The shares of Evolve Transition Infrastructure LP (SNMP) were trading at $1.54 in pre-market at last check, up 5.48%. SNMP stock fell -11.52% to close Wednesday’s session at $1.46. SNMP stock continued to trade at 5.81 million shares, which was higher than the average daily volume of 4.55 million shares within the past 50 days. Over the past 12 months, SNMP stock has risen by 342.56%, and in the past week, it has dropped by -8.75%. The SNMP stock has gained 79.32% over the past three months, whereas it has shed 1.35% over the past six months. SNMP’s current market capitalization is $79.92 million, and its outstanding shares are 38.92 million. While there has been no current news about SNMP stock, its recent development might be the catalyst for the surge.
What has been happening at SNMP Stock recently?
The underlying objective of Evolve Transition is to acquire, develop, and fully own the infrastructure needed to transition energy supply to lower carbon sources. SNMP owns gathering and processing infrastructure in South Texas and continues to look for opportunities in energy transition infrastructure.
A new venture called Levo Mobility LLC (Levo) was formed by Evolve Transition this month with the support of Stonepeak Partners LP (Stonepeak), an alternative investment firm, and Nuvve Holding. EV (electric vehicles) fleet deployments via V2G are the objective of Levo, a sustainable infrastructure joint venture. School buses, last-mile delivery, ride hailing and ride sharing, municipal services, and more will all be offered through Levo’s Fleet-as-a-Service using Nuvve’s V2G technology and Stonepeak and SNMP’s committed capital.
Levo will remove the primary barrier to the adoption of electric fleets, including large upfront capital investments and inadequate expertise in securing and managing electric vehicles as well as charging infrastructure. LVo’s end-to-end solution optimizes and streamlines EV electrification, lowers fleet owner’s operating costs, and supports the grid while EVs are off duty. To provide electric school buses, charging infrastructure powered by Nuvve’s V2G platform, maintenance for the buses and the stations, energy management, and technical advice, Levo offers a fixed monthly payment with no upfront costs.
In all, Stonepeak and SNMP will invest up to an aggregate of $750 million in Levo, with 75 million dollars of the investment to be provided by SNMP. At first, Levo will electrify school buses, provide associated charging infrastructures, and offer V2G services to enable safer and healthier transportation for children while helping to reduce CO2 emissions through renewable energy integration and improving grid resilience.
SNMP’s goals for energy transition:
A major milestone in the history of Evolve (SNMP) has been achieved with the formation of Levo with Nuvve and Stonepeak. The Levo joint venture is just one of a variety of energy transition asset classes SNMP is evaluating with Stonepeak’s support earlier this year as part of its business strategy shift to focusing on acquisition and development of infrastructure critical to the transition of energy supply to lower carbon sources.
