Northern Genesis

What made the froth in transportation SPACs go flat?

Special purpose acquisition companies targeting startups to take public have not gone away. On the contrary, more than 500 SPACs are currently searching for targets across all sectors. But in almost all cases, SPACs that have completed mergers with transportation companies are performing more like risky investments than they did in 2020. 

What happened?

FreightWaves spoke on background to SPAC experts who agreed to share insights without attribution. They laid out several reasons for the...

https://www.freightwaves.com/news/what-made-the-froth-in-transportation-spacs-go-flat

Embark Trucks concludes SPAC but bolting investors take back $300M

On the same day that electric truck maker Rivian closed its first day as a public company with an $86 billion valuation, autonomous trucking startup Embark Trucks concluded its SPAC merger valued at $5 billion.

But early investors redeemed nearly 30 million shares, cutting Embark’s proceeds by about $300 million. It was a similar story a week ago when Aurora Innovation (NASDAQ: AUR) went public. Early redemptions cut is SPAC proceeds by $755 million from an expected $1.9 billion.

Still, Embark,...

https://www.freightwaves.com/news/embark-trucks-concludes-spac-but-bolting-investors-take-back-300m

They’re 26, once built robots — and are about to be very rich

SAN FRANCISCO — Alex Rodrigues built his first working robot in seventh grade when he was 11 years old. He co-founded self-driving trucking software company Embark Trucks at age 20. This week, at the ripe old age of 26, he and business partner Brandon Moak will become very, very rich if Embark begins public trading as anticipated. 

With an infectious laugh that can be heard throughout much of Embark’s headquarters, a renovated 85-year-old industrial building on Townsend Street downtown,...

https://www.freightwaves.com/news/theyre-26-once-built-robots-and-are-about-to-be-very-rich

Coming attractions: 2 autonomous trucking companies begin trading in November

Aurora Innovation and Embark Trucks expect to conclude their business combinations in early November with shell companies created to bring the autonomous trucking software startups to the public markets.

Filings with the Securities and Exchange Commission show Aurora would begin trading Nov. 4 and Embark on Nov. 9. Aurora and Embark merged with special purpose acquisition companies within weeks of each other in June and July.

The SPAC sponsor of a third autonomous trucking company, Plus, on Sept....

https://www.freightwaves.com/news/coming-attractions-2-autonomous-trucking-companies-begin-trading-in-november

Embark Trucks taps industry advisers on path to AV commercialization

SAN FRANCISCO — SPAC-sponsored Embark Trucks is adding more than 150 years of cumulative industry experience to its preparations for going public, assembling a strategic advisory board that touches all transportation industry sectors.

Embark is not the first autonomous trucking software startup to tap into the industry. TuSimple Holdings (NASDAQ: TSP) went public in April, the first of four autonomous trucking companies to seek public trading. TuSimple has a large group of advisers, many of whom...

https://www.freightwaves.com/news/embark-trucks-taps-industry-advisers-on-path-to-av-commercialization

Embark Trucks: Autonomous testing pioneer latest to join SPAC parade

Embark Trucks Inc., the first autonomous trucking software company to hit the highway, is the latest to join the SPAC parade to public trading.

The Mountain View, California, startup, founded in 2016, completed a 2,400-mile cross-country trip from Los Angeles to Jacksonville, Florida, two years later using autonomous software monitored by a human safety driver and an autonomous engineer. 

The proposed business combination with special purpose acquisition company (SPAC) Northern Genesis...

https://www.freightwaves.com/news/embark-trucks-autonomous-testing-pioneer-latest-to-join-spac-parade

IKEA to electrify last-mile delivery in Canada with Lion Electric

IKEA to add Lion Electric electric trucks to delivery fleet

IKEA and its last-mile delivery partner in Canada, Second Closet, will deploy 15 all-electric Lion Electric trucks this fall in Canada.

The vehicles making deliveries for IKEA Canada will operate in Bocherville, Quebec; Etobicoke, Ontario; and Richmond, British Columbia. They are Lion6 heavy-duty zero-emission vehicles and will play a significant role in IKEA’s broader sustainability effort, the company said.

“Electrifying our last mile delivery service is an important step in our journey to...

https://www.freightwaves.com/news/ikea-to-electrify-last-mile-delivery-in-canada-with-lion-electric