Evolve transition Infrastructure Inc. (NASDAQ: SNMP) stock soars by 92.96% at last check in the current market trading. Evolve Transformation Infrastructure LP is a publicly-traded limited partnership focusing on the purchase, growth, and management of vital infrastructure for the transition of energy supplies to lower-carbon sources. In South Texas, SNMP operates natural gas gathering systems, pipelines, and refining plants, and it continues to look for energy transformation infrastructure opportunities.
What is happening?
Evolve Transition Infrastructure announced today that it has reached an agreement with Nuvve Holding Corp, a global tech leader driving the electrification of transportation via its proprietary vehicle-to-grid (V2G) program, as well as certain financial products controlled by Stonepeak Partners LP, a private equity group focused in infrastructure investing, to create a new sustainable infrastructure. Levo will leverage Nuvve’s patented V2G technologies and capital from Stonepeak to Evolve to help drive the rollout of electric fleets, like thousands of zero-emission electric school buses for school districts nationally via “V2G hubs” and Transportation-as-a-Service, after the signing of final documents and closure.
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Stonepeak and Evolve plan to make a total capital contribution to Levo of up to $750 million, with Evolve funding up to 10% of the total capital commitment. Levo plans to first concentrate on electrifying school buses and related charging systems, as well as V2G facilities, to offer cleaner and healthy mobility for children while also helping to reduce CO2 emissions, integrate clean energy, and boost grid resiliency. Levo also intends to collaborate with private fleets, including last-mile collection, ride hailing and ride sharing, as well as public utilities.
Beyond intelligent charging, Nuvve’s V2G technology enables electric vehicle batteries to store electricity, including renewables like solar and wind, and then efficiently discharge some of the stored energy back to the grid while the vehicle is stationary and plugged in. In addition to this, V2G also enables EVs to generate revenue by integrating electricity from several batteries to form virtual power plants and accessing energy markets, selling energy back to the grid, and providing grid-stabilizing services.