EV+, an America-based provider of on-site EV charging infrastructure solutions, has entered into a strategic partnership with CBRE. This partnership will result in installing EV charging systems at 10,000 US commercial properties, such as hotels, hospitals, and healthcare facilities, over the next 5 years. These commercial companies/properties have historically been underserved, and have struggled to provide reliable EV infrastructure, however, this partnership should provide EV drivers with reliable charging stations. This announcement further illustrates that, in 2024, investing in EV infrastructure is the hot trend in this sector, to help boost EV adoption, and we expect more similar announcements in the coming weeks and months.
Uber has announced it is offering drivers a £5,000 grant, alongside other discounts of up to £17,000, to switch to an EV. London has been a petri dish for Uber, and it has achieved good success transitioning some of its fleet to EVs, as 25% of all Uber miles in London are now fully electric. Based on this adoption success, Uber has an aggressive target of being fully electric in London by the end of Q4 25. The £5,000 grant is via Uber’s Clean Air Plan and additional discounts ranging from £12,000-£17,000 are available on select EV models. Furthermore, drivers who switch to EVs will receive up to 3 months of free charging credits (worth £750) and an exclusive charging rate through BP Pulse.
FedEx Express has announced it’s conducting a 2-week pilot programme involving the Mercedes-Benz Truck eActros 300 Electric Tractor in Eindhoven (Netherlands). This pilot will replace traditional ICE tractors, operating alongside a FedEx-owned trailer to execute domestic linehaul operations from Eindhoven station. During this pilot the electric tractor will collaborate with an existing FedEx-owned trailer, transporting shipments from larger customers to FedEx hubs across the Netherlands. Furthermore, EV charging will be facilitated on-site at the Eindhoven station during downtime, utilising a 40kW temporary charging solution. FedEx is eager to shift towards a greener fleet due to policy and social tailwinds such as environmental responsibility, regulatory compliance, and consumer demands.
Kathy Hochul, the Governor of New York, has announced that 60 new electric buses will be introduced in 3 New York boroughs (Queens, Staten Island and Brooklyn), as New York continues to roll out its (bus) electrification programme. These buses (and associated critical infrastructure) required c$70m funding from the Federal Transit Administration, with $20m coming from the Bipartisan Infrastructure Law. This is part of the Metropolitan Transportation Authority’s goal of striving to achieve a 100% zero-emission bus fleet by 2040.
Honda has announced it will be doubling its investment into its electrification programme to c$65bn over the next 10 years. To recap, in 2022 Honda stated it would be investing c$32bn in electrification and software, however as other OEMs have pulled back on EV investment, Honda has reaffirmed its ambition to have 40% of global sales be made up of EVs and fuel cell electric vehicles (FCEV) and 100% by 2040. Honda is placing battery technology and production at the heart of its EV programme.
Deals
Matel, an Indian-based EV component maker, has announced it has raised $4m in a Series A round, led by Transition Venture Capital. This startup focuses on designing and manufacturing high-efficiency electric motors and controllers, for EV OEMs. The capital raised will be used to scale up its production capabilities, expand its team, develop new solutions and (consequently) increase its R&D spending over the next 3 years.
Uber announced it will be acquiring foodpanda (an online food and grocery delivery platform) from Delivery Hero, for $1.25bn. Keep in mind that Delivery Hero and Uber are competitors and that foodpanda has a strong presence in Asia. However, competition in Asia has intensified in the last few years and to retain customers (post-COVID-19), online food platforms have had to offer significant discounts which have eroded margins. This has led to Delivery Hero, looking to divest certain Asian assets and restructure, to boost its liquidity and improve its profitability.
Isuzu has invested $30m into Gatik, a Silicon Valley-based autonomous driving startup. This investment will aim to develop middle-mile autonomous driving. It will include designing and developing a new chassis (redundant chassis) that ensures safety when equipped with an autonomous driving system. Interestingly, Isuzu is targeting the middle mile sector and this stems from frustrations around driver shortages, alongside the rapidly increasing delivery needs of the end customer in North America.
GoodShip, an American freight procurement platform, has raised $8m in a Serie A round. This round was led by Bessemer Venture Partners, with Ironspring Ventures, Chicago Ventures, Fuse VC, and Cercano Management also participating. GoodShip caters to the shipping sector, where its platform is designed to optimize spending and service outcomes. The startup will use the capital raised to expand its team and develop more features & solutions.
Bedrock Materials, a battery technology startup that has spun out of Stanford University, announced it has raised $9m in a Seed round. The round was co-led by Trucks Venture Capital, Refactor Capital, and Version One Ventures. This startup focuses on producing sodium-ion batteries, which are seen as the next step (or alternative solution) to lithium-ion batteries. Bedrock also announced the opening of its new R&D centre in Illinois and has been able to unlock incentives via the Reimagining Electric Vehicles in Illinois Act.