Shares of Nuvve Holding Corp. (NVVE) are currently gaining over 11% after the company announced that along with Stonepeak Partners LP it will pursue a $750 million joint Venture, called Levo Mobility LLC.
NVVE is currently trading at $9.20, up $0.95 or 11.51%, on the Nasdaq.
Levo will use Nuvve's V2G technology and Stonepeak's capital 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.
Stonepeak, along with its portfolio company Evolve Transition Infrastructure LP, plans to deploy up to an aggregate $750 million capital commitment to Levo. Levo expects to initially focus on electrifying school buses and associated charging infrastructure plus V2G services.
Nuvve Holdings' first-quarter loss widened to $5.4 million or $0.52 per share from $497 thousand or $0.06 per share last year. For the first quarter, the company reported revenues was $799 thousand, down from $945 thousand last year.
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