Embark Trucks Inc. is merging with a special-purpose acquisition company to go public in a deal that values the self-driving truck startup at about $5

Self-Driving Truck Startup Embark to Go Public in $5.2 Billion SPAC Deal

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2021-06-23 11:00:06

Embark Trucks Inc. is merging with a special-purpose acquisition company to go public in a deal that values the self-driving truck startup at about $5.2 billion, the companies said.

Founded in 2016, Embark says it is the oldest U.S. self-driving truck software firm and aims to partner with shippers to bring down carrier costs and make roads safer. The company has partnerships with a number of transportation companies and brands, including beer seller Anheuser-Busch InBev SA, technology firm HP Inc. and Knight-Swift Transportation Holdings Inc., the largest truckload carrier in North America.

Embark currently has a small developmental fleet running some routes out of Southern California. The company hopes to fully commercialize its technology and to license it so that carriers can operate a large number of their trucks using Embark’s software without needing any human drivers in the years ahead.

The San Francisco-based startup is combining with the sustainability-focused SPAC Northern Genesis Acquisition Corp. II. NGAB 0.20%