Editing by Kate Yuan
Chinese EV giant BYD announced to collaborate with the U.S.-based Levo Mobility, a joint venture of Nuvve Holding, to integrate Nuvve’s leading vehicle-to-grid (“V2G”) technology with BYD battery electric vehicles (“BEVs”). They plan to deploy 5,000 BEVs over the next five years, according to Business Wire.
Stella Li, BYD Motors President, said, “This innovative potential partnership leverages state-of-the-art BYD and Nuvve technologies and will provide access to Stonepeak’s financing, which will lower the cost of medium- and heavy-duty battery electric vehicle adoption for fleets of all types including mass transit, municipalities, last mile delivery and school districts.”
Through a preferred financing partnership with BYD, Levo plans to purchase up to 5,000 medium and heavy-duty V2G-enabled EVs over five years. They may include transit buses and coaches, yard tractors, drayage and refuse trucks, last mile delivery vehicles and school buses.
“By integrating our V2G platform with a variety of medium and heavy-duty electric fleets, we can introduce these vehicles to the grid in a much more intelligent and sustainable way, help integrate more renewable energy sources, and ultimately accelerate the reduction of harmful CO2 emissions,” said, Gregory Poilasne, Chairman and CEO of Nuvve and Chairman of Levo Mobility.
Founded in 1995, Shenzhen-based BYD is a world leader in EVs. According to BYD, its mission is to change the world by creating a complete, zero-emission ecosystem powered by clean energy. BYD's innovative products are leaders in multiple sectors, including battery-electric automobiles, buses, medium- and heavy-duty trucks and forklifts; the SkyRail monorail system; solar power generation and energy storage systems.
Levo Mobility is a joint venture between Nuvve Holding Corp., a global technology leader accelerating the electrification of transportation through its proprietary vehicle-to-grid (V2G) platform and Stonepeak, a leading alternative investment firm specializing in infrastructure investing and real assets. It provides electric fleet financing and EV charging solutions enabling fleets to switch to electric vehicles quickly.
“With over $20 billion in revenue and more than 65,000 electric buses deployed worldwide, BYD is a giant in electric mobility – we are thrilled to announce Levo’s partnership with BYD as its preferred financing partner,” said Trent Kososki, Managing Director at Stonepeak.