Nuvve’s $750 Million Joint Venture with Stonepeak Partners LP

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo advised Nuvve on the deal, while Kirkland & Ellis counseled Stonepeak Partners.

Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, announced its announced agreement with private equity firm Stonepeak Partners LP to pursue the formation of a new sustainable infrastructure joint venture called Levo Mobility LLC (Levo).

Upon closing, Levo will utilize Nuvve’s proprietary V2G technology and up to $750 million in capital from Stonepeak and its portfolio company Evolve Transition Infrastructure LP to help accelerate the deployment of electric fleets, including thousands of zero-emission electric school buses for school districts nationwide through V2G charging “hubs” and Transportation as a Service (TaaS).

Levo expects to initially focus on electrifying school buses and associated charging infrastructure and V2G services, to provide safer and healthier transportation for children while supporting CO2 emission reduction, 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. Levo plans to address obstacles to making the switch to electric through flexible options including a fully financed offering that covers the upfront costs of electric buses coupled with a complete charging solution powered by Nuvve’s V2G technology.

Beyond intelligent charging, Nuvve’s V2G platform allows electric vehicle (EV) batteries to store energy, including energy generated by renewable resources such as solar and wind, and then safely discharge that energy back to the grid while vehicles are parked and plugged in. Additionally, V2G allows EVs to earn revenue by combining energy from multiple batteries to form virtual power plants and access energy markets, sell energy back to the grid, and provide services that improve grid resiliency.

Headquartered in San Diego, Calif., Nuvve’s mission is to lower the cost of EV ownership while supporting the integration of renewable energy sources, including solar and wind. Nuvve’s Grid Integrated Vehicle, GIVe™, platform is refueling the next generation of EV fleets through intelligent, bidirectional charging solutions. Since its founding in 2010, Nuvve has launched successful V2G projects on five continents and is deploying commercial services worldwide by developing partnerships with utilities, automakers, and EV fleets.

The Mintz team that advised Nuvve was led by Member and Co-Chair of the Mintz Energy & Sustainability Practice Sahir Surmeli (Picture) and Member Eric Macaux and included Members Scott Pinarchick and Tali Tuchin, Of Counsel Kristopher Kirkwood, and Associates Charles Koech and David Salamon.

Kirkland & Ellis counseled Stonepeak Partners with a team led by corporate partners John Pitts and Andy Calder and associates Stephen Noh and Tyler Dunphy; capital markets partner Julian Seiguer and associate Atma Kabad; technology & IP transactional partner Seth Traxler and associate Matt Darch; and tax partners David Wheat and William Dong.

Involved fees earner: Andrew Calder – Kirkland & Ellis; Matthew Darch – Kirkland & Ellis; William Dong – Kirkland & Ellis; Tyler Dunphy – Kirkland & Ellis; Atma Kabad – Kirkland & Ellis; Stephen Noh – Kirkland & Ellis; John Pitts – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis; David Wheat – Kirkland & Ellis; Kristopher Kirkwood – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Charles Koech – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Eric Macaux – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Scott Pinarchick – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; David Salamon – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Sahir Surmeli – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo; Tali Tuchin – Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo;

Law Firms: Kirkland & Ellis; Mintz, Levin, Cohn, Ferris, Glovsky, and Popeo;

Clients: Nuvve; Stonepeak Infrastructure Partners;

Author: Martina Bellini