Evolve Transition Infrastructure LP (SNMP) has seen a tremendous increase of 3.15% after BYD and Levo Announce Collaboration to Deploy Up to 5,000 Battery-Electric Vehicles to Electrify U.S. Fleets Intelligently. However, the last trading session closed at $1.27 with an incline of 8.55%.
Collaboration to Deploy Up to 5,000 Battery-Electric Vehicles
On 5th October 2021, SNMP announced the collaboration of BYD and Levo to distribute 5,000 Battery-Electric Vehicles. At a critical juncture, the BYD-Levo partnership has the ability to accelerate and change the transportation industry. This innovative potential partnership will take advantage of cutting-edge BYD and Nuvve technologies, as well as Stonepeak’s financing.
This lowers the cost of medium- and heavy-duty battery electric vehicle adoption for fleets of all types, including public transportation, municipalities, last-mile delivery, and school districts. Nuvve’s V2G technology employs high-powered bilateral charging stations that not only charge the batteries but also discharge energy back into the power grid as needed to assist balance sudden surges in electrical consumption.
Completion of Amended Credit Agreement Supporting Business Strategy Shift
On 23rd August 2021, SNMP stated that it has completed the previously announced modification to its credit arrangement with the Royal Bank of Canada. Evolve will receive a $65 million term loan and a $5 million revolving credit facility under the revised credit arrangement. Moreover, the revised credit arrangement, which has a maturity date of September 30, 2023, gives Evolve additional flexibility to continue its strategic pivot toward energy transition projects.
The company appreciates RBC’s assistance in modifying our present credit arrangement to include. Lastly, the signing of this modified loan agreement marks a significant step forward in our business strategy change. This helps to concentrate on the purchase and development of essential infrastructure.
SNMP announced Levo Joint Venture
SNMP announced on 4th August 2021 that Nuvve Holding Corp. has completed the formation of Levo Mobility LLC. Levo is a sustainable infrastructure joint venture that funds V2G-enabled electric vehicle (EV) fleet deployments. Levo will use Nuvve’s V2G technology, as well as committed capital from Stonepeak and Evolve. It is also working to overcome the predominant obstacles to EV fleet adoption, such as large upfront infrastructure investments.
