Calstart

What it reported doing in 2024

Market acceleration: enabling fleet transformation-calstart designs, leads, and implements clean vehicle and infrastructure programs for trucks, buses, cars, off-road equipment, and the corresponding infrastructure for international, federal, state, and local governments. These programs support private and public fleets, helping reduce operating costs and expanding clean vehicle and infrastructure manufacturing and implementation. Highlights from fy2025 include: - in 2025 calstart was awarded the Washington zero-emission incentive program (wazip) to administer $112 m program that provides point-of-sale incentives for medium-and heavy-duty zero-emission vehicles and off-road equipment. - the communities in charge project, with an $88 million investment from the California energy commission (cec) and the energiize project ($276 million investment through 2026) provides incentives via reimbursement for ev and h2 infrastructure to support medium/heavy-duty zevs. - in partnership with the Massachusetts clean energy center (masscec), calstart continued operating the ride clean mass program, an initiative aimed at helping the vehicle-for-hire (vfh) industry switch to zero-emission vehicles. By providing financial incentives, the ride clean mass program has earmarked $5.35 million to support drivers through 2025. Ride clean mass charging hub program is the second phase of the masscec partnership with a $6.1 million investment to construct 5-7 charging hubs across the state through 2026. - California's air resources board's (carb) clean off-road equipment voucher incentive project (core) has cumulatively received $538 million in funding, including $15 million allocated in 2024 for zero-emission equipment for small businesses and public agencies. - carb has cumulatively funded $2.288 billion for the hybrid and zero-emission truck and bus voucher incentive project (hvip), including $15 million for the innovative small e-fleet (isef) set-aside within hvip in 2024. - calstart continued working with masscec on the mhd mobile charging program, through which four fleets will pilot mobile/temporary charging solutions to enable faster fleet electrification. - mass fleet advisor is a technical assistance program for private mhdv fleets; calstart is the prime recipient of Massachusetts clean energy center's (masscec) program. - in 2025, calstart provided a fleet advisory program in New Jersey by the nj department of environmental protection. - in Ohio and Michigan, calstart supported the delivery or deployment of over 30 electric and low emission transit vehicles through the fta low no program. - advanced global market certainty and aligned cross-sector ambition for zero-emission trucks and buses through calstart's drive to zero program, engaging 250+ government and industry partners in 40+ countries across latam, sub-saharan africa, the eu and india via workshops, convenings, and webinars that built local capacity, informed infrastructure planning, supported policy development, and expanded access to financing for fleet deployment.

Financial Efficiency

• Mission deployment rate: 98.9%; rating input score 99
• Program expense ratio: 98.9%; rating input score 99
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• Foreign activity oversight: Scored; rating input score 0
• Grant itemization coverage: Scored; rating input score 0
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 0.1%; rating input score 31; 31st percentile among comparable filings
• Total-asset coverage ratio: 0.24; rating input score 7; 7th percentile among comparable filings
• Liabilities to assets ratio: 0.95; rating input score 9; 9th percentile among comparable filings
• Officer compensation ratio: 0.6%; rating input score 83; 83rd percentile among comparable filings

Growth

• Program expense growth: 27.1% per year; rating input score 100; 95th percentile among comparable filings
• Revenue growth: 21.5% per year; rating input score 100; 95th percentile among comparable filings
• Asset growth: 16.1% per year; rating input score 100; 88th percentile among comparable filings