5 World-Changing Electric Mobility Startups in the US
As part of our advisory activities at Mind the Bridge, we are continuously looking for the most innovative startups around the world that fit the verticals we are focusing on and our client’s needs. In this article, you will find five US startups that are worth following in the E-mobility space. Before that, we would like to share some trends shaking this sector.
On September 23rd, 2020, Gavin Newsom, California’s governor, signed an executive order requiring all new passenger cars and trucks sold in the state to be zero-emission vehicles by 2035. This is another deeper step towards electrification.
Electrification refers broadly to the adoption of electricity as a source of power for vehicles. It encompasses electric vehicle technology, platforms, and infrastructure. We identified three macro trends in this sector:
- The market is going through a consolidation process, led mainly by corporate M&A and investments. Direct investments by corporations accounted for ~45% of the total investments In 2019, with a 3X growth since 2017).
- Oil & Gas companies are the most active non-transportation industry in strategic investments in E-Mobility, twice more active than Utilities, 50% more than Tech companies. They are mostly operating in the acquisition of electric charging solutions companies and through their dynamic CVC arms.
The fuel cell industry is set for rapid growth. An estimated $130 billion opportunity will be up for grabs by 2030 as vehicles move to emission-free engines. Fuel cells will take part in this opportunity.
You will find below five US companies that are worth following in the E-mobility space.