Industry News

Embark to go public in $4.5 billion deal

Embark Trucks, a leading developer of autonomous software technology for the trucking industry and Northern Genesis Acquisition Corp II, a publicly-traded special purpose acquisition company, have entered into a definitive business combination agreement.

As a result Embark will become a publicly listed company valued at USD$4.5 billion — subject to approvals.

Founded in San Francisco by CEO Alex Rodrigues and CTO Brandon Moak, Embark is a leading developer of software for self-driving trucks.

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.

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 an industry-leading safety track-record, with more than one million real world miles driven without a Department of Transport-reportable incident.

The company’s Embark Universal Interface works across Volvo, Freightliner, Peterbilt and International trucks.

Embark’s reported long-term vision is for OEMs to integrate Embark’s technology with their truck platforms, which the OEMs will then sell with the maintenance and warranty support carriers demand.

Embark supports this model and undertook the EUI effort to accelerate this process. The benefits of the program for Embark and the freight ecosystem manifest themselves in both the short-term and long-term.

“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,” he said.

“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.

“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.”

Embark also announced that former U.S. Secretary of Transportation Elaine L. Chao has been appointed to its Board of Directors.

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