Autonomous trucking startup Embark to go public in $5.2B SPAC deal

Autonomous trucking startup Embark to go public in $5.2B SPAC deal

3 years ago
Anonymous $LNMzUc6XNz

https://techcrunch.com/2021/06/23/autonomous-trucking-startup-embark-to-go-public-in-5-2b-spac-deal/

Five-year old self-driving truck startup Embark Trucks Inc. said Wednesday it would merge with special purpose acquisition company Northern Genesis Acquisition Corp. II in a deal valued at $5.2 billion.

Embark takes a different approach to autonomous trucking: As opposed to manufacturing and operating a fleet of trucks themselves, which is the route rival TuSimple is taking, Embark offers its AV software as a service. Carriers and fleets can pay a per-mile subscription fee to access it. The company includes carriers Mesilla Valley Transportation and Bison Transport, and companies Anheuser-Busch InBev and HP Inc., amongst its partners.