SAN DIEGO, Aug. 4, 2021 /PRNewswire/ -- Nuvve Holding
Corp. (Nuvve) (Nasdaq: NVVE), 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) today
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 will initially focus on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children. (Photo courtesy of Blue Bird Corporation) Levo will initially focus on electrifying school buses, providing associated charging infrastructure, and delivering V2G services to enable safer and healthier transportation for children. (Photo courtesy of Blue Bird Corporation)](https://mma.prnewswire.com/media/1587992/EV_bus.jpg)
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.
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 to Stonepeak. Sidley
Austin LLP and Hunton Andrews Kurth LLP served as legal advisors to
Evolve. Mintz, Levin, Cohn, Ferris
Glovsky and Popeo, P.C., and Graubard Miller served as legal
advisors to Nuvve.
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, GIVeā¢, 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
https://stonepeakpartners.com/.
About Evolve
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.
Nuvve Press Contact
(W)right On Communications
Chance Shay
cshay@wrightoncomm.com
+1 619-980-5556
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
nuvve@lythampartners.com
+1 602-889-9700
Stonepeak Press Contact
Kate
Beers
beers@stonepeakpartners.com
+1 646-540-5225
Stonepeak Investor Contact
Dan
Schmitz
schmitz@stonepeakpartners.com
+1 212-907-5119
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact, regarding Nuvve's strategy, future
operations, estimated and projected financial performance,
prospects, plans and objectives are forward-looking statements.
When used in this press release, the words "could," "should,"
"will," "may," "believe," "anticipate," "intend," "estimate,"
"expect," "project," the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. 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, Nuvve 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. Nuvve cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Nuvve, including the following
factors: (i) Nuvve's dependence on widespread acceptance and
adoption of electric vehicles, V2G, and increased installation of
charging stations; (ii) the demand for, full financing of, and
expected benefits from Levo electrification projects; (iii) Nuvve's
current dependence on sales of charging stations for most of its
revenues; (iv) overall demand for electric vehicle charging and the
potential for reduced demand if governmental rebates, tax credits
and other financial incentives are reduced, modified or eliminated
or governmental mandates to increase the use of electric vehicles
or decrease the use of vehicles powered by fossil fuels, either
directly or indirectly through mandated limits on carbon emissions,
are reduced, modified or eliminated; (v) potential adverse effects
on Nuvve's revenue and gross margins if customers increasingly
claim clean energy credits and, as a result, they are no longer
available to be claimed by Nuvve; (vi) the effects of competition
on Nuvve's future business; (vii) risks related to Nuvve's
dependence on its intellectual property and the risk that Nuvve's
technology could have undetected defects or errors; (viii) changes
in applicable laws or regulations; (ix) the COVID-19 pandemic and
its effect directly on Nuvve and the economy generally; (x) risks
relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; and (xi) the possibility that Nuvve
may be adversely affected by other economic, business, and/or
competitive factors. Other factors that may impact the
forward-looking statements contained herein, as well as additional
information about the factors listed above, can be found in the
quarterly report on Form 10-Q filed by Nuvve with the U.S.
Securities and Exchange Commission ("SEC") on May 21, 2021, in the proxy statement/prospectus
filed by Nuvve with the SEC under Rule 424(b)(3) on February 17, 2021, and in the other reports that
Nuvve has filed and will file from time to time with the SEC.
Should one or more of the risks or uncertainties described in this
press release or in Nuvve's SEC reports materialize, or should
Nuvve's underlying assumptions prove incorrect, actual results and
plans could differ materially from those expressed in any
forward-looking statements. Nuvve's SEC filings are available
publicly on the SEC's website at www.sec.gov.
![Nuvve Corporation logo (PRNewsfoto/Nuvve Corporation) Nuvve Corporation logo (PRNewsfoto/Nuvve Corporation)](https://mma.prnewswire.com/media/620095/nuvve__Logo.jpg)
![Levo Mobility LLC provides Fleet-as-a-Service solutions enabling fleets to switch to electric vehicles quickly with no upfront costs and full financing options. Levo Mobility LLC provides Fleet-as-a-Service solutions enabling fleets to switch to electric vehicles quickly with no upfront costs and full financing options.](https://mma.prnewswire.com/media/1587993/Levo_Logo.jpg)
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SOURCE Nuvve Holding Corp.