Business
Nuvve, Stonepeak, and Evolve 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 HOUSTON, Aug. 04, 2021 (GLOBE NEWSWIRE) --
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\nHOUSTON, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Evolve Transition Infrastructure LP (Evolve) (NYSE American: SNMP) today announced the completion of the formation of Levo Mobility LLC (Levo) with Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, and certain investment vehicles managed by leading alternative investment firm Stonepeak Partners LP (Stonepeak). Levo is 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. Levo’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. Stonepeak and Evolve plan to deploy up to an aggregate $750 million capital commitment to Levo, with a maximum of $75 million of such capital commitment being funded by Evolve. Levo will initially focus on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children while supporting CO2 emission reduction, renewable energy integration, and improved grid resiliency. Evolve CFO, Chuck Ward, commented, \"We are excited to complete the formation of Levo with Nuvve and Stonepeak, the indirect owner of the general partner of Evolve. Earlier this year we announced our business strategy shift to focus on the acquisition and development of infrastructure critical to th...