Sidley is representing Evolve Transition Infrastructure LP, a portfolio company of Stonepeak Infrastructure Partners, in its agreement to pursue the creation of Levo Mobility LLC, a proposed new sustainable infrastructure joint venture with additional portfolio companies of Stonepeak Infrastructure Partners and Nuvve Holding Corp., aimed at accelerating the deployment of electric fleets, including thousands of zero-emission electric school buses nationwide. Nuvve, Stonepeak and Evolve expect to finalize definitive documents within 90 days, at which time Stonepeak and Evolve would fund the acquisition and development of assets and infrastructure up to an aggregate capital commitment of US$750 million.
Upon signing of definitive documents and closing, Levo will utilize Nuvve’s proprietary V2G technology and capital from Stonepeak and Evolve to help accelerate the deployment of electric fleets, including thousands of zero-emission electric school buses for school districts nationwide through “V2G hubs” and Transportation as a Service (TaaS). Beyond intelligent charging, Nuvve’s V2G platform allows electric vehicle (EV) batteries to store energy, including renewables such as solar and wind, and then safely discharge part of this stored energy back to the grid while parked and plugged in. Additionally, V2G allows EVs to earn revenue by combining energy from multiple batteries to form virtual power plants (VPPs) and access energy markets, sell energy back to the grid, and perform services that stabilize the grid.
The Sidley team was led by partners Cliff Vrielink and George Vlahakos with support from associate Ashley Moulder. The team also included partners Herschel Hamner and Angela Richards, senior counsel Brian Kaplowitz, counsel Carla Teodoro, and associates Sarah O’Brien and Rachel Schatz.