Embark Trucks merges with Northern Genesis II in a $5.2B SPAC deal and goes public

Embark Trucking
SaaS News -Autonomous-trucking-startup-Embark-to-go-public (source: SaaS Industry)
At a Glance

Northern Genesis Acquisition Corp. and Embark Trucks Inc. will enter into a final business combination agreement, allowing Embark Trucks to go public. Embark Trucks will have a market value of $5.2 billion as a result of this deal. Embark Trucks has an industry-leading safety record, having traveled over one million real-world kilometers without a DOT-reportable incident.

Embark Trucks Inc. and Northern Genesis Acquisition Corp II have jointly announced that both the companies will be entering a definitive business combination agreement that will make Embark Trucks go public. This deal will give Embark Trucks a market value of $5.2 billion. Embark Trucks is an autonomous software technology developer for the trucking industry. 

Embark Trucks is an autonomous software technology developer for the trucking industry. Northern Genesis II is a publicly-traded special purpose acquisition company. 

Embark Trucks was founded in San Francisco by CEO Alex Rodrigues and CTO Brandon Moak. It has run America’s longest-running self-driving truck road-testing program for the past five years to fine-tune its advanced self-driving software, which is designed to manage Class 8 trucks on long-distance freight journeys. Embark Trucks works with top carriers to install and enable self-driving trucks in their fleets by charging a per-mile subscription fee for Embark’s Driver software.

Embark Trucks is currently working with shippers and carriers such as Anheuser-Busch InBev, HP Inc., Werner Enterprises, Mesilla Valley Transportation, and Bison Transport through its Partner Development Program to help them prepare their fleets to integrate self-driving technology and scale with Embark Trucks’ technology. Embark Trucks has an industry-leading safety record with over one million real-world kilometers 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. 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 US 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.

Mr. Rodrigues, co-founder and CEO of Embark Trucks

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. We are committed to leveraging our deep owner-operator business building experience to assist Embark on its transition from a great private company to a great public company.

Ian Robertson, director, and CEO of Northern Genesis II

According to Embark Trucks, Elaine L. Chao, the former US Secretary of Transportation, has been named to the company’s Board of Directors.

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