Recently funded to the tune of $3m, we talk to Leah O’Dwyer, co-founder of Tipperary tech firm ZeroMission, about how the young business will play a leading role in the rollout of commercial electric vehicles worldwide.
Last month we reported how ZeroMission raised $3m in a round co-led by Delta Partners and Greencode with participation from Vireo Ventures and angel investors.
ZeroMission was founded in 2022 by Leah O’Dwyer and Kevin Christopher who bring a combined 30 years’ experience in the electric vehicle (EV) space with global companies including ChargePoint, Siemens and ABM.
“For any investment, the first thing we evaluate is the team. In the case of ZeroMission, it was clear from the first meeting that the founding team have an unrivalled depth of experience in the industry”
The company’s vision is to accelerate zero-emission vehicle adoption with smart and practical software solutions.
A 2030 vision for the future of transport
The ZeroMission team
O’Dwyer explained how feet decarbonisation is at the core of emission reduction strategies, and commercial fleet operators are facing regulatory and commercial pressure to transition quickly to EVs.
“The problem that we are solving is one of a lack of clear information points for transport operators who are faced with significant regulation with regard to reducing the carbon impact of their operations. It’s a very large market driven by regulations at the European level that have recently been enshrined into law that are calling fro significant reductions in the CO2 impact of heavy, medium and heavy-duty vehicles.
“We are looking at a 45% reduction by 2030, a 65% reduction by 2035 and an 80% reduction by 2040. So this is creatin a very large market for the products and services that we’re providing. We’re addressing the problems the operators face in trying to reach these targets.”
Since its inception ZeroMission has been at the forefront of fleet electrification through development of a fully integrated software platform, designed to ensure commercial and industrial fleets can efficiently deploy and manage EVs at scale.
Citing BNEF data, O’Dwyer said that the estimated scale for zero emission fleet software by 2030 will be $13bn globally. In this time Daimler will have to decarbonise 45,000 units a year, Volvo will need to decarbonise 50,000 units a year and Mercedes will have to decarbonise its fleet by 100,000 units a year by 2030.
“The focus markets for us will be the European and North American zero emission fleet software space which will be worth $3.7bn between them by 2030.”
Since its inception, ZeroMission has been at the forefront of fleet electrification through development of a fully integrated software platform, designed to ensure commercial and industrial fleets can efficiently deploy and manage EV’s at scale.
O’Dwyer said the technology developed by the Tipperary company informs not only the performance and productivity of vehicles themselves but feeds into the overall supply chain.
“What we are focused on is enabling operators to plan for the transition to and the implemtnation of the electric vehicle. Our core product is the operations platform to operate those vehicles successfully day-to-day. We’re focused on getting the day-to-day mission completed under target because that’s where the vehicle or fleet operator makes their money. It’s what their business is derived from.
“The derivative of all of that data we use in the operations and this provides us with significant insights to deliver comparative analysis and detailed reporting on the operations. ESG reporting is a derivative of that in terms of what the savings are and the efficiency of the overall supply chain. They can use that data when bidding for work with customers, particularly in segments like food distribution, pharmaceuticals and anywhere where there is a significant drive to decarbonise the supply chain.”
Team, culture and opportunity
Enterprise Ireland CEO Leo Clancy with Bank of Ireland’s head of Customer Journeys & SME Sectors Jillian Clarkin and Amy Neale, general partner, Delta Partners
Amy Neale, general partner at Delta Partners said that ZeroMission more than fulfilled the criteria that the venture capital firm applies to promising companies that it invests in.
“For any investment, the first thing we evaluate is the team. In the case of Zero Mission, it was clear from the first meeting that the founding team have an unrivalled depth of experience in the industry. Leah and Kevin have a combined 30 years working in the electric vehicle space, and this gives them not only access but deep insights into what their customers need from them. They have designed the Zero Mission platform to meet those needs precisely, and that was apparent as soon as we started speaking to their customers.
