BYD, an electric vehicle manufacturer, and Levo Mobility, a joint venture of Nuvve Holding Corp. (affiliates of Stonepeak Partners) and Evolve Transition Infrastructure, a provider of Fleet-as-a-Service (FaaS) solutions enabling fleets to switch to electric vehicles (EVs) rapidly, have announced a collaboration to integrate Nuvve’s vehicle-to-grid (V2G) technology with a mix of BYD battery electric vehicles (BEVs) and plans for joint deployment of up to 5,000 BEVs over the next five years.
“This partnership leverages 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," said BYD Motors President Stella Li.
Nuvve’s V2G technology uses high-powered bidirectional charging stations, which not only charge the batteries, but also discharge energy from the batteries back into the power grid as needed to help balance temporary spikes in electricity demand. Using Nuvve’s bidirectional charging stations and software, the BEVs can act as energy storage assets discharging megawatts of capacity to the grid and performing other services that help stabilize the grid and prevent blackouts while ensuring each BEV has enough charge for the next trip. In addition to saving electric fleets money by charging when utility rates are low, Nuvve’s platform also enables revenue opportunities from these grid services.
Through a preferred financing partnership with BYD, Levo intends to purchase up to 5,000 medium- and heavy-duty V2G-enabled BEVs over five years that may include transit buses and coaches, yard tractors, drayage and refuse trucks, last-mile delivery vehicles, and school buses.
Levo's comprehensive offering streamlines electrification by providing fleet owners and operators with a solution that includes electric vehicles, associated charging infrastructure, and energy management powered by Nuvve, maintenance, site planning, and more. These services are provided to customers for a fixed monthly payment with no upfront cost.
“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.