SAN FRANCISCO – Forum Mobility, a zero-emission fleet and infrastructure provider, has raised $7.5 million in seed funding to build its operations, broaden its team, and for product development. The round was co-led by Obvious Ventures and Homecoming Capital, with additional funding provided by Edison International and Overture VC.
Forum plans to use the tunds to initially target the electrification of the movement of goods in and around the ports of California.
Matt LeDucq, CEO of Forum Mobility said, “Forum Mobility is implementing one of the most ambitious heavy-duty fleet electrification programs in the United States, offering excellent customer experience at a lower cost per mile than combustion engines. Our comprehensive, vertically integrated solution delivers a seamless transition for small and large fleet operators, ensuring rapid conversion to a zero-emission future.”
Pat Arnold of Homecoming Capital said, “After nearly a year of searching for a team that can usher in a new era of clean heavy-duty trucking, we are confident that we found that in Forum Mobility. Forum’s platform will help governments meet their transportation emissions goals while providing a solution that is both more economical for fleet operators and healthier for our communities.”
“There is so much to be excited about with Forum Mobility,” said Shomik Dutta, managing partner at Overture VC. “This team will help decarbonize port-related heavy-duty trucking, provide low-cost green transition financing to small business owners, and help us innovate on a just transition for communities and business owners affected by climate.”
Forum Mobility’s leaders have a proven track record over decades executing complex energy infrastructure projects. The combined team has managed $20 billion in renewables transactions, with expertise in infrastructure development, engineering, financing, and operations.
In the United States, trucks represent 4% of all vehicles, but generate 25% of CO2, so decarbonization of the mobility space has clear CO2 reduction benefits while significantly reducing air pollution that disproportionately effects the communities in and around the ports. Additionally, California has put forth aggressive mandates and incentives to decarbonize heavy duty trucking over the next several years. By removing barriers and simplifying the transition to an all-electric fleet, Forum Mobility will enable corporations transporting goods to reach their zero-carbon goals quicker, thereby reducing the impacts of climate change. With an initial focus on the movement of goods in and around California ports, Forum Mobility’s solution will help California deliver on one of the state’s top priorities for emissions reduction and environmental justice.
“The transition to zero emissions trucks is a work-in-progress,” said Dr. Noel Hacegaba, deputy executive director at the Port of Long Beach. “Forum Mobility has developed a model that could get us there faster, while delivering an ESG Triple Bottom Line.”
“Edison International supports carefully chosen startups because we want to enable the best ideas and technologies to help California and the United States meet their carbon neutrality goals,” said Sergej Mahnovski, Edison International managing director of strategy, technology, and innovation. “Since 2016, the transportation sector has replaced the electric power sector as the largest source of greenhouse gas emissions in the U.S. To mitigate climate change and improve air quality, we must continue to accelerate transportation electrification and fleet conversion as one of the most effective ways to remove greenhouse gas emitting vehicles from the road.”