“The second thing that was immediately compelling for us was the size of the opportunity. The commercial vehicle market is astoundingly large, and facing the biggest change since the transition from horse to truck, with the move to zero emission vehicles. The opportunity that Zero Mission is capturing comes not just from a policy push, but from the commercial point of view as well.”
Looking at the opportunity that ZeroMission is going after, Neale said that with looming EU regulations like CSRD (Corporate Sustainability Reporting Directive) becoming a reality its timing could not be better.
“As fleet operators transition to zero emission vehicles, they face a huge challenge not just in planning for that transition and all the operating requirements that they need to put in place just to get started, but also when they’re up and running in how they manage all the facets of the fleet. They also want to be able to record the impact of the change for their management and broader stakeholders.
“Zero Mission is uniquely placed to provide them with a platform that meets their needs right across that transition journey – from planning, through to operating, and ultimately reporting. What’s really compelling for me is that these customers need an independent third party like ZeroMission to ingest all of their siloed data sources, integrate them in a standardised matter, and derive appropriate insights that enable them to operate more efficiently as a result.
“In my view, the shift to EV is already well underway, and in the process, the challenges are making themselves clear, which presents a tremendous opportunity for Zero Mission.”
Delta Partners is one of the longest-established and leading venture capital players in the Irish market. In the past two years alone the investment firm has chalked up investments all over Ireland from Tailr in Waterford to LegitFit in Cork and VisionR and MarketSizer in Dublin, to name a few. Over time, the team has realised €1.8bn from the sale of companies such as Clavis (sold to Ascential plc), Sensl (sold to OnSemiconductor) and Neuravi (sold to Johnson & Johnson).
In 2022 Delta Partners launched a new venture capital fund that invests into seed and early-stage tech businesses in Ireland. The fund, with Bank of Ireland and Enterprise Ireland as cornerstone investors, has been supported by Fexco and several family offices.
The rise of the regions
Neale said that Ireland’s regions are a rich treasure trove of businesses with similar potential to ZeroMission. The key to future investment in Irish tech will be about venture capital investors putting their boots on the ground.
“At Delta we make it our mission to get around the country and meet early stage businesses. We have investments in companies across the country, from Cork to Clonmel to Castlebar. These are companies that are all targeting global markets. We’re excited about what we’re seeing across the length and breadth of the country.
“Zero Mission is a case in point – they’re operating their HQ from Tipperary, but with an office in Los Angeles to ensure they capture the full scope of their target market in both the US and Europe.”
Paul Swift, head of Technology, Media and Telecoms at Bank of Ireland agrees with Neale. “Sustainability is on everybody’s lips and a major focus for every industry sector. From speaking with various companies, leadership teams continue to grapple with what sustainability means to them and what they need to do to ensure they are compliant.
“ZeroMission sets out to map the process for those seeking to electrify their fleet by developing a suite of tools to support businesses with the process, end-to-end. What’s really great is that they have created an holistic approach, from planning to operating to reporting (providing data on fleet performance, energy usage and ESG/emission reporting). A kind of one-stop-shop for EV fleet managers/operators. How does it work? If you take some of the courier/delivery companies that have largely electrified their fleet; ZeroMission can help them with route planning. They help to assess the type of vehicle, the route, energy requirements and vehicle load.
“Using real-world data and modelling tools, they can then provide reliable estimates of the most appropriate vehicle to use on each route. In short, ‘range anxiety’ could become a thing of the past. It’s exciting because the founders have deep domain expertise of the EV market and have taken a logical approach to simplify the process to help their existing and new customers make better decisions in relation to their fleets. By 2040, 100% of new and light commercial vehicles sold in the EU will be zero-emission vehicles, which can only be good news for Zero Mission.”
Swift also expects to see more regional investments emerging from the Fund. “Delta Partners and Bank of Ireland continue to work together on several events across the country where we have showcased some current and previous investments. These events are all about building linkages and talking to founders and start-ups about the fund and what an investable project looks like. I continue to be impressed by quality and calibre of projects we see from around the country and look forward to meeting many more in the time ahead.”
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