Nuvve Holding Corp., a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid platform, and certain investment vehicles managed by Stonepeak Partners LP, a private equity firm specializing in infrastructure investing, today announced an agreement to pursue the formation of a new sustainable infrastructure joint venture called Levo Mobility LLC. Upon signing of definitive documents and closing, Levo plans to utilize Nuvve’s proprietary V2G technology and Stonepeak’s capital to help accelerate the deployment of electric fleets, including thousands of zero-emission electric school buses for school districts nationwide through “V2G hubs” and Ttransportation as a service.
Stonepeak, along with its portfolio company Evolve Transition Infrastructure LP, plans to deploy up to an aggregate $750 million capital commitment to Levo. Levo expects to initially focus on electrifying school buses and associated charging infrastructure plus V2G services to provide transportation for children while supporting CO2 emission reduction, renewable energy integration, and improved grid resiliency. Levo also plans to work with commercial fleets such as last-mile delivery, ride hailing and ride sharing, and municipal services.
Gregory Poilasne, chairman and CEO of Nuvve, said, “We are thrilled to be working with Stonepeak, a leading infrastructure investor with significant expertise investing in energy, transportation, and logistics. Through our relationship, we plan to remove barriers that currently exist for school districts and other fleet operators to convert to electric vehicles. At the same time, we are expanding the use of Nuvve’s V2G technology to lower the total cost of ownership for end users. We look forward to working closely with the team at Stonepeak and our other partners in the EV ecosystem to continue delivering our technology and solutions to fleet customers, grid operators, electric utilities, and other stakeholders around the world.”
Trent Kososki and William Demas, managing directors at Stonepeak, said, “The transition to electrification of transportation represents a meaningful opportunity to accelerate solutions to combat climate change. We are excited to team up with Nuvve, a leader of V2G technology and charging solutions. We believe our experience, relationships, and resources will create exciting opportunities for growth.”
To Stonepeak, Kirkland & Ellis LLP served as legal advisor, Coho Strategies and Emergent Strategic Partners provided commercial diligence and strategic planning, DNV served as technical advisor, and KPMG provided financial diligence support. Sidley Austin LLP and Hunton Andrews Kurth LLP served as legal advisors to Evolve. Mintz, Levin, Cohn, Ferris Glovsky and Popeo PC and Graubard Miller served as legal advisors to Nuvve.