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 the
transition of energy supply to lower carbon sources and the Levo
joint venture is just the first of a variety of energy transition
asset classes we are evaluating alongside the support of
Stonepeak."
Electrifying school buses remains a top priority
for the Biden administration, and 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.
FORWARD LOOKING STATEMENTS
This press release contains, and our officers
and representatives may from time to time make, “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and 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 statements that refer to our future financial
performance, strategy, expansion plans, future operations, future
operating results, estimated revenues, losses, projected costs,
prospects, plans and objectives of management, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements in this press release may include, for
example, statements about the anticipated benefits of the Levo
joint venture, prospects for Levo’s business in the short and
long-term, and other statements about Levo. In some cases, you can
identify forward-looking statements by terminology such as “may,”
“should,” “could,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “believe,” “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 about future events and are based on currently
available information as to the outcome and timing of future
events. Except as otherwise required by applicable law, Evolve
disclaims any duty 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,
performance or achievements expressed or implied by such 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 be realized or the 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 filings with the SEC discuss some of the
important risk factors that may affect our business, results of
operations, and financial condition and you are encouraged to read
such filings. These cautionary statements qualify all
forward-looking statements attributable to us or 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
carbon sources.
Additional information about Evolve can be found
in our documents on file with the SEC which are available on our
website at www.evolvetransition.com and on the SEC’s 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 switch to electric vehicles
(EVs) quickly with no upfront costs and full financing options. For
a flat fee, Levo provides turnkey support including site planning,
construction services, deployment of vehicle-to-grid (V2G)-enabled
EVs and associated charging infrastructure, as well as maintenance
and V2G energy management services to seamlessly transition a
customer's fleet to electric while lowering its total cost of EV
operation. Levo combines Nuvve’s proprietary V2G technology, EV OEM
partnerships, and expertise in transportation electrification with
substantial capital and additional resources from Stonepeak and
Evolve to bridge the gap between the need to electrify
transportation and the large upfront investment needed 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 through its
proprietary vehicle-to-grid (V2G) technology. Its mission is to
lower the cost of electric vehicle ownership while supporting the
integration of renewable energy sources, including solar and wind.
Nuvve’s Grid Integrated Vehicle, GIVe™, platform is refueling the
next generation of electric vehicle fleets through intelligent,
bidirectional charging solutions. Since its founding in 2010, Nuvve
has launched successful V2G projects on five continents and is
deploying commercial services worldwide by developing partnerships
with utilities, automakers, 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 affiliates in the United States,
certain other countries and/or the EU. Any other trademarks or
trade names mentioned are the property of their respective
owners.
ABOUT STONEPEAK
Stonepeak is a leading alternative investment
firm specializing in infrastructure and real assets with
approximately $37 billion of assets under management. Through its
investment in defensive, hard-asset businesses globally, Stonepeak
aims to create value for its investors and portfolio companies, and
to have a positive impact on the communities in which it operates.
Stonepeak sponsors investment vehicles focused on private equity
and credit. The firm provides capital, operational support, and
committed partnership to sustainably grow investments in its target
sectors, which include transport and logistics, communications,
water, energy transition, and power and renewable energy. Stonepeak
is headquartered in New York with offices in Houston, Austin and
Hong Kong. For more information, please visit
www.stonepeakpartners.com.
EVOLVE CONTACT
Charles WardChief Financial
Officerir@evolvetransition.com(713) 800-9477
STONEPEAK PRESS CONTACT
Kate Beersbeers@stonepeakpartners.com+1 646 540
5225
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