Nuvve, Stonepeak and Evolve finalize “Levo” joint venture
HOUSTON, 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 transportation electrification through its proprietary Grid Vehicle (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 transportation electrification by funding the deployment of V2G-compatible electric vehicle (EV) fleets. Levo will use V2G technology from Nuvve and the committed capital of Stonepeak and Evolve to deliver Fleet-as-a-Service for school buses, last mile delivery, carpooling and ridesharing, municipal services and more to eliminate main obstacles to the electric vehicle fleet. adoption, including large initial investments and a lack of expertise in securing and managing electric vehicles and associated charging infrastructure.
Levo’s turnkey solution simplifies and streamlines electrification, can reduce the total cost of running electric vehicles for fleet owners, and support the grid when electric vehicles are not in use. For a fixed monthly payment with no upfront charges, Levo will provide electric vehicles, such as electric school buses, charging infrastructure powered by Nuvve’s V2G platform, maintenance of electric vehicles and charging stations, management energy and technical advice.
Stonepeak and Evolve plan to deploy up to $ 750 million of capital commitment for Levo, with a maximum of $ 75 million of that capital commitment funded by Evolve. Levo will initially focus on electrifying school buses, providing associated charging infrastructure and providing V2G services to enable safer and healthier transportation for children while supporting CO2 reducing emissions, integrating renewable energies and improving network resilience.
Evolve CFO Chuck Ward commented, “We are delighted to finalize Levo’s formation with Nuvve and Stonepeak, the indirect owner of the Evolve general partner. Earlier this year, we announced our change in business strategy to focus on acquiring and developing critical infrastructure to transition energy supply to low-carbon sources and the Levo joint venture is just the first of a variety of energy transition asset classes that we are evaluating with support from Stonepeak. “
The electrification of school buses remains a top priority for the Biden administration, and Levo’s expertise, business model and ability to deliver fully funded electric vehicle fleet options to school districts and other fleet owners are aimed at bridge the gap between the need to electrify the country’s transport fleet and the public funds available to do so.
Fleet owners interested in accelerating their transition to electric fleet vehicles can visit levomobility.com to learn more.
This press release contains, and our officers and representatives may make from time to time, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and the Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact, included in this press release are forward-looking statements. Any statement that refers to our future financial performance, strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, management plans and objectives , our forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements contained in this press release may include, for example, statements about the anticipated benefits of the Levo Joint Venture, the prospects for Levo’s business in the near and long term, and other statements regarding Levo. In some cases, you can identify forward-looking statements by words such as “may”, “should”, “could”, “should”, “expect”, “plan”, “anticipate”, “have the intention of “,” “estimate”, “project” or the negative of such terms or other similar expressions. These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on information currently available as to the outcome and timing of future events. Except as otherwise provided by applicable law, Evolve disclaims any obligation to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us, Stonepeak, Nuvve, Levo and the Levo Joint Venture that may cause our actual results, levels of activity, performance or achievements to be materially. different from any future. results, levels of activity, performances or achievements expressed or implied by these forward-looking statements. Management cautions all readers that the forward-looking statements contained in this press release are not guarantees of future performance, and we cannot assure any reader that such statements will materialize or that forward-looking events and circumstances will occur. Actual results may differ materially from those anticipated or implied in forward-looking statements. Our annual report on Form 10-K for the year ended December 31, 2020, our quarterly report on Form 10-Q for the three months ended March 31, 2021 and other documents filed with the SEC discuss some of the factors risks that may affect our business, results of operations and financial condition and we encourage you to read these documents. These cautionary statements qualify all forward-looking statements attributable to us or to persons acting on our behalf.
ABOUT EVOLVE TRANSITION INFRASTRUCTURE LP
Evolve Transition Infrastructure LP (NYSE American: SNMP) is a publicly traded limited partnership formed in 2005 focused on the acquisition, development and ownership of infrastructure critical to the transition of energy supply to lower sources. carbon content.
Additional information about Evolve can be found in our SEC filings which are available on our website at www.evolvetransition.com and on the SEC website at www.sec.gov.
ABOUT LEVO MOBILITY, LLC.
Levo Mobility LLC (Levo) is a joint venture formed by Nuvve Holding Corp., Stonepeak Partners and Evolve Transition Infrastructure LP that provides Fleet-as-a-Service (FaaS) solutions enabling fleets to quickly switch to electric vehicles (EVs) with no upfront costs and full financing options. For a flat fee, Levo provides turnkey assistance, including site planning, construction services, deployment of grid-compatible electric vehicles (V2G) and associated charging infrastructure, as well as back-up services. V2G maintenance and energy management for a seamless transition of a customer’s fleet to electric while reducing their total cost of EV operation. Levo combines Nuvve’s proprietary V2G technology, OEM EV partnerships and transportation electrification expertise with substantial capital and additional resources from Stonepeak and Evolve to bridge the gap between the need to electrify transportation and the initial investment important required to do so. Levo’s mission is to be the all-in-one partner for fleet electrification while intelligently integrating EVs into the grid and increasing the penetration of clean energy sources. For more information, visit levomobility.com.
ABOUT NUVVE HOLDING CORP.
Nuvve Holding Corp. (Nasdaq: NVVE) (Nuvve) is accelerating the electrification of transportation with its proprietary Grid Vehicle (V2G) technology. Its mission is to reduce the cost of owning an electric vehicle while supporting the integration of renewable energy sources, including solar and wind. Nuvve’s Grid Integrated Vehicle platform, GIVe ™, powers the next generation of electric vehicle fleets with smart, two-way charging solutions. Since its founding in 2010, Nuvve has successfully launched V2G projects on five continents and deploys commercial services around the world by developing partnerships with utilities, car manufacturers and electric vehicle fleets. Nuvve is headquartered in San Diego, California, and can be found online at www.nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve and / or its subsidiaries in the United States, certain other countries and / or the EU. All other trademarks or trade names mentioned are the property of their respective owners.
Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $ 37 billion in assets under management. Through its investments in defensive companies and sustainable assets globally, Stonepeak aims to create value for its investors and the companies in its portfolio, and to have a positive impact on the communities in which it operates. Stonepeak sponsors investment vehicles focused on private equity and credit. The company provides capital, operational support and a committed partnership to sustainably increase investments in its target sectors, including transport and logistics, communications, water, energy transition, electricity and renewable energies. Stonepeak is headquartered in New York with offices in Houston, Austin and Hong Kong. For more information, please visit www.stonepeakpartners.com.
STONEPEAK PRESS CONTACT
+1 646 540 5225