Levo and Ecolution Power Team Up with Plans to Fund Electric Buses and Charging Stations Powered by Kinetic Energy
PR93575
NAPLES, Fla., Dec. 10, 2021 /PRNewswire=KYODO JBN/ --
--Ecolution to Introduce Technology in St. Paul, MN and Twin Cities Area;
Establish Regional Headquarters
Ecolution Power Company (Ecolution), a clean energy technology company, has
signed an LOI to collaborate with Levo Mobility LLC (Levo) to help create the
first smart city to achieve net-zero carbon emissions. Ecolution plans to
deploy its patented Module Active Response System (MARS) proof-of-concept in
Greenville, SC, followed by a roll-out of its technology in Minnesota for 2022.
Ecolution's MARS technology harvests kinetic energy from moving train cars and
truck trailers, generating affordable clean electricity which is downloaded
into a micro-grid at the train station, at buildings in the city, or placed
directly into the central electric grid. This mobilized kinetic energy would
also be sourced to charge electric school buses. There are approximately 5,000
school buses and 1,000 municipal and mass transit buses in the Minneapolis-St.
Paul greater area which could transition to zero emission electric in the
future.
Through a dedicated project joint venture which may be funded by Levo,
Ecolution plans to supply St. Paul and the Twin Cities area in Minnesota with
electric vehicles and electric vehicle charging stations powered by its
rail-to-grid technology.
"Harnessing the power of clean energy is critical to building a sustainable
future for our city," said Mayor Melvin Carter. "As we continue this vital
work, we look forward to the opportunity to welcome Ecolution into our
community."
"Trains consume a great deal of energy. Our technology recycles that energy,
and in the process lowers electricity costs and carbon emissions," said Johanne
Medina Then, CEO and co-founder of Ecolution. "This transformative process is
now becoming reality with the support of our engineering partners, Day &
Zimmermann and KTM Engineering in South Carolina."
Ecolution recently executed a non-binding letter of intent with Levo whereby
Ecolution would seek up to $30 million of capital from Levo to fund the
purchase of electric buses in phase one of the Minnesota project. Ecolution is
currently in the process of establishing a headquarters in St. Paul.
"Levo is committed to reducing CO2 emissions by leveraging technology and
providing an affordable, simple approach to electrification. We manage the
entire, end-to-end process for our customers so they can electrify quickly and
confidently," said Maggie Clancy, chief commercial officer of Levo. "Partnering
with Ecolution helps us fulfill our mission in a new, innovative way, and we
look forward to working closely with the Ecolution Power Company and the City
of St. Paul to achieve their goals."
"All roads to achieving net-zero-carbon emissions must travel through the
transportation sector," said Craig Bouchard, co-founder & executive chairman of
Ecolution. "This partnership establishes a blueprint for how a major
metropolitan area can achieve the net-zero-carbon goal."
About Ecolution Power Company
Ecolution is seeking to become the global transportation industry's largest
source of clean energy. Since its inception in 2016, the minority-owned
company's experienced team of entrepreneurs developed and patented an
innovative method of recycling 'wasted' kinetic energy from moving vehicles
entitled MARS, invented by CTO and Co-Founder Johnny Then Gautier. Unlike
regenerative braking, this technology requires no engine. The development of
the prototype will enable municipalities, power, and logistics companies to
assess the benefits of the invention. A lead investor in Ecolution Power
Company is Brown Venture Group, LLC is a venture capital firm exclusively for
Black, Latino, and Indigenous technology startups. For more information, visit
www.ecokwh.com
About Levo Mobility LLC
Levo Mobility LLC (Levo) is a joint venture formed by Nuvve Holding Corp.
(NASDAQ: NVVE), Stonepeak Partners, and Evolve Transition Infrastructure LP
(NYSE: SMNP) that provides Fleet-as-a-Service (FaaS) solutions enabling fleets
to switch to electric vehicles (EVs) quickly with no upfront costs and full
financing options. For a flat fee, Levo provides turnkey support including site
planning, construction services, deployment of vehicle-to-grid (V2G)-enabled
EVs and associated charging infrastructure, as well as maintenance and V2G
energy management services to seamlessly transition a customer's fleet to
electric while lowering its total cost of EV operation. Levo combines Nuvve's
proprietary V2G technology, EV OEM partnerships, and expertise in
transportation electrification with substantial capital and additional
resources from Stonepeak and Evolve to bridge the gap between the need to
electrify transportation and the large upfront investment needed to do so.
Levo's mission is to be the all-in-one partner for fleet electrification while
intelligently integrating EVs into the grid and increasing the penetration of
clean energy sources. For more information visit www.levomobility.com
Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements." Such forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of Nuvve Holding Corp. to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Any statements that refer to expectations or
other characterizations of future events, circumstances or results are
forward-looking statements. Various factors that could cause actual future
results and other future events to differ materially from those in
forward-looking statements include but are not limited to those set forth under
the headings "Forward-Looking Statements" and "Risk Factors" in Nuvve's filings
with the Securities and Exchange Commission (SEC), including its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021 filed with the SEC
on November 12, 2021, and in the other reports that Nuvve has filed and will
file from time to time with the SEC. Nuvve undertakes no obligation to release
publicly any revisions to any forward-looking statements, except as required by
law.
CONTACT: Ecolution, Paragon PR, Kailey Medzadourian, kailey@paragonpr.com, +1
551-486-8752; or Levo, (W)right On Communications, Chance Shay,
cshay@wrightoncomm.com, +1 619-980-5556
SOURCE: Ecolution Power Company
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