Evolve Taps Nuvve, Stonepeak To Launch Electric Vehicle Joint Venture

Evolve Transition Infrastructure (NYSE: SNMP) announced today an agreement entered into with vehicle-to-grid platform developer Nuvve Holding Corp. (Nasdaq: NVVE) and equity firm Stonepeak Partners. The agreement will see a joint venture focused on accelerating the deployment of electric fleets through vehicle-to-grid hubs and transportation-as-a-service.

The joint venture, called Levo Mobility, is expected to initially focus on electrifying school buses and associated charging infrastructure but is also slated to work with commercial fleets in the future.

Levo is tapping on Nuvve for its vehicle-to-grid platform, which also allows electric vehicle batteries to store energy and earn revenue via a virtual power plant model that sees energy dispersed from the vehicle back to the grid while parked.

Under the agreement, Evolve will partner with Stonepeak to deploy an initial US$750 million capital commitment to Levo Mobility. The investment is expected to be funded 90% by Stonepeak and 10% by Evolve.

Stonepeak and Evolve will also receive warrants to purchase an aggregate of 5.4 million and 600,000 Nuvve common shares, respectively. In addition, Nuvve also granted Stonepeak and Evolve an option to purchase 5 million Nuvve shares at US$50 per share.

The joint venture agreement comes on the heels of the Biden-Harris administration’s infrastructure plan that includes electrification of 480,000 school buses. US Congress also recently announced a US$25-billion bill to push electrifying school buses.

The joint venture agreement is expected to close prior to the end of July 2021.

Evolve Transition Infrastructure last traded at US$0.71 on the NYSE while Nuvve Holding Corp. last traded at US$8.25 on the Nasdaq.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

2026 Could Be Gold’s Biggest Year Yet!? | Ryan King – Equinox Gold

Gold Is Screaming Higher While Currencies Burn | Simon Ridgway – Rackla Metals

We Have the Highest-Grade Antimony Deposit in North America!? | Jim Atkinson -Antimony Resources

Recommended

Canadian Copper Secures $8 Million Lead Order From Ocean Partners As Part Of Larger Funding Round

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Related News

Panasonic Warns of Weakness in Auto Battery Business Amid EV Slowdown

Panasonic (TYO: 6752), a major supplier of batteries to Tesla (Nesdaq: TSLA), warns of potential...

Thursday, May 23, 2024, 02:12:00 PM

EV Shares Soar Following Tesla’s Better-Than-Expected First Quarter Deliveries

The global EV sector appears to be set for a further price rally, following Tesla’s...

Monday, April 5, 2021, 05:37:00 PM

General Motors Announces the First of a String of Expected Positive EV Developments

In what should prove to be the first in a string of positive electric vehicle...

Saturday, December 25, 2021, 09:00:00 AM

New Brunswick Offers Rebates To Achieve 20,000 Electric Cars By 2030

After falling short of its 2020 target to put 2,500 electric cars on the road,...

Friday, July 9, 2021, 11:40:00 AM

7-Eleven Plans 500 Additional Electric Vehicle Charging Stations By 2022

Seven & I Holdings Co. (TYO: 3382), which operates 7-Eleven, announced its plans to build...

Wednesday, June 2, 2021, 11:17:00 AM