses and charging stations as discussed earlier.

Accounts payable decreased by $2 5 billion to $3 2 million at the end of the first quarter from $5 7 million at the end of the fourth quarter of 2021 the.

The decrease was driven primarily by the payment for the purchase of DC charging stations received in the fourth quarter of last year.

<unk> manages and can't supply under ideal conditions currently are megawatts under management includes charges in batteries located throughout the United States.

Europe and Japan.

During the first quarter, we added 2.2 megawatts under management, increasing our total megawatts under management to 16.9 from 14.7 megawatts at the end of the fourth quarter, 2021.

During the first quarter, we added two two megawatts under management, increasing our total megawatts under management of $16 nine from $14 seven megawatts at the end of the fourth quarter 2021.

The 16.9 megawatts under management was comprised of 4.2 megawatts from DC chargers, 5.7 megawatts from AC chargers, and 7.2 megawatts from DC chargers.

The $16 nine megawatts under management was comprised of four two megawatts from DC Chargers.

Five seven megawatts of AC Chargers, and seven one megawatts from stationary batteries.

At the end of the first quarter six seven of the $16 nine megawatts under management included customer agreements, allowing for a movie to earn future grid service revenues.

At the end of the first quarter, 6.7 of the 16.9 megawatts under management included customer agreements allowing for newbies to earn future grid service revenue.

As we create future V2G hubs, we will further expand omega-1.

As we create future BTG hubs, we will further step our megawatts under management.

This brings me to the estimate of future grid service revenues associated with Omega-Lutz under the

and they lost to be deployed, which is based on a combination of contractor-grit-service revenues and merchant-exposed revenues.

Contracted with 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 geographies of the deployments.

Attaining.

Depending on geographic regions and art appointments, the grid service revenue opportunities will vary. We are currently seeing grid service revenues ranging between $85 per kilowatt year up to $300 per kilowatt year.

On the geographic regions of our appointments the grid service revenue opportunities will there.

We are currently seeing grid service revenues ranging between $85 per kilowatt year up to $300 per kilowatt here.

These revenues include a combination of contracted services and merchant exposed services, given the long term nature of our customer deployments.

These revenues include a combination of contracted services and merchant exposed services. Given the long-term nature of these services,

These revenues are generally recurring over a period of 10 to 12 years.

Revenues are generally recurring over a period of 10 to 12 years.

At March 31st, our hardware and services backlog was formally adopted.

backlog decline from the end of the fourth quarter due to strong sales in Q1, and the timing to convert our existing qualified pipeline in the back.

As Gregory touched earlier, our qualified pipeline remained strong at approximately $225 million.

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 UV to significantly grow megawaks and remain in the system.

Although not all of our qualified pipeline will convert into backlog.

<unk> of our qualified pipeline demonstrates the potential for newsy to significantly grow megawatts under management, which is building at a faster pace in 2022 than we expected in 2021.

which is building at a faster pace in 2022 than we expected in 2021.

And with more megawatts under management, we're able to offer more services, which can generate larger amounts of.

And with more megawatts under management, we were able to offer more services, which can generate larger amounts of rich service revenues.

And with that, let me turn it back to Gregory for some closing thoughts before we go to Q&A.

And with that.

Let me turn it back to Gregory for some closing thoughts before we go to Q&A.

Thanks, David. 23 is off to a strong start. And as we diversify and expand our partner base, expand our MegaWatts in the management, and go our road.

Thanks, David 23 is off to a strong start and as we diversify and expand our partner base expand our megawatts under management and grow our revenue.

Tailwinds for V2G remain strong, and our recent MOU with the DOE and the SCORE is the importance of V2G in the energy transition and our significant role as a pioneer for this technology. Our winds in the first quarter position as well for the future, and the conversation we are 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 second quarter 2022 earning call.

The tailwind from BTG remains strong and our recently about you would've underscores the importance of BTG in the energy transition and significant role as opinion for this technology.

And in the first quarter position us well for the future and the conversation we're having across the 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 second quarter 2022, earning calls.

With that we'll now turn the call back over to the operator to begin our Q&A operator.

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 question and answer session. To ask a question, you may press star 1 on your touchstone phone. If you are using a speaker phone, please pick up your handset before pressing the key.

Thank you we will now begin the question and answer session.

Good question you May Press Star then one on your Touchtone phone.

If you are using a speakerphone. 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 to assemble IRA.

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 to assemble our round.

And our first question will come from Brian Dobson with Chardan capital markets. Please go ahead.

And our first question will come from Brian Dobson with Chart in Capital Markets. Please go ahead. Hi, good evening. Thanks for taking the time.

Hi, good evening, Thanks for taking my question.

Hey, so you recently signed a Memorandum of Understanding with the U.S. Department of Energy. What type of long-term opportunities do you believe that could open for the company?

Hey, Brian .

