Electric truck and charging station company Forum Mobility is partnering with CBRE Investment Management in a $400 million joint venture.
The Forum’s partnership with CBRE’s investment arm to electrify the infrastructure of California’s coastal port communities and smaller independent truck operators is a state-of-the-art partnership involving major real estate agents and electric or autonomous truck technology companies. is a transaction.
Last year, real estate firm Alterra Property Group signed a deal with San Francisco self-driving company Embark Trucks to build a hub for self-driving trucks. Industrial warehousing giant Prologis struck a similar deal last year with Alphabet’s self-driving technology subsidiary, Waymo.
A joint venture between Forum Mobility and CBRE Investment Management of Oakland, California, plans to set up electric truck warehouses in several California ports. These include Long Beach and Auckland.
The venture comes as the California Air Resources Board is considering a rule to make all Golden State drayage vehicles (approximately 30,000 trucks) zero-emissions by 2035. .
The California Energy Commission estimates that the state will need 157,000 medium and large chargers by 2030 to comply with the proposed rule.
Forum Mobility CEO Matt LeDucq said:
LeDucq said the plan centers around a separate fleet of electric trucks that will use the joint venture’s charging network and provide vehicle carriers and shippers with electric trucks bundled with charging services. The joint venture will offer electric semi-tractors with charging service at a monthly fee comparable to diesel trucking, he added.
Forum Mobility and CBRE Investment have yet to reveal pricing details.
CBRE Investment Management’s deal with Forum Mobility is its third sustainable transportation investment since 2019, said Robert Shaw, managing director of private infrastructure at the commercial real estate giant.
In August, CBRE Investment Management announced a partnership with Stamford, Connecticut-based Altus Power to provide solar, storage and electric vehicle charging systems for the company’s $30.2 billion portfolio of 600 facilities in 17 countries. Developed.
A recent agreement between Alterra Property Group and Embark Trucks involves exploring Sun Belt properties to build transfer points for autonomous trucking. A human driver transports the cargo to a hub adjacent to the highway. Autonomous trucks then carry the cargo over the highway to another depot, where a human driver takes over for last-mile delivery to its final destination. These properties are scheduled to open in 2024.
Prologis and Alphabet’s partnership with Waymo includes building a hub for automated trucking next to a highway. The first hub he opened in the Dallas suburbs in July.
The first funding round for Forum Mobility and CBRE Investment Management’s joint venture includes BRE Investment Management, Amazon’s Climate Pledge Fund, Elemental Accelerator, Orbius Ventures, Edison International and Overture.
Homecoming Capital of San Francisco, a venture capital firm focused on low-emission climate-related investments, has donated $100 million to the joint venture.
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