Joint Venture Raises Nearly $750 Million to Electrify Fleets


Nuvve Holding Corp., Stonepeak Partners LP and Stonepeak’s Evolve Transition Infrastructure LP portfolio company have completed the formation of Levo Mobility LLC. The sustainable infrastructure joint venture is 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.

Levo’s turnkey solution simplifies and streamlines electrification. It 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 and then sells this stored energy back to the grid.

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.

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