Nuvve Holding Corp. (Nasdaq: NVVE) has partnered with Stonepeak Partners and Evolve Transition Infrastructure LP (NYSE American: SNMP) to establish Levo Mobility LLC, a joint venture aimed at expediting the electrification of transportation through vehicle-to-grid (V2G) technology. With a capital commitment of up to $750 million, Levo will focus on electrifying fleet operations, particularly in school buses, offering Fleet-as-a-Service solutions without upfront costs. Nuvve's V2G platform allows EVs to store and return energy to the grid, supporting renewable integration and grid stability.
Evolve Transition Infrastructure LP (NYSE American: SNMP) announced a partnership with Nuvve Holding Corp. and Stonepeak Partners LP to establish a joint venture, Levo Mobility LLC, aimed at enhancing electric transportation solutions.
Levo will focus on deploying electric school buses and related infrastructure using Nuvve’s vehicle-to-grid (V2G) technology. The joint venture has a capital commitment of up to $750 million, predominantly funded by Stonepeak. This initiative aligns with the Biden administration’s push for electric school buses, targeting the 480,000 buses in the U.S.
Evolve Transition Infrastructure LP (NYSE American: SNMP) announced the sale of upstream assets for approximately $14.4 million, significantly reducing its debt from $150 million to $88 million. This divesture aligns with Evolve’s strategy to transition towards lower carbon energy infrastructure. The partnership has successfully reduced its debt by 41% since December 31, 2019. However, it received a notice from NYSE American regarding non-compliance with listing standards due to low equity and reported losses in three of the last four fiscal years, although it is not required to submit a new compliance plan.
Evolve Transition Infrastructure LP (NYSE American: SNMP) reported full-year 2020 revenues of $57.0 million, mainly from midstream activities. A net loss of $118.8 million was also noted. The Partnership aims to transition its business focus towards low carbon energy infrastructure. As of December 31, 2020, it had $1.7 million in cash and $111.0 million in outstanding debt, which has been reduced by 26% since the previous year. A concerning audit opinion regarding its going concern status was issued. Common units outstanding increased from 54.5 million to 56.2 million since mid-March 2021.
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Sanchez Midstream Partners LP (SNMP) announced that the NYSE American has accepted its plan to regain compliance with continued listing standards. This decision follows an April 3, 2020 notice about non-compliance due to reported partners' capital below $2 million and net losses in two of the last three fiscal years. SNMP has until October 3, 2021, to achieve compliance. If unsuccessful, delisting proceedings may commence. The partnership focuses on midstream energy assets in North America, with interests in oil and natural gas infrastructure.