Mober secures $6M investment from SEACEF ll

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Mober secures $6M investment from SEACEF ll
The new funding will further support Mober’s goal of acquiring 238 electric vehicle units by 2025 and phasing out its internal combustion engine vehicles. The company aims to have at least 400 EV units in operation by 2027. Photo from Mober.
  • Filipino tech-logistics startup Mober secured an investment of up to $6 million (around P350 million) from the South East Asia Clean Energy Facility II to fund its electric vehicles fleet expansion
  • The new funding will further support Mober’s goal of acquiring 238 EV units by 2025 and phasing out its internal combustion engine vehicles
  • It aims to have at least 400 EV units in operation by 2027
  • Mober will also develop a new 3,000-square-meter charging yard on Macapagal Avenue, Pasay City, and establish a network of charging points across southern and northern Luzon

Filipino tech-logistics startup Mober has garnered an investment of up to $6 million (around P350 million) from the South East Asia Clean Energy Facility II (SEACEF II) to fund its electric vehicles (EV) fleet expansion.

SEACEF II is managed by Singapore-based fund manager Clime Capital, which is focused on accelerating the low-carbon transition.

The new funding, through both equity and convertible notes, will further support Mober’s goal of acquiring 238 EV units by 2025 and phasing out its internal combustion engine vehicles. It aims to have at least 400 EV units in operation by 2027.

Additionally, Mober will develop a new 3,000-square-meter charging yard on Macapagal Avenue, Pasay City, and establish a network of charging points across southern and northern Luzon, supporting its expanding fleet and enhancing the capabilities of its long- haul electric vehicles.

The SEACEF II investment will accelerate the transition of Mober’s delivery fleet to EVs by enabling the company to overcome obstacles to EV adoption, particularly high upfront costs and the current challenges to EV asset financing in the Philippines, Clime Capital said in a separate statement.

Mober is the first mover for EV adoption in the Philippines’ delivery services sector, providing third-party last-mile and middle-mile delivery services for international and local customers under multi-year, fixed-price contracts.

Mober’s exclusive use of EVs supports major companies like IKEA, Kuehne+Nagel, Nespresso, Monde Nissin, Nestle, Maersk and SM Appliance Center to decarbonize their delivery processes and achieve their sustainability goals. Mober procures its EVs directly from original equipment manufacturers, customizing them to meet specific operational needs.

The company is enhancing its technological edge with the development of a cutting-edge battery management system to increase the efficiency and lifespan of its EVs.

In addition to its environmental initiatives, Mober is committed to fostering inclusivity by training female drivers and assemblers, underscoring the company’s dedication to workforce diversity.

Joshua Kramer, chief investment officer at Clime Capital, said, “We are delighted to provide much-needed capital in this first-of-a-kind EV investment in the Philippines. Clime Capital’s blended finance model enables clean-energy entrepreneurs to scale their businesses to achieve financial sustainability while also generating positive environmental impacts.”

Mason Wallick, chief operating officer at Clime Capital, said, “Mober’s ambition to provide fully electric B2B delivery services is a compelling example of a first-mover business that can accelerate the low carbon transition through our strategic investment. Clime Capital’s purpose is to help these businesses accelerate their growth.”

Dennis Ng, CEO of Mober, said, “Not all funding is created equal. Having Clime Capital as an investor adds significant credibility to Mober and solidifies our commitment to sustainability. This partnership not only enhances our reputation but also accelerates our progress toward achieving our ambitious sustainability goals.”

Early this year, Mober also received $2 million seed funding from RT Heptagon Holdings to expand its fleet of EVs.