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

Nuvve Holding Corp. 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) 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.

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. 

Nuvve’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.

Nuvve CEO & Chairman, Gregory Poilasne, commented, “We are pleased to complete the formation of Levo with our partners Stonepeak and Evolve. We believe that Levo’s capital base, expertise, and business model provide a much-needed catalyst to help convert fleets to electric and reduce harmful emissions in alignment with ambitious climate goals around the world.”

Stonepeak and Evolve plan to deploy up to an aggregate $750 million capital commitment to Levo. 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.

Electrifying school buses remains a top priority for the Biden administration as evidenced by the inclusion of specific investment in zero-emission electric and low emission buses as well as related EV charging infrastructure within its proposed $1.2 trillion Bipartisan Infrastructure Framework. Even still, the allocated amounts represent only a fraction of the funding needed to electrify all school and transit buses across the country. Levo’s expertise, business model, and ability to provide fully financed EV fleet options for school districts and other fleet owners aims to bridge the gap between the need to electrify the nation’s transportation fleet and the public funding available to do so.

Fleet owners interested in accelerating their transition to electric fleet vehicles can visit levomobility.com to learn more. More details on the Levo joint venture can be found in a Form 8-K filed with the SEC.

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