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Mintz Advises Nuvve in Plans to Form $750 Million Joint Venture with Stonepeak to Deploy Electric Vehicle Charging and Transportation as a Service for Commercial Fleets

Mintz served as legal advisor to Nuvve Holding Corp. (Nuvve) (Nasdaq: NVVE), a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform, in its recently 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 and Member Eric Macaux and included Members Scott Pinarchick and Tali Tuchin, Of Counsel Kristopher Kirkwood, and Associates Charles Koech and David Salamon.

Mintz was one of the first law firms to develop a practice focused on energy and sustainability innovation and has been the leading law firm in the industry since the earliest days of this technology revolution. The Mintz Energy & Sustainability Practice now serves more than 250 clients, spanning the ecosystem from emerging companies to large corporations, private equity and venture capital funds, investment banks, project developers and project finance funds, and family offices.

Significantly, this is the latest transaction Mintz’s Energy & Sustainability team has handled in the EV market. Previously, Mintz served as legal counsel to XL Fleet, a leader in vehicle electrification solutions for commercial and municipal fleets, in its completed merger with Pivotal Investment Corporation II, a special purpose acquisition company. The combined company is now trading on the New York Stock Exchange under the ticker symbol “XL”.