Nuvve Holding Corp. and Stonepeak Partners have agreed to form a new sustainable infrastructure JV focused on deploying electric vehicles managed by Stonepeak, including thousands of zero-emission electric school buses and commercial fleets.
Stonepeak and its portfolio company, Evolve Transition Infrastructure, will commit $750 million in capital to the JV, which is known as Levo Mobility.
Levo will initially focus on electrifying school buses and associated charging infrastructure, while supporting carbon emission reduction efforts, renewable energy integration and improved grid resiliency. Levo also plans to work with commercial fleets such as last-mile delivery, ride hailing and ride sharing, and municipal services.
This investment comes on the heels of the Biden-Harris administration calling for the electrification of the 480,000 school buses in the United States, through the new infrastructure plan. In addition, lawmakers recently announced a $25 billion bi
