Embark Trucks, a software development company for self-driving trucks, made an announcement on its Twitter account about its unification with Northern Genesis Acquisition corp.II and becoming a “publicly listed company.
Embark will go public through a merger with Northern Genesis Acquisition Corp. II ($NGAB). This is a major step for Embark as we continue to develop world-class technology and commercialize autonomous trucks.
Full press release here: https://t.co/LkwrMY5JS0
— Embark 🚚 (@embarktrucks) June 23, 2021
Embark Trucks, a US-based autonomous vehicle (AV) software as a service company combines with Northern Genesis Acquisition Corp.II, a special purpose acquisition company. EmbarkTrucks has partnerships with shippers and carriers such as Anheuser-Busch InBev, HP Inc., Werner Enterprises, Mesilla Valley Transportation, and Bison Transport.
Upon binding the transaction, $614 million of gross cash gains, composed of nearly $414 million of cash held in the trust account of Northern Genesis 2, and a $200 million fully engaged PIPE at $10 per share, is anticipated to be received by the combined company. Exclusive anchor investors such as Canada Pension Plan Investment Board (CPP Investments), Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management unitedly with the Northern Genesis 2 team and linked investors are said to back the PIPE.
Alex Rodrigues, Co-Founder, and CEO of Embark said:
“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 work zones on the fly – and the announcement of our Partner Development Program mark the start of Embark’s transition from research to commercialization. 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.”
Ian Robertson, Director, and CEO of Northern Genesis 2 said:
“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. 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.”
This merger appears to advance Autonomous trucking and drive into a more sustainable future.Image source: Embark Trucks