BYD and Levo Mobility LLC are collaborating to integrate Nuvve Holding Corp.’s vehicle-to-grid (V2G) technology with a mix of BYD battery electric vehicles (BEV) and plans for joint deployment of up to 5,000 BEVs over the next five years.
Levo Mobility is a joint venture of Nuvve, Stonepeak Partners LP affiliates and Evolve Transition Infrastructure LP that provides fleet-as-a-service (FaaS) solutions enabling fleets to rapidly switch to electric vehicles (EV).
“The BYD-Levo collaboration has the potential to accelerate and transform the transportation sector at a critical time,” states Stella Li, BYD Motors’ president. “This innovative potential partnership leverages state-of-the-art BYD and Nuvve technologies and will provide access to Stonepeak’s financing, which will lower the cost of medium- and heavy-duty battery electric vehicle adoption for fleets of all types including mass transit, municipalities, last mile delivery and school districts.”
Nuvve’s proprietary V2G technology utilizes high-powered bidirectional charging stations, which not only charge the batteries but also discharge energy from the batteries back into the power grid as needed to help balance temporary spikes in electricity demand. Utilizing Nuvve’s bidirectional charging stations and proprietary software, the BEVs can act as energy storage assets discharging capacity to the grid and performing other services that help stabilize the grid and prevent blackouts while ensuring that each BEV has enough charge for the next trip. In addition to saving electric fleets money by charging when utility rates are low, Nuvve’s platform also enables revenue opportunities from these grid services.
“Our collaboration with BYD continues the momentum of transportation electrification that Nuvve is passionate about,” says Gregory Poilasne, chairman and CEO of Nuvve and chairman of Levo Mobility. “By integrating our V2G platform with a variety of medium and heavy-duty electric fleets, we can introduce these vehicles to the grid in a much more intelligent and sustainable way, help integrate more renewable energy sources, and ultimately accelerate the reduction of harmful CO2 emissions.”
Through a preferred financing partnership with BYD, Levo intends to purchase up to 5,000 medium- and heavy-duty V2G-enabled BEVs over five years that may include transit buses and coaches, yard tractors, drayage and refuse trucks, last mile delivery vehicles, and school buses.
“We are very pleased to foster a fantastic working relationship with Levo, Nuvve, and Stonepeak,” adds Sam Kang, BYD’s head of total solutions. “This partnership would provide a much-needed financing solution and the world’s leading V2G platform to catalyze the electrification initiative. Ultimately, this will reduce substantial carbon emissions so we can all have a breath of fresh air.”
Levo’s offering streamlines electrification by providing fleet owners and operators with a turnkey solution that includes EVs, associated charging infrastructure and energy management powered by Nuvve, maintenance, site planning, and more. These services are provided to customers for a fixed monthly payment with no upfront cost.
“With over $20 billion in revenue and more than 65,000 electric buses deployed worldwide, BYD is a giant in electric mobility – we are thrilled to announce Levo’s partnership with BYD as its preferred financing partner,” mentions Trent Kososki, managing director at Stonepeak. “Our joint efforts aim to rapidly accelerate deployments of safe, cost-effective and environmentally friendly electric transportation solutions leveraging Levo’s fully financed solution.”