Embark, a San Francisco-based developer of robot truck technology, plans to list shares in a merger with a blank check company that may raise $614 million to help meet a goal of commercializing its service by 2024. The company is also adding former U.S. Transportation Secretary Elaine Chao to its board.
Category: Embarkdrive
Embark Trucks to go public via merger with SPAC Northern Genesis in $4.55 billion deal
Embark Trucks Inc., a maker of self-driving technology for the trucking industry, said Wednesday it is going public via a merger with special purpose acquisition corporation Norther Genesis Acquisition Corp. II NGAB, 0.71%, in a deal with a pro forma implied enterprise value of about $4.55 billion. “Over the last five years, Embark has operated America’s longest running road-testing program for self-driving trucks to refine the company’s sophisticated self-driving software — purpose-built to navigate Class 8 trucks on long-distance freight trips,” the companies said in a joint statement.
Self-Driving Startup Embark Raises $70 Million, Opens Freight Transfer Hubs For Robot Big Rigs
Embark Trucks, a self-driving tech firm created by two twenty-something Canadian computer scientists, just landed $70 million in new funding, its biggest investment round to date, and is opening the first cargo transfer hubs for its growing fleet of robotic semis.
The San Francisco-based startup is among a wave of companies including Alphabet’s Waymo, TuSimple, Starsky Robotics, Kodiak and Ike that see commercial opportunities to apply the same type of technology developed for autonomous robotaxis to long-haul trucks ferrying goods cross country. Three years after college friends (and Forbes 30 Under 30 alums) Alex Rodrigues, 23, and Brandon Moak, 24, founded Embark, the company has raised a total of $117 million, including the latest round. It operates 13 18-wheelers and has 70 employees.
Tesla loses key Autopilot engineer to self-driving truck start-up Embark
Zeljko Popovic, a leader within Tesla’s Autopilot team, is leaving for Embark, the autonomous trucking start-up in San Francisco, according to a person familiar with the move. Embark confirmed the hire.
The departure comes at a critical time, as Tesla is promising its electric vehicles will be capable of operating as “robotaxis” by the end of next year — which is to say, they’d be fully self-driving in normal conditions, without human intervention. Tesla also says it plans to start production of its long-awaited electric semi trucks by the end of 2020.
Amazon is hauling cargo in self-driving trucks developed by Embark
Amazon is using self-driving trucks developed by Embark to haul some cargo on the I-10 interstate highway, CNBC has learned.
The trucks were previously noticed by a Reddit user, who photographed and shared images this week showing tractors emblazoned with the Embark logo and trailers painted with the Amazon Prime logo.
Self-driving truck policy takes a big step forward
Last week the Federal Government released an update to their self-driving policy known as Automated Vehicles (AV) 3.0. This update is especially significant because, for the first time, it includes rules that set out how to deploy self-driving trucks. We are very excited about this update — as a result of AV 3.0 self-driving trucks are now allowed to operate across more than 90% of the United States once they are demonstrated to be safe.
Autonomous trucking startup Embark lands $30 million in funding
Embark Trucks has raised $30 million in a Series B funding round led by Sequoia Capital in its bid to be the first to develop and launch a commercially viable driverless truck.
Embark Self-Driving Truck Completes Coast-to-Coast Test Run
A self-driving truck operated by tech startup Embark recently completed a test run from Los Angeles to Jacksonville, Fla., which the company hailed as the first coast-to-coast journey by an automated truck.
Self-driving truck startup Embark raises $15M, partners with Peterbilt
Self-driving trucking startup Embark has raised $15 million in Series A financing, the company announced on Tuesday. Embark first broke cover back in February, when it revealed trucks equipped with its neural net-based deep learning approach to autonomous trucking. The startup’s also revealing a team-up with heavy equipment manufacturer Peterbilt today, which will help it roll out its new group of test trucks.