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Autonomous truck software developer Embark Trucks Inc. announced it completed its business combination with Northern Genesis Acquisition Corp. II, and the combined company has been renamed Embark Technology Inc.
Its shares began trading on the Nasdaq Capital Market Nov. 11. The ticker symbols for the common stock and warrants of Northern Genesis 2 will change to EMBK and EMBKW, respectively.
Its initial valuation was about $5 billion.
Embark is now a public company trading on @Nasdaq under the symbol $EMBK.— Embark (@embarktrucks) November 11, 2021
We’re thrilled to begin this next chapter as we continue to pursue our mission of making the trucking industry safer, more efficient, and more sustainable.https://t.co/sQKyPgXOjc
The San Francisco-based company founded in 2016 reported co-founder and CEO Alex Rodrigues, 26, is now the youngest-ever CEO of a public company.
Embark noted it operates as a software as a service provider by developing an OEM-agnostic self-driving trucking software, and drives revenue by licensing it to users on a per-mile basis.
“We believe that the capital raised in this transaction will help us achieve our commercialization plans to bring self-driving trucks to the U.S. Sun Belt in 2024,” Rodrigues said in a release.
Other recent Embark milestones include:
- Embark unveiled the Embark Universal Interface, a set of standardized self-driving components and the flexible interfaces necessary for major truck makers to more easily and robustly integrate Embark’s autonomous technology onto their vehicle platforms.
- Embark announced partnerships and collaborations with Tier 1 suppliers and technology providers including Cummins Inc., NVIDIA, Luminar and ZF to accelerate integration of the Embark Universal Interface within OEM vehicle platforms.
“Embark’s co-founder and chief technology officer, Brandon Moak, and I are incredibly proud of what our team has achieved, and we remain focused on delivering against key strategic initiatives to commercialize our technology and achieve key technical milestones,” Rodrigues added. — Transport Topics
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