Embark Trucks Inc., a maker of self-driving technology for the trucking industry, said Wednesday it is going public via a merger with special purpose acquisition corporation Norther Genesis Acquisition Corp. II
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in a deal with a pro forma implied enterprise value of about $4.55 billion. “Over the last five years, Embark has operated America’s longest running road-testing program for self-driving trucks to refine the company’s sophisticated self-driving software — purpose-built to navigate Class 8 trucks on long-distance freight trips,” the companies said in a joint statement. Once the deal closes, expected in the second half of 2021, Embark will have about $614 million of cash, and a $200 million private investment in public equity, or PIPE, backed by anchor investors including Pension Plan Investment Board (CPP Investments), Knight-Swift Transportation, Mubadala Capital, Sequoia Capital, and Tiger Global Management, together with the Northern Genesis management team and its associated institutional investors. Elaine Chao, former Secretary of Transportation and Labor, and wife of Sen. Mitch McConnell, has joined the Embark board. The funds raised are expected to support the company through 2024, when it expects to commercialize its tech.
