Electric Trucking Startup Forum Mobility, CBRE Investment Management Form $400M Joint Venture

Forum Mobility, which provides heavy-duty fleet electrification programs to decarbonize fossil fuel truck fleets, has formed a $400mn joint venture with CBRE Invesment Management and Homecoming Capital.

The San Francisco-based startup also closed a $15mn Series A round, with participation from existing investor Homecoming Capital, who also provided $100mn to the joint venture.

New participants were CBRE Investment Management, Amazon’s Climate Pledge Fund and Elemental Excelerator. Seed-round investors Obvious Ventures, Edison International, Overture, and Homecoming Capital also participated.

Forum has identified 10 locations close ports in Long Beach and Oakland for depots capable of simultaneously charging multiple medium- and heavy-duty trucks. It expects to break ground on some of them this year.

“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,” highlighted 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.”

“The transportation sector is the largest contributor to GHG emissions, and heavy-duty transportation in particular has long been considered one of the hardest to decarbonize,” added Robert Shaw, Managing Director, Private Infrastructure at CBRE Investment Management.

Forum exited stealth mode in December 2021 with a $7.5 million seed funding round co-led by Obvious Ventures and Homecoming Capital.