Forum Mobility Raises $7.5 Million Seed Funding

<p class&equals;"responsiveNews"><strong>SAN FRANCISCO<&sol;strong> &&num;8211&semi; Forum Mobility&comma; a zero-emission fleet and infrastructure provider&comma; has raised &dollar;7&period;5 million in seed funding to build its operations&comma; broaden its team&comma; and for product development&period; The round was co-led by Obvious Ventures and Homecoming Capital&comma; with additional funding provided by Edison International and Overture VC&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">Forum plans to use the tunds to initially target the electrification of the movement of goods in and around the ports of California&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">Matt LeDucq&comma; CEO of Forum Mobility said&comma; &OpenCurlyDoubleQuote;Forum Mobility is implementing one of the most ambitious heavy-duty fleet electrification programs in the United States&comma; offering excellent customer experience at a lower cost per mile than combustion engines&period; Our comprehensive&comma; vertically integrated solution delivers a seamless transition for small and large fleet operators&comma; ensuring rapid conversion to a zero-emission future&period;”<&sol;p>&NewLine;<p class&equals;"responsiveNews">Pat Arnold of Homecoming Capital said&comma; &OpenCurlyDoubleQuote;After nearly a year of searching for a team that can usher in a new era of clean heavy-duty trucking&comma; we are confident that we found that in Forum Mobility&period; 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&period;”<&sol;p>&NewLine;<p class&equals;"responsiveNews">&OpenCurlyDoubleQuote;There is so much to be excited about with Forum Mobility&comma;” said Shomik Dutta&comma; managing partner at Overture VC&period; &OpenCurlyDoubleQuote;This team will help decarbonize port-related heavy-duty trucking&comma; provide low-cost green transition financing to small business owners&comma; and help us innovate on a just transition for communities and business owners affected by climate&period;”<&sol;p>&NewLine;<p class&equals;"responsiveNews">Forum Mobility’s leaders have a proven track record over decades executing complex energy infrastructure projects&period; The combined team has managed &dollar;20 billion in renewables transactions&comma; with expertise in infrastructure development&comma; engineering&comma; financing&comma; and operations&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">In the United States&comma; trucks represent 4&percnt; of all vehicles&comma; but generate 25&percnt; of CO2&comma; 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&period; Additionally&comma; California has put forth aggressive mandates and incentives to decarbonize heavy duty trucking over the next several years&period; By removing barriers and simplifying the transition to an all-electric fleet&comma; Forum Mobility will enable corporations transporting goods to reach their zero-carbon goals quicker&comma; thereby reducing the impacts of climate change&period; With an initial focus on the movement of goods in and around California ports&comma; Forum Mobility’s solution will help California deliver on one of the state’s top priorities for emissions reduction and environmental justice&period;<&sol;p>&NewLine;<p class&equals;"responsiveNews">&OpenCurlyDoubleQuote;The transition to zero emissions trucks is a work-in-progress&comma;” said Dr&period; Noel Hacegaba&comma; deputy executive director at the Port of Long Beach&period; &OpenCurlyDoubleQuote;Forum Mobility has developed a model that could get us there faster&comma; while delivering an ESG Triple Bottom Line&period;”<&sol;p>&NewLine;<p class&equals;"responsiveNews">&OpenCurlyDoubleQuote;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&comma;” said Sergej Mahnovski&comma; Edison International managing director of strategy&comma; technology&comma; and innovation&period; &OpenCurlyDoubleQuote;Since 2016&comma; the transportation sector has replaced the electric power sector as the largest source of greenhouse gas emissions in the U&period;S&period; To mitigate climate change and improve air quality&comma; 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&period;”<&sol;p>&NewLine;