Forum Mobility announced Monday it had closed on a new $400 million joint venture to provide comprehensive, zero-emission charging and vehicle solutions to drayage truck fleets and drivers.
The venture will provide electric truck solutions to fleets and small independent drivers, the company said.
“We are building a comprehensive charging network for heavy-duty trucks to make the transition to electrification. This network will need a lot of infrastructure and real estate, and CBRE IM is the perfect partner to help us build charging where it’s needed most. Fleets can bring their trucks to our network, or we can provide electric trucks bundled with charging. Today we can provide a Class 8 electric truck, and all its charging needs, at a monthly price that’s competitive with diesel – without the emissions,” said Matt LeDucq, CEO and co-founder of Forum Mobility. “With new rules coming soon from the California Air Resources Board, we help fleets and drivers looking to make the jump to electric.”
Forum said Homecoming Capital had invested $100 million in the joint venture and participated in a Series A funding round. The venture also received investment from Amazon’s Climate Pledge Fund, the company said. The venture is being led by a fund sponsored by CBRE Investment Management. CBRE and Forum also announced closing on a $15 million Series A round of funding.
Proposed regulations from the California Air Resources Board requires all of the state’s drayage fleet to be zero-emission by 2035. Charging infrastructure for those approximately 30,000 trucks will be a key element of success, the company said. The California Energy Commission estimates the state will need 157,000 medium- and heavy-duty chargers by 2030.
“To address global warming at scale, we need solutions that support the transition to electric vehicles, especially in hard-to-decarbonize sectors like heavy-duty trucking,” said Rodrigo Prudencio, Principal at Amazon’s Climate Pledge Fund. “Forum Mobility’s solution will help small business owners electrify their transportation fleets, remove air pollution from California’s ports, and provide the charging infrastructure needed to support the growing use of electric trucks.”