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Embark Trucks has partnered with Cummins to enhance the integration of autonomous technology in trucking through the Embark Universal Interface (EUI). This collaboration will leverage Cummins’ next-gen powertrain interface to optimize fuel efficiency and performance in self-driving trucks. The EUI will allow trials across major truck OEM platforms, including Freightliner and Volvo. Embark also recently made strides in its business strategy, including collaborations with NVIDIA and Ryder, and plans to go public via a merger with Northern Genesis Acquisition Corp. II (NGAB) in late 2021.
Ryder System, Inc. (NYSE: R) and Embark Trucks, Inc. are collaborating to create a nationwide network of up to 100 transfer points for autonomous freight operations. This initiative will focus on key markets in California, Arizona, Texas, Georgia, Tennessee, and Florida, aiming for a smooth launch by 2024. Ryder will manage yard operations and maintenance at these points, enhancing the logistical framework for Embark’s autonomous trucks. The partnership reflects both companies' commitment to advancing the autonomous trucking industry.
Embark Trucks and HP Inc. have launched a pilot program in Los Angeles using BYD electric trucks for first- and last-mile drayage, enhancing sustainability. This initiative aims to reduce emissions by up to 50,000 tons of CO2 and harmful pollutants over the next decade. Embark's autonomous trucks are anticipated to be more fuel-efficient, supporting HP's broader goal of achieving net-zero greenhouse gas emissions by 2040. The partnership aligns with California's emission reduction goals, addressing severe air quality issues in the region.
Embark Trucks will host Embark Day on September 22, 2021 at its San Francisco headquarters, inviting investors, media, and analysts to explore its self-driving technology and business strategy. The event precedes Embark's Nasdaq listing through a merger with Northern Genesis Acquisition Corp. II (NGAB), announced on June 23, 2021. Attendees will engage with Embark leadership, including CEO Alex Rodrigues and CFO Richard Hawwa, and experience live demonstrations of Embark's technology. The day promises insights into their growth and upcoming developments.
Embark Trucks Inc., a leader in autonomous trucking technology, announced its collaboration with NVIDIA to utilize the NVIDIA DRIVE™ platform in its operations. This partnership aims to power the Embark Universal Interface (EUI) and enhance the Embark Driver software, enabling seamless integration across various truck OEMs. The EUI is designed for major US manufacturers like Freightliner and Volvo, facilitating the deployment of autonomous technology. This agreement also follows Embark's recent business combination announcement with Northern Genesis Acquisition Corp. II (NGAB).
Embark Trucks, a leader in autonomous trucking technology, has announced a definitive business combination with Northern Genesis Acquisition Corp. II (NYSE: NGAB) that will take Embark public. The deal values Embark at $5.16 billion, with a projected enterprise value of $4.55 billion. Upon closing, the combined company expects to secure approximately $614 million in gross cash, bolstered by a fully committed $200 million PIPE investment. With significant partnerships and a strong safety record, Embark aims to commercially launch self-driving technology in the U.S. sunbelt in 2024, supported by an experienced board including Elaine Chao.
Embark Trucks, Inc. and Northern Genesis Acquisition Corp. II (NGAB) announced a business combination that will make Embark a publicly listed company. The transaction values Embark at a pro forma equity value of $5.16 billion, with an enterprise value of $4.55 billion. It is expected to provide approximately $614 million in gross cash proceeds, bolstered by a $200 million PIPE investment. Embark, focused on self-driving technology for trucking, aims to operationalize its technology in the U.S. sunbelt by 2024. Former Secretary of Transportation Elaine Chao joins Embark's Board.
Northern Genesis Acquisition Corp. II (NYSE: NGAB.U) has announced the separation of its units starting March 5, 2021. Shareholders can now trade shares of common stock and warrants separately, with the new trading symbols being ‘NGAB’ for common stock and ‘NGAB.W’ for warrants. The units will continue to trade under ‘NGAB.U’. As a blank check company, Northern Genesis aims to focus on businesses aligned with sustainability and strong environmental, social, and governance principles. The offering was initially underwritten by J.P. Morgan, Barclays, and CIBC.
Northern Genesis Acquisition Corp. II announced its initial public offering (IPO) of 36 million units at $10.00 each, expected to start trading on the NYSE under the symbol “NGAB.U” on January 13, 2021. Each unit includes one share of common stock and one-third of a redeemable warrant, with whole warrants priced at $11.50 per share. The entity intends to pursue business combinations with a focus on sustainability and ESG principles. The IPO is managed by J.P. Morgan, Barclays, and CIBC, and is anticipated to close on January 15, 2021.