Net cash generated from operating activities was $2.8 million in the third quarter of 2023. Excluding the benefit from the incremental EPA funds received in Q3 $6.3 million net cash used in operating activities was $4 million for the third quarter. During the third quarter, inventories declined by $2.1 million driven by improvement in inventory turnover of charging stations. Along with the benefit of selling five buses, we held an inventory. As we had previously discussed, the improvement in inventory turnover is what we had expected as we continue to sell through the inventory investments we made in the back half of 2021 to mitigate industry wide supply chain constraints. During the third quarter, we raised net cash of $0.1 million through our aftermarket or ATM facility.
Subsequent to quarter end, we raised an additional $3.2 million in gross proceeds through two separate offerings in October, as previously disclosed. As we said last time, we remain focused on optimizing our ability to raise capital. We continue to work on putting in place a long-term asset based lending facility or ABL, which can provide additional liquidity. The borrowing capacity of the ABL is based upon our underlying inventories and accounts receivables. We believe this type of debt facility aligns well with our business model, given the ongoing inventory and accounts receivable amounts, we carry on our balance sheet. Now, turning over to megawatts under management and estimated future grid service revenues. As a reminder, megawatts under management is a metric we use to quantify the aggregated amount of electrical capacity from the deployment of our V1G and V2G chargers, which are primarily deployed in the electric school bus market in the U.S., and in light duty fleet deployments in Europe in addition to stationary batteries.
Currently, these chargers and batteries are located throughout the United States, Europe and Japan. Megawatts under management in the third quarter increased 6.1% over the second quarter of 2023 to 21.2 megawatts from 20 megawatts. In terms of its composition, 8.2 megawatts were from stationary batteries and 13 megawatts were from EV chargers. On a year-over-year basis, megawatts under management increased by 30%. We continue to expect an acceleration in our megawatts under management as we go through the second half of the year. This is evidenced in the press release we issued last week in which we noted that the following record installations in the third quarter, megawatts under management as of October end increased to 22.7 megawatts, or 7.1%, in only the first month of the fourth quarter.
Depending on the geographic regions of our deployments, our grid service revenue opportunities will vary. We are currently seeing grid service revenue opportunities for vehicle to grid services ranging between $85 per kilowatt-year up to $300 per kilowatt-year in certain key markets we are focusing on. And with our planned expansion of V1G charging management services in Europe, we are seeing further grid service revenue opportunities. These revenues include a combination of contracted services and merchant exposed services. Given the long-term nature of our customer deployments, these revenues are generally recurring up to periods as long as 10 years to 12 years. Now turning to backlog, on September 30th our hardware and service backlog was $5.6 million, down from $6.1 million on June 30th.
Order activity slowed in Q3 relative to elevated levels in the first half of the year, which benefited from EPA funding. Looking out for the fourth quarter, we expect full year revenues for 2023 to exceed $8 million, and we expect operating expenses excluding cost of sales for the full year to be under $34 million. As Gregory mentioned, we have also implemented several cost reduction initiatives, which will reduce our cash operating expenses further, with which we expect to trend that approximately $5 million per quarter in 2024. This concludes my portion of the prepared remarks. Gregory, back to you to wrap up.
Gregory Poilasne: To finish up, I would like to discuss the big picture and provide a high level view of the main revenue drivers of our business as we look ahead. One, Nuvve K-12, which I briefly touched earlier on. Our value proposition here relies on vehicle readiness, energy management and battery life extension is offering 45 strong positions as a service provider in the space. With more than 500 school buses connected to our platform today, we are confident we will keep on leading in this segment. Two, stationary storage, where our growth is accelerating in 2023. Our core business is to provide grid services with highly unreliable batteries and EVs can be employed at any time. As a result, it’s not sudden surprise that we can also manage stationary storage.
