Forum Mobility Company Profile

Background

Forum Mobility, established in 2021, is a pioneering provider of zero-emission trucking solutions, focusing on the electrification of heavy-duty drayage operations in California. The company's mission is to facilitate the transition from diesel to electric trucks, thereby reducing greenhouse gas emissions and improving air quality in port communities. By developing a comprehensive network of charging depots and offering electric truck leasing options, Forum Mobility plays a significant role in advancing sustainable transportation within the logistics industry.

Key Strategic Focus

Forum Mobility's strategic objectives include:

• Infrastructure Development: Building and operating a network of high-speed charging depots strategically located near major ports and along key freight corridors to support heavy-duty electric trucks.

• Fleet Electrification: Providing cost-competitive purchasing and leasing solutions for new electric heavy-duty trucks, enabling fleets to transition to zero-emission vehicles seamlessly.

• Regulatory Compliance: Assisting fleets in meeting federal, state, and port emission regulations, particularly in light of California's mandate for a 100% zero-emission drayage fleet by 2035.

• Market Expansion: Targeting port communities, especially in Long Beach and Oakland, to integrate electric truck solutions and charging infrastructure, thereby addressing the needs of both large fleets and independent owner-operators.

Financials and Funding

Forum Mobility has secured substantial funding to support its initiatives:

• Seed Funding: In December 2021, the company raised $7.5 million in seed funding, co-led by Obvious Ventures and Homecoming Capital, with participation from Edison International and Overture VC. This funding aimed to build operations, expand the team, and further product development.

• Series A Funding and Joint Venture: In January 2023, Forum Mobility closed a $15 million Series A funding round and announced a $400 million joint venture, both led by a fund sponsored by CBRE Investment Management. Homecoming Capital contributed $100 million to the joint venture. Additional investors included Amazon's Climate Pledge Fund and Elemental Excelerator. The capital is intended to develop charging infrastructure and provide electric truck solutions to drayage fleets and drivers.

Pipeline Development

Forum Mobility is actively developing a network of charging depots:

• FM Harbor Charging Depot: Construction began on a new charging facility in the Port of Long Beach, featuring 19 dual-port 360 kW chargers and six 360 kW single-dispenser chargers, capable of charging 44 trucks simultaneously and over 200 trucks daily. The facility is expected to be operational by the end of 2024.

• Additional Depots: Plans are underway for additional charging depots near the ports of Oakland and Los Angeles/Long Beach, as well as along common trucking routes to warehouse destinations. The first tranche of about eight depots is set to be operational within the next 24 months, accommodating around 600 trucks.

Technological Platform and Innovation

Forum Mobility distinguishes itself through:

• Comprehensive Charging Solutions: Developing high-speed charging infrastructure tailored for heavy-duty electric trucks, ensuring reliable and efficient charging capabilities.

• Fleet Electrification Services: Offering a "Zero Emissions Fleet as a Service" model, where Forum Mobility owns and operates the fleet for its customers, who only need to provide drivers. This model simplifies the transition to electric vehicles and can be more economical compared to traditional combustion engine vehicles.

• Strategic Partnerships: Collaborating with investors and stakeholders to leverage expertise in infrastructure development, engineering, financing, and operations, thereby accelerating the deployment of electric truck solutions.

Leadership Team

• Matt LeDucq, CEO and Co-founder: Brings extensive experience in energy infrastructure projects, leading Forum Mobility's mission to decarbonize heavy-duty trucking and provide sustainable transportation solutions.

Competitor Profile

Market Insights and Dynamics

The heavy-duty electric truck market is experiencing significant growth, driven by regulatory mandates and increasing demand for sustainable transportation solutions. California's requirement for a 100% zero-emission drayage fleet by 2035 underscores the urgency for infrastructure development and fleet electrification.

Competitor Analysis

Key competitors in the heavy-duty electric truck charging infrastructure sector include:

• WattEV: Developing electric truck charging depots and offering truck-as-a-service models to facilitate the adoption of electric trucks.

• ChargePoint: Providing a broad network of electric vehicle charging stations, including solutions for heavy-duty vehicles.

• EVgo: Operating a nationwide network of fast-charging stations, with initiatives to support electric truck charging.

Strategic Collaborations and Partnerships

Forum Mobility has established significant partnerships to strengthen its market position:

• CBRE Investment Management: Leading a $400 million joint venture to develop charging infrastructure and provide electric truck solutions.

• Homecoming Capital: Contributing $100 million to the joint venture and participating in funding rounds to support Forum Mobility's initiatives.

• Amazon's Climate Pledge Fund: Investing in Forum Mobility to advance the transition to electric vehicles and reduce emissions in port communities.

• Elemental Excelerator: Providing funding and support for the development of charging infrastructure projects.

Operational Insights

Forum Mobility's strategic considerations include:

• Infrastructure Deployment: Rapidly developing charging depots in key locations to meet the growing demand for electric truck charging and comply with regulatory mandates.

• Customer-Centric Solutions: Offering flexible leasing and charging options to accommodate the diverse needs of fleets and independent owner-operators.

• Regulatory Alignment: Ensuring that infrastructure and services align with state and federal regulations to facilitate compliance for customers.

Strategic Opportunities and Future Directions

Forum Mobility's strategic roadmap includes:

• Expansion of Charging Network: Continuing to develop and deploy charging depots in strategic locations to support the increasing adoption of electric trucks.

• Enhanced Service Offerings: Expanding leasing and service options to provide comprehensive solutions for fleet electrification.

• Technological Advancements: Investing in innovative technologies to improve charging efficiency and vehicle performance.

• Market Penetration: Strengthening partnerships and collaborations to expand market reach and support the transition to zero-emission transportation.