financetom
Business
financetom
/
Business
/
US nonprofit to spend $250 million on electric trucks to lease at California ports
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US nonprofit to spend $250 million on electric trucks to lease at California ports
Nov 3, 2024 1:26 PM

LOS ANGELES (Reuters) - U.S. nonprofit Climate United on Tuesday announced a plan to spend up to $250 million to buy as many as 500 electric semi trucks over three years in what it called the biggest single order of those zero-emissions trucks in the country so far.

Climate United then aims to lease those vehicles at attractive rates to truckers that haul containers to and from California seaports, where roughly 33,000 so-called drayage trucks must have zero tailpipe emissions by 2035.

The program could give a much-needed jolt to the adoption of heavy-duty electric trucks that now account for less than 1% of the total U.S. trucking fleet. Those vehicles can cost as much as three times more than traditional diesel versions that are a major source of planet-warming greenhouse gases.

"High upfront costs make it difficult for independent owner-operators and small fleets to transition to all-electric," said Beth Bafford, CEO of Climate United.

The Maryland-based nonprofit said it plans to make initial orders in the first quarter of 2025 and that it is prioritizing class 8 trucks that are assembled in the United States with domestically made parts.

Trucks from manufacturers like Volvo Trucks North America, BYD and Kenworth already are shuttling cargo around ports in California, including the nation's busiest seaport complex in Los Angeles and Long Beach.

Climate United's program is funded by a $6.97 billion grant from the National Clean Investment Fund, part of the Greenhouse Gas Reduction Fund created under President Joe Biden's Inflation Reduction Act.

Climate United also is partnering with Forum Mobility, which is building charging depots in California ports and along common freight routes.

"For so long, this has been the story of the chicken and the egg. You can't have the trucks before you have the charging, and you can't have the charging before you have the trucks," said Jacqueline Torres, a vice president at Forum Mobility.

"This program brings both of those together."

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
BRIEF-Verallia: Bpifrance Participations To Tender 4.6 Mln Shares To BWGI Offer
BRIEF-Verallia: Bpifrance Participations To Tender 4.6 Mln Shares To BWGI Offer
May 25, 2025
April 30 (Reuters) - Verallia SA: * VERALLIA: TENDER OFFER OF BWGI - INTENTIONS OF BPIFRANCE PARTICIPATIONS * BPIFRANCE TO TENDER 4,594,943 SHARES IN VERALLIA OFFER Source text: Further company coverage: (Gdansk Newsroom) ...
BRIEF-Berto Acquisition Says Pricing Of Upsized $261,000,000 IPO AT $10.00 PER UNIT
BRIEF-Berto Acquisition Says Pricing Of Upsized $261,000,000 IPO AT $10.00 PER UNIT
May 25, 2025
April 29 (Reuters) - Berto Acquisition Corp: * BERTO ACQUISITION CORP. ANNOUNCES PRICING OF UPSIZED $261,000,000 INITIAL PUBLIC OFFERING * BERTO ACQUISITION CORP - PRICES INITIAL PUBLIC OFFERING OF 26,100,000 UNITS AT $10.00 PER UNIT Source text: Further company coverage: ...
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Google agrees $36 million fine for anti-competitive deals with Australia telcos
Aug 17, 2025
SYDNEY, Aug 18 (Reuters) - Google agreed on Monday to pay a A$55 million ($35.8 million) fine in Australia after the consumer watchdog found it had hurt competition by paying the country's two largest telcos to pre-install its search application on Android phones, excluding rival search engines. The fine extends a bumpy period for the Alphabet-owned internet giant in Australia,...
BRIEF-Antalpha Platform Holding Co - Tether International Indicated To Buy Aggregate Of Up To $25 Mln Of Shares Being Offered In IPO At IPO Price - Filing
BRIEF-Antalpha Platform Holding Co - Tether International Indicated To Buy Aggregate Of Up To $25 Mln Of Shares Being Offered In IPO At IPO Price - Filing
May 25, 2025
April 29 (Reuters) - * ANTALPHA PLATFORM HOLDING CO - TETHER INTERNATIONAL INDICATED TO BUY AGGREGATE OF UP TO $25 MILLION OF SHARES BEING OFFERED IN IPO AT IPO PRICE - FILING Source text: Further company coverage: [ ] ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved