The new collaboration plans to leverage Nuvve’s
technology and Stonepeak’s and Evolve’s capital through Levo to
offer fully financed, V2G-enabled BYD medium- and heavy-duty
electric fleet vehicles
BYD, the world leader in electric vehicles, and Levo Mobility
LLC (“Levo”), a joint venture of Nuvve Holding Corp. (Nasdaq: NVVE)
(“Nuvve”), affiliates of Stonepeak Partners LP (“Stonepeak”), and
Evolve Transition Infrastructure LP (NYSE American: SNMP)
(“Evolve”) that provides Fleet-as-a-Service (“FaaS”) solutions
enabling fleets to switch to electric vehicles (“EVs”) rapidly,
today announced a collaboration to integrate Nuvve’s leading
vehicle-to-grid (“V2G”) technology with a mix of BYD battery
electric vehicles (“BEVs”) and plans for joint deployment of up to
5,000 BEVs over the next five years.
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Courtesy of BYD
“The BYD-Levo collaboration has the potential to accelerate and
transform the transportation sector at a critical time,” said BYD
Motors President, Stella Li. “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 megawatts of 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.
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.
Levo's comprehensive offering streamlines electrification by
providing fleet owners and operators with a turnkey solution that
includes electric vehicles, 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.
“Our collaboration with BYD continues the momentum of
transportation electrification that Nuvve is passionate about,”
said 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.”
“We are very pleased to foster a fantastic working relationship
with Levo, Nuvve, and Stonepeak,” said 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.”
“With over $20B in revenue and more than 65k 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,” said 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.
BYD’s customers now have a means to avoid up-front costs and
immediately enjoy the immense benefits of electric vehicles
including immediate, day one fuel and maintenance savings.”
About BYD
The Official Sponsor of Mother Nature™, BYD, which stands
for Build Your Dreams, is the world’s leading electric vehicle
company with proven innovative technology for cars, buses, trucks,
forklifts, and rail systems – like SkyRail. BYD is dedicated to
creating a truly zero-emission ecosystem offering technology for
solar electricity generation, energy storage to save that
electricity, and battery-electric vehicles powered by that clean
energy. Globally, BYD is committed to corporate social
responsibility, monitoring our supply chain in terms of human
rights, environmental safety, hazardous substance control and
intellectual property rights. We select only suppliers who share
our commitment to labor practices, human rights standards and the
environment.
BYD has 220,000 employees across the globe, including nearly
1,000 in North America. BYD is the world leader in electric
vehicles with more than 65,000 battery-electric transit buses and
motor coaches to customers worldwide.
For more information, please visit www.BYD.com or follow BYD on
LinkedIn, Twitter, Facebook and YouTube.
About Levo Mobility
Levo Mobility LLC (Levo) is a joint venture of Nuvve Holding
Corp., affiliates of Stonepeak Partners LP, and Evolve Transition
Infrastructure LP that provides FaaS solutions enabling fleets to
switch to electric vehicles quickly with no upfront costs and full
financing options. For a flat fee, Levo provides turnkey support
including site planning, construction services, deployment of
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 their
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 $39 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
communications, energy transition, power and renewable energy,
transport and logistics, and water. Stonepeak is headquartered in
New York with offices in Houston, Austin and Hong Kong. For more
information, please visit www.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.
Additional information about Evolve can be found in the
documents on file with the U.S. Securities and Exchange Commission
(SEC) which are available on Evolve’s website at www.evolvetransition.com and on the SEC’s website
at www.sec.gov.
Nuvve 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 the 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) Nuvve’s current dependence on sales of
charging stations for most of its revenues; (iii) 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; (iv) 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; (v) the effects of competition on Nuvve’s future
business; (vi) risks related to Nuvve’s dependence on its
intellectual property and the risk that Nuvve’s technology could
have undetected defects or errors; (vii) changes in applicable laws
or regulations; (viii) the COVID-19 pandemic and its effect
directly on Nuvve and the economy generally; (ix) risks relating to
privacy and data protection laws, privacy or data breaches, or the
loss of data; (x) the demand for, full financing of, and expected
benefits from Levo electrification projects; and (xi) the
possibility that Nuvve may be adversely affected by other economic,
business, and/or competitive factors. Should one or more of the
risks or uncertainties described in this press release materialize
or should underlying assumptions prove incorrect, actual results
and plans could differ materially from those expressed in any
forward-looking statements. Additional information concerning these
and other factors that may impact the operations and projections
discussed herein can be found in the quarterly report on Form 10-Q
filed by Nuvve with the SEC on May 21, 2021; in the proxy
statement/prospectus filed 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. Nuvve’s SEC filings
are available publicly on the SEC’s website at www.sec.gov.
Evolve Forward Looking Statements
This press release contains “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, included in this press release are forward-looking
statements. Any statements that refer to Evolve’s future strategy,
future investments, future uses of capital, future operations,
plans and objectives of management 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 Evolve’s deployment of capital to Levo in support
of the BYD-Levo collaboration, the anticipated benefits of such
collaboration, and other statements about Levo or BYD. 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 BYD,
Levo, Stonepeak and Evolve that may cause Evolve’s 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 Evolve 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. Evolve’s Annual Report on Form 10-K for the year ended
December 31, 2020, Quarterly Report on Form 10-Q for the three
months ended June 30, 2021 and other filings with the SEC which are
available on Evolve’s website at www.evolvetransition.com and on
the SEC’s website at www.sec.gov, discuss some of the important
risk factors that may affect Evolve’s 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 Evolve or persons acting
on Evolve’s behalf.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211005006040/en/
BYD Jim Skeen/media relations specialist
jim.skeen@byd.com 661-436-0513
Nuvve Press Contact (W)right On Communications Chance
Shay cshay@wrightoncomm.com +1 619-980-5556
Nuvve Investor Contact ICR nuvve@icrinc.com
Stonepeak Press Contact Kate Beers
beers@stonepeakpartners.com 646-540-5225
Evolve Contact Charles Ward Chief Financial Officer
ir@evolvetransition.com (713) 800-9477
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