Welcome to our dedicated page for Evolve Transition Infrastructure LP news (Ticker: SNMP), a resource for investors and traders seeking the latest updates and insights on Evolve Transition Infrastructure LP stock.
Evolve Transition Infrastructure LP (NYSE American: SNMP) is a publicly-traded limited partnership that was formed in 2005. The company focuses on the acquisition, development, and ownership of infrastructure that is critical to the transition of energy supply to lower carbon sources. Evolve boasts ownership of natural gas gathering systems, pipelines, and processing facilities located in South Texas. In addition to its existing assets, the company is committed to pursuing new opportunities in energy transition infrastructure.
One of Evolve's recent announcements highlights its strategic adjustments. On June 13, 2023, Evolve announced an amendment to the date for the previously announced reverse split of its common units. Initially set for June 14, 2023, the reverse split is now under review by the Financial Industry Regulatory Authority (FINRA) due to Evolve's recent initiation of over-the-counter market trading on June 7, 2023. The new effective date for this corporate action will be announced following the successful completion of FINRA’s review.
For those interested in the latest updates and developments, Evolve provides a comprehensive list of press releases on its official website.
Evolve Transition Infrastructure LP (NYSE American: SNMP) has filed its Annual Report on Form 10-K for the year ending December 31, 2021, with the SEC. The Partnership is focused on investing in infrastructure that supports the transition to lower carbon energy sources, having sold its upstream assets and formed a joint venture with LEVO Mobility LLC. By year-end 2021, Evolve had approximately $1.7 million in cash and reduced its debt by 55% to $49.2 million. The credit facility has been extended until September 30, 2023, with further reductions in debt since then.
Levo Mobility LLC, a joint venture of Nuvve Holding Corp. (Nasdaq: NVVE), Stonepeak Partners, and Evolve Transition Infrastructure LP (NYSE: SNMP), has secured a 10-year contract with Troy Community Consolidated School District 30-C in Illinois. This partnership aims to convert the district's fleet of 64 school buses to zero-emission vehicles within five years. Levo will provide comprehensive services including site planning, infrastructure installation, and energy management, facilitating a sustainable electrification effort while minimizing costs through available rebates.
Levo Mobility LLC, a joint venture of Nuvve Holding Corp. (Nasdaq: NVVE) and others, has appointed Maggie Clancy as Chief Commercial Officer and Walter Watson as Chief Operating Officer to enhance its leadership. Clancy, with 23 years of experience, previously led the EV strategy at National Express, while Watson has 15 years in operations and finance roles. Their addition aims to strengthen Levo's position in the electric vehicle (EV) market and support its mission to electrify transportation across the U.S.
Evolve Transition Infrastructure LP (NYSE American: SNMP) announces strategic leadership changes as it focuses on energy transition-related infrastructure. Effective December 1, Randy Gibbs, Co-Founder of HOBO Renewable Diesel, LLC, takes over as CEO, accompanied by key executives from HOBO. The new management aims to enhance Evolve's capital structure, explore diverse energy opportunities, and develop projects like Levo Mobility LLC, targeting 120 million gallons of renewable fuels annually. The leadership transition is expected to strengthen Evolve's commitment to sustainability and shareholder value.
Evolve Transition Infrastructure LP (NYSE American: SNMP) announced the appointment of new executives effective November 3, 2021. Randall Gibbs becomes CEO, Mike Keuss is named President and COO, and Jonathan Hartigan is appointed President and CIO. The company granted equity inducement awards to these executives as part of their employment agreement, amounting to over 13 million restricted common units. Additionally, Evolve has entered into a Framework Agreement with HOBO Renewable Diesel to fund a project expected to produce over 120 million gallons of renewable fuels annually.
Evolve Transition Infrastructure (NYSE American: SNMP) announced a $600 million investment in constructing a renewable fuels project with HOBO Renewable Diesel. This project aims to produce over 120 million gallons of renewable fuels annually. Key leaders from HOBO will join Evolve's management, including Randy Gibbs as CEO. Evolve will exclusively fund the Fuels Project and future renewable initiatives, focusing on reducing carbon emissions through renewable diesel and sustainable aviation fuel. This collaboration is expected to enhance Evolve's strategy in energy transition.
BYD and Levo Mobility have announced a significant collaboration to deploy up to 5,000 V2G-enabled battery electric vehicles (BEVs) over the next five years. This partnership aims to leverage Nuvve's technology and Stonepeak's financing to facilitate the electrification of medium- and heavy-duty fleets. Levo will provide a comprehensive Fleet-as-a-Service solution, which includes electric vehicles, infrastructure, and management services, with no upfront costs for fleet operators. This initiative is expected to reduce carbon emissions and improve energy management.
Evolve Transition Infrastructure LP (NYSE American: SNMP) has announced that it has regained compliance with NYSE American listing standards, effective October 5, 2021. This follows earlier notices of non-compliance from April 2020 and April 2021. The company's successful compliance was achieved by meeting the $50 million market capitalization exemption outlined in the Company Guide. Consequently, Evolve is no longer listed as a noncompliant issuer and the compliance indicator has been removed. This reinstatement supports Evolve's commitment to managing its financial stability and operational objectives.
Evolve Transition Infrastructure LP (NYSE American: SNMP) announced an amendment to its credit agreement with the Royal Bank of Canada. The amended agreement provides a $65 million term loan and a $5 million revolving credit facility, both fully funded by RBC. The new agreement offers increased flexibility for Evolve to pursue energy transition investments, with a maturity date set for September 30, 2023. CFO Chuck Ward emphasized that this amendment marks a significant milestone in the company's strategic shift towards lower carbon energy sources.
Evolve Transition Infrastructure LP (NYSE American: SNMP) has formed Levo Mobility LLC, a joint venture with Nuvve Holding Corp. and Stonepeak Partners LP, aimed at accelerating the electrification of transportation. Levo will provide a Fleet-as-a-Service solution to enable fleets to transition to electric vehicles (EVs) without upfront costs. Levo plans to deploy up to $750 million in capital to support EV fleet deployments, focusing initially on electrifying school buses and providing necessary infrastructure, thus enhancing the integration of renewable energy and reducing CO2 emissions.
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