Forum Mobility announces joint venture and Series A targeting equitable electrification of heavy-duty port transit
On January. 17, 2023, Forum Mobility announced the closure of a US$15 million Series A funding round and a new US$400 million joint venture, both led by a fund sponsored by CBRE Investment Management, to provide comprehensive, zero-emission charging and vehicle solutions to drayage truck fleets and drivers.
Homecoming Capital also participated in the Series A funding round and provided US$100 million to the joint venture. Forum Mobility's existing seed investors also all participated in the Series A, including Obvious Ventures, Edison International, Overture, and Homecoming Capital. New Series A investors include CBRE Investment Management, Elemental Excelerator and Amazon's Climate Pledge Fund.
Further information can be found on PR Newswire’s website.
Forum Mobility provides accessible zero-emission trucking solutions for drayage in California, from building and operating the charging infrastructure to offering class 8 zero-emission electric trucks. It is currently developing a network of charging depots around the Oakland and Los Angeles/Long Beach ports, and along common trucking routes to warehouse destinations, offering a one-stop solution that makes it easy for small independent operators and large fleets alike.
CBRE Investment Management is a leading global real assets investment management firm with C$143.9 billion in assets under management as of September 30, 2022. It operates in more than 30 offices and 20 countries around the world.
Homecoming Capital is a climate-focused firm that invests in businesses that decarbonize the economy as they grow. Its investments span North America and Europe and support businesses driving decarbonization of the energy, transportation, and industrial sectors.