LP will commit as much as $750 million toward the new entity, to be called Levo Mobility LLC, the companies said. Nuvve, based in San Diego, will contribute its technology, which uses vehicles’ batteries to store energy and push it back to the grid while the vehicles are parked and plugged in.
Founded in 2010, Nuvve started trading publicly in March, when it merged with a blank-check company. It announced the joint venture ahead of its first-quarter earnings report on Monday after an earlier report by The Wall Street Journal.
Nuvve estimates that cars are parked for 96% of the day. School buses, which are typically used to transport students to school at the start of the day and home at the end, are driven even less. Meanwhile, 95% of the roughly 480,000 school buses on the road in the U.S. use diesel fuel, contributing about 5.3 million tons of greenhouse gas each year, according to a February report by the nonprofit Environment America Research & Policy Center and the U.S. PIRG Education Fund.
that includes $25 billion to electrify school buses. Nuvve and Stonepeak estimate that would be enough to convert about 20% of the nation’s fleet.
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