Embark Trucks Inc. reported on Wednesday it will merge with a blank-check organization, in a offer that will give the self-driving truck technologies developer a market capitalization of $five.two billion.
The offer with Northern Genesis Acquisition Corp. II will get Embark about $614 million in hard cash proceeds, which include a $two hundred million personal expense from Mubadala Capital, CPP Investments, Sequoia Capital and Tiger Worldwide Administration amongst other people.
Embark, which phone calls by itself the oldest self-driving truck organization in the U.S., reported the proceeds ended up expected to fund its organization by means of 2024.
Previously this yr, self-driving trucking organizations Plus and TuSimple entered U.S. public markets in a bid to tap the red-scorching funds market to commercialize their technologies and product.
Launched in 2016, San Francisco-based Embark can help carriers help self-driving trucks within their fleet by means of its software and has partnerships with carriers these as Werner Enterprises and Bison Transportation and shippers AB InBev and HP Inc.
Embark was co-launched by Alex Rodrigues, who began making robots at age eleven, and Brandon Moak, who Rodrigues to start with satisfied and collaborated with when studying mechatronics engineering at the College of Waterloo in Canada.
Even though at university, the duo worked together to create Canada’s to start with self-driving automobile — an autonomous golf cart named “Marvin” — out of Rodrigues’ garage.
Northern Genesis two is a specific goal acquisition company, or SPAC, the crew driving which took EV organization Lion Electric Co. public by merging it with a former SPAC.
Citi is advising Embark on the offer, when J.P. Morgan Securities is serving as fiscal adviser and funds markets adviser to Northern Genesis two.
Previous U.S. Transportation Secretary Elaine Chao, who also is married to U.S. Senate Minority Chief Mitch McConnell, R-Ky., will be part of Embark’s board, the company reported.