So you recently signed a memorandum of understanding the U S Department of energy what type of long term opportunity do you believe that could open for the company.

You know, I think there are a couple aspects that are that are associated with it.

I think a couple of aspects.

That are associated with it.

One is obviously to make sure that markets are accessible for EVs and the diversity of the energy markets are accessible for electric vehicles that have bidirectional capabilities.

One is obviously to make sure that market.

Accessible for Evs, and a diversity of an emerging market such as Ebola for electric vehicles that are bite external capabilities.

and also harmonize, you know, some of those things. For example, there's a ruling from FERC 2222 that is being implemented right now. And we just need to make sure that the V2G piece can access, you know, FERC 2222 is a 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...

And also Amit.

Some of those things very carefully.

There is a ruling from FERC until 'twenty to 'twenty two.

That that is being implemented right now and we just need to make sure that the <unk> can access FERC.

'twenty two 'twenty three that are getting behind the meter energy storage and <unk> it could be just that.

So the execution on for 2022.

Is it product another piece I think that matters for that.

Standardization.

And.

We also have strong debating standardization, we think it's important that.

But all of those resources.

Accessible and can be controlled.

And the last piece is making sure that we do all of that while you are taking care of the customer experience by the drivers.

Make sure that all of this is that impacted the drivers and so we think it's all day much in line with our own strategy.

Great. Thanks very much.

Great. Thanks very much. And, you know, it's a similar question. You also gained approval from the Japanese transmission system operator. You know, could you speak to some of the opportunities that that could lead to?

A similar question you also gained approval from the Japanese transmission system operator.

Could you speak to some of the opportunities that that.

That could lead to.

Okay.

Can you say it again that didn't hit the end of the government.

Sorry about that I think I have a connection issue.

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 that approval could lead to?

Just regarding your recent approval from the Japanese transmission system operator could.

Could you speak to some of the strategic opportunities that that approval could lead to.

Yes, absolutely so.

Yes, absolutely. So, you know, we, depending on the market that you're addressing, what you're looking to get as an entry point.

Depending on the market that you are addressing about chipotle computer get either Nancy points.

Japan at this point.

Japan at this point, you know, after shutting down all that nuclear power plant.

They're shutting that all that nuclear power plants.

the EV part was less important to them. And so storage in Japan has been a very exciting way to help them further introduce renewable generation and help them to keep their grid stable. And so 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

They that EV part was less important to them and so storage in Japan as the a very exciting way to help them. So theyre introduced snow renewable generation and help them to get that to keep that stable.

And so thats been the entry points in the meantime over the three years, we've been working with the regulator in looking at how <unk> would also be able to participate into those buckets and we're expecting that to happen over the next.

You know, 18 months or so. And so this is a way for us to establish ourselves, build experience in participating in those markets through stationary storage and then to have a time bring a variety of unidirectional vehicles, as well as vehicle and again, you should expect that to happen over the next 12 to 18 months as we are rolling out in Japan. And so the first step is expanding the amount of stationary storage we have over there and then to combining.

18 months or so.

So this is a way for us to establish ourselves build experience in participating in those markets for stationary storage and then to overtime bring a variety of unique action or vehicles.

Well as EQT vehicles.

Yeah, excellent. And my final question, you know, we've been we've been speaking with with many of the charging companies and 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 similar to the partnership that you have with wall box regarding your technology and some of their products? Absolutely.

Excellent and my final final question.

We've been speaking with many of the charging companies feedback we're hearing is.

Intimacy positive regarding the consumer demand for vehicle to grid charging technology.

We think that there'll be more opportunities for you to partner with.

<unk> similar to the partnership that you have with wall box regarding your technology in their products.

Absolutely.

I think.

So, first of all, at this point, we are very, very focused on sleep, right? And it's going to emphasize that as an organization, but, but we, you know, like the whole box, we are, you know, as I said, in the consumer space.

So first of all at this point, we are very very focused on fleet right.

Right that is an organization, but but we like the robotics, we are as I said before.

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.

We don't see ourselves, becoming a consumer company, but we see ourselves working with partners either charging station manufacturers or vehicle manufacturers.

To support them in deploying BTG.

And we think that the consumer opportunity is going to be.

A very very large and we see the fleet opportunity being the underlying.

No value with less but at TVT comes out how we are managing those vehicles and then combining that with the consumer on top of it which are going to be that's really more volatile because the use of those vehicles that are more random.

But the combination of those two is very, very exciting for us. And the way we address this random aspect is, for example, the work that we are doing with Astra AI, our AI platform and our partnership with 2021. AI, in order to, to account for all that, but activity in how we are treating those vehicles in participating into the private energy markets we are getting into.

But the combination of those two.

Very very exciting for us and the way we address this random aspect.

Examples of the work that we're doing with Australia.

Our AI platform and our partnership with 2021 of AI in order to account for all of that activity and how we are treating those vehicles in participating into the everyday answer your buckets, 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.

