Yes, Mevo can be used as a WiFi access point where you can connect your phone to it without a pre-existing network at your location. This is ideal in remote areas or in venues where you don't have WiFi access.
When connecting to Mevo using this method, you can stream using your iOS device's LTE connection. Please note that this will use data from your cellular data plan and thus could result in overage charges from your provider.
For instructions on how to set this up, see here.