Business
Nuvve and Stonepeak Finalize "Levo" Joint Venture Providing up to $750 Million in Funding to Electrify Fleets
Levo's Fleet-as-a-Service model delivers turnkey solutions for fleets to quickly transition to electric vehicles SAN DIEGO, Aug. 4, 2021 /PRNewswire/ -- Nuvve
About this update from Nuvve Holding Corp.
[{"type":"text","content":"Levo's Fleet-as-a-Service model delivers turnkey solutions for fleets to quickly transition to electric vehicles\n\n\nSAN DIEGO, Aug. 4, 2021 /PRNewswire/ -- Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, certain investment vehicles managed by leading alternative investment firm Stonepeak Partners LP (Stonepeak), and Stonepeak portfolio company Evolve Transition Infrastructure LP (Evolve) (NYSE American: SNMP) today announced the completion of the formation of Levo Mobility LLC (Levo), a sustainable infrastructure joint venture focused on rapidly advancing the electrification of transportation by funding V2G-enabled electric vehicle (EV) fleet deployments. Levo will utilize Nuvve's V2G technology and committed capital from Stonepeak and Evolve to offer Fleet-as-a-Service for school buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more to eliminate the primary barriers to EV fleet adoption including large upfront capital investments and lack of expertise in securing and managing EVs and associated charging infrastructure.\n\n \n \n \n \n \n \n\n \nLevo's turnkey solution simplifies and streamlines electrification, can lower the total cost of EV operation for fleet owners, and support the grid when the EVs are not in use. For a fixed monthly payment with no upfront cost, Levo will provide the EVs (such as electric school buses), charging infrastructure powered by Nuvve's V2G platform, EV and charging station maintenance, energy management, and technical advice. \nNuvve's V2G platform helps lower the total cost of EV ownership by allowing EV batteries to store energy, including low-cost, clean power from renewables such as solar and wind, and then safely discharge this stored energy back to the grid while vehicles are parked and plugged in. The platform harnesses the combined excess stored energy from multiple EV batteries to form virtual power plants (VPPs) and then sells this stored energy back to the grid. By enabling EVs to serve as \"storage on wheels,\" Nuvve helps integrate renewables and stabilize the grid.\nNuvve CEO & Chairman, Gregory Poilasne, commented, \"We are pleased to complete the formation of Levo with our partners Stonepeak and Evolve. We believe that...