Embark Trucks, a developer of autonomous software technology for the trucking industry, and Northern Genesis 2, a publicly-traded special purpose acquisition company, have entered into a merger agreement that will result in Embark becoming a publicly listed company.
Over the last five years, Embark has operated America’s longest running road-testing program for self-driving trucks to refine the company’s self-driving software, which is purpose-built to navigate Class 8 trucks on long-distance freight trips. Embark partners with leading carriers, who pay a per-mile subscription cost for Embark’s Driver software to deploy and enable self-driving trucks within their fleets.
Embark, through its Partner Development Program, is currently working with shippers and carriers including Anheuser-Busch InBev, HP Inc., Werner Enterprises, Mesilla Valley Transportation, and Bison Transport, to help prepare their fleets to integrate self-driving technology and scale with Embark’s technology. Embark has achieved more than one million real world miles driven without a DOT-reportable incident.
“We have been solely focused on solving the problem of self-driving software for trucking since Embark’s CTO, Brandon Moak, and I founded the company in 2016,” said Alex Rodrigues, co-founder and CEO of Embark. “This singular and disciplined focus on the trucking market in the United States has allowed Embark to achieve many industry-first technology milestones–including the first self-driving truck to drive coast-to-coast–and positions Embark to be a leader in autonomous trucking software.
"The recent accomplishment of key technical milestones–including handling highway workzones on the fly–and the announcement of our Partner Development Program mark the start of Embark’s transition from research to commercialization," Rodrigues sais. "After many years of R&D on the world’s most mature self-driving truck software stack, we plan to enable carrier operation of self-driving trucks in the U.S. sunbelt beginning in 2024. Following the transaction with Northern Genesis we expect to have a war chest that fully funds this commercialization plan, and then some."
“The Northern Genesis team is enthused to partner with Embark as it continues to execute on its focused mission, a mission that began more than five years ago," said Ian Robertson, director and CEO of Northern Genesis 2.
"Our respective teams share a conviction that success today demands alignment with the ongoing secular shifts towards sustainability and social responsibility; Embark’s commitment to autonomous trucking delivers that alignment through enhanced fuel efficiency, improved driver working conditions, and safer roads for everyone,” Robertson said. “We are committed to leveraging our deep owner-operator business building experience to assist Embark on its transition from great private company to great public company.”
Source: Embark Trucks