Again, if you have a question, please press star then one. Our next question will come from Eric Stein with Craig Hallam. Please go ahead. Hi Gregory, hi David.

Hi, Greg Hi, David.

Eric? Hi, Eric. Hey. Hey. Hi. Hi.

Eric Hi, Eric.

Okay.

So just thinking about the demand you're starting to see early here and obviously people trying to answer the $1 million question about windows.

So just thinking about the demand you're starting to see early here and obviously people trying to answer the million dollar question about when does the dam kind of break? I mean, do you feel like people are waiting for the lottery, for the infrastructure funding, and once that sorts itself out, you could start to see that ramp? Or how are you kind of thinking about things playing out over the next call at 9 to 12 months?

Damn kind of break I mean, do you feel like people are waiting for the lottery.

The infrastructure funding in <unk>.

Once that sorts itself out you can start to see that ramp or how are you kind of thinking about things playing out over the next call. It nine to 12 months.

I, I don't think people are waiting for for the infrastructure bill because there is already quite a bit of planning.

I don't think people are waiting for for the infrastructure Bill because there is already quite a bit of plenty available.

And 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. And it's just a question of bringing those large opportunities to close. And as you know, the bigger the opportunity, the more time it takes to close it.

And we see just with all the activity I think.

I think for US we took a little bit about it we see very larger budget release that we are working on right now.

It's just a question.

We've talked about our qualified pipeline.

And it's just a question of bringing those large cautionary to close.

As you know like if you go to Europe I hate the multiple it takes to close it.

We were very, very excited about the opportunity that we are facing. And we don't think that people are just waiting for the infrastructure money to come out in order to make those decisions.

We're very very excited about about the opportunity and we don't think that people are just waiting for the infrastructure money can come out.

Those decisions.

And everything is sort of a supply chain factor, so it is taking longer to get supply of finished vehicles and components to go in it. So that's just a short-term issue, not a long-term issue.

I would say are the supply chain.

So it is taking longer to get supply.

Initial vehicles and components that go in it so.

It's just a short term.

Issues on a long term issue.

Okay.

Okay, and maybe don't want to put words in your mouth, but just curious if you agree.

Okay, and maybe, you know, don't want to put words in your mouth, but just curious if you agree that the, you know, as you said, you've got to get through the process, but, you know, third-party funding from LIVO 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.

That.

As you said, you've got to get through the process, but.

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.

Starting to see adoption going forward.

Yes, yes, absolutely.

You know, the infrastructure bill, and then what in general is paying for the first one, 345 buses, but like the commitment from from Troy, right, is really about doing the whole.

The infrastructure Bill and then what are you paying for the first 12345 buses, but like the commitment from from Troy right is really about doing the whole fleet.

And they understand that the infrastructure bill is not gonna pay for all of this. That's why they are coming in and they are working with people.

I understand that.

The infrastructure Bill is by benefit all of it that's why they are coming in that are working with Evo.

Got it.

Um, you know, just sticking with Levo a little bit, I know that the main focus of it is school buses, but just curious, you know, one of their 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 bus.

Just sticking with leave a little bit.

I know that the main focus is school buses.

But just curious 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 is really up and running or do you expect that to really be.

Largely school bus.

I think the baseline is school bus a lot of the expertise of the teams around the school buses.

But I think that they are all great opportunities now.

in the media, but should be the outside of just your...

Media opportunities outside of just that your school of business.

Alright, thank you.

All right, I mean we're seeing those opportunities so Gregory said school bus bleeps our focus but we're also seeing opportunities we're talking to customers who have interest beyond school buses through the Evo.

We're seeing those opportunities are Gregory <unk> robust fleets are focused.

We're also seeing opportunities, we're talking to customers who are interested the school buses.

Okay Gotcha.

Yes.

Maybe last one for me, just an update on DYB. 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.

Maybe last one for me just an update on <unk> I mean, I know you have a number of collaborations and partners.

That one was or was it pretty noteworthy one that goes back a few quarters, but maybe just an update on that.

Yes.

Yeah, I mean, you know, we, we, we are getting on on integration. My dad's all without all work to get done there. And that's on the way. And then, you know, we, we are working with them on, on a few different opportunities that we have not been able to to share yet, but we will be able to share some of that.

We are.

Getting on integration.

Where it could get done.

And that's underway and then.

We are working with them.

<unk> cloud opportunities.

Yes.

To share yet, but we hope we'll be able to share some of that basin.

Okay. Thanks, a lot.

Thank you.

This concludes our question and answer session I would like to turn the conference back over to Greg Ray Quinlan for any closing remarks.

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

Thank you very much for listening to us today, and we are looking forward to sharing more about our projects over the next few weeks.

Thank you very much for listening to yesterday, 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.

The conference is now concluded. Thank you for attending today's presentation. You may now decide.

Q1 2022 Nuvve Holding Corp Earnings Call

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