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
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.