Shares of Nuvve Holding Corp. shot up 13.9% in premarket trading Monday, after the commercial vehicle-to-grid technology company and Stonepeak Partners LP announced plans to form a new joint venture called Levo Mobility LLC to deploy electric vehicle charging for school buses and other commercial EV fleets. The JV will also provide transportation as a service (TaaS). Stonepeak, along with its portfolio company Evolve Transition Infrastructure LP will provide a $750 million capital commitment to Levo Mobility, which will use the money to focus initially on electrifying school buses and providing associated charging infrastructure. “Through our relationship [with Stonepeak], we plan to remove barriers that currently exist for school districts and other fleet operators to convert to electric vehicles,” said Nuvve Chief Executive Gregory Poilasne. Nuvve’s stock has plunged 52.1% over the past three months through Friday, while the S&P 500 has gained 6.2%. Earlier Monday, Lion Electric Co. announced an order for 260 all-electric school buses from First Student.

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