Nuvve in $750M Joint Venture with Stonepeak

San Diego-based Nuvve, a publicly held company developing “vehicle-to-grid” projects which would tie school buses and other commercial fleets into the electric grid, says it is in a $750M joint venture with private equity firm Stonepeak Partners LP. According to the two companies, they have created a new joint venture called Levo Mobility LLV, which will use Nuvve’s vehicle-to-grid technology to accelerate the deployment of electric fleets, including thousands of zero-emission electric school buses for school districts nationwide. The two companies said the new venture would offer “transportation-as-a-service”, which would include vehicles, charging infrastructure, and its “vehicle-to-grid” services. Nuvve is in the process of developing a platform which lets electric vehicle batteries store power during the day, and sell that energy back to the grid when needed as part of new “virtual power plant” (VPP) efforts.