Why Evolve Transition's Stock Is Surging Today

Evolve Transition Infrastructure LP SNMP shares are trading higher after the company announced an agreement with Nuvve Holding Corp. NVVE and Stonepeak to pursue a $750 million joint venture called Levo Mobility.

Upon Closing, Stonepeak and Evolve will fund Levo's acquisition and development of agreed assets and infrastructure up to an aggregate capital commitment of $750 million, with such capital commitment expected to be funded 90% by Stonepeak and 10% by Evolve.

Evolve Transition Infrastructure LP is focused on the acquisition, development and ownership of infrastructure critical to the transition of energy supply to lower carbon sources.

Evolve Transition's stock was trading 84.5% higher at $1.34 per share. The stock set a new 52-week high of $1.77 and has a 52-week low of $0.26.