Gatik Establishes Safety Advisory Council, Taps Former US Department of Transportation Leadership and Executives From Trucking and Automotive Industries to Guide Safety Strategy
Article content
Safety Advisory Council members will provide independent, strategic guidance to Gatik on its approach to the safe deployment of commercial Freight-Only (driverless) operations across North America
Article content
Article content
MOUNTAIN VIEW, Calif. — Gatik, the leader in autonomous middle-mile logistics, today announced the formation of its Safety Advisory Council, bringing together a diverse group of industry experts to support the safe development and deployment of Gatik's autonomous technology. Gatik's Safety Advisory Council will exist as an independent layer of review beyond the company's extensive existing internal and external measures and processes, reinforcing Gatik's commitment to transparency, accountability, and independent validation of its autonomous solution. Inaugural members of the Council bring a wealth of experience from both the government and private sectors, including former leadership from the Federal Motor Carrier Safety Administration (FMCSA), the National Highway Traffic Safety Administration (NHTSA), and former Executives from U.S. Xpress, SAE International and Toyota Research Institute.
Article content
Council members will provide strategic guidance to Gatik's Internal Safety Review Board on the company's enterprise safety approach, including safety culture, processes, protocols, technology, training, and partnerships. The Council will also play an important role in educating Gatik's key stakeholders by sharing information about the company's approach to safety with government agencies, law enforcement, safety experts, academia, customers, and the general public.
Article content
'Transparency breeds trust, and the establishment of Gatik's Safety Advisory Council adds yet another layer of independent validation to our rigorous and robust approach to safety,' said Gautam Narang, Gatik's CEO and co-founder. 'The inaugural members include some of the industry's most respected and trusted experts in transportation safety and policy, bringing more than 170 years of combined experience and expertise to help guide the implementation of Gatik's safety strategy as we roll-out Freight-Only operations at scale.'
Article content
Appointees to Gatik's Safety Advisory Council are:
Article content
Mark Rosekind, Ph.D. – Dr. Rosekind was appointed by President Obama and confirmed by the U.S. Senate to be the 15th Administrator of the National Highway Traffic Safety Administration (NHTSA), serving from 2014 to 2017. Prior to NHTSA, Dr. Rosekind served as the 40th member of the National Transportation Safety Board (NTSB) from 2010 to 2014. Dr. Rosekind was also Chief Safety Innovation Officer at Zoox from 2017-2022 and previously directed the Fatigue Countermeasures Program at the National Aeronautics and Space Administration (NASA) Ames Research Center, and was Chief of the Aviation Operations Branch in the Flight Management and Human Factors Division. Dr. Rosekind is an internationally recognized expert on human fatigue. Dr. Rosekind earned his A.B. with honors from Stanford University, his M.S., M.Phil., and Ph.D. from Yale University, and completed a postdoctoral fellowship at the Brown University Medical School.
Article content
Jack Van Steenburg – Van Steenburg served the Federal Motor Carrier Safety Administration (FMCSA) for 15 years, holding the titles of Executive Director and Chief Safety Officer. Before joining FMCSA he served in the New York State Police for 25 years and rose through the ranks of Trooper to Staff Inspector. He also served as the elected President of the Commercial Vehicle Safety Alliance (CVSA) and participated on their executive committee for a decade. He holds an Associate's degree in Criminal Justice, Bachelor's degree in Accounting, and a Master's degree in Public Administration.
Article content
Jane Lappin – Lappin is the co-founder and organizer of the Automated Road Transportation Symposium, and immediate past chair of the National Academies of Engineering Transportation Research Board Vehicle-Highway Automation Committee. Lappin recently retired as Director of Public Policy and Government Affairs for Toyota Research Institute, and previously worked for the U.S. DOT Volpe Center. Lappin served as U.S. DOT secretariat to the trilateral US-EU-JPN ITS Steering Committee, and as the U.S. co-chair of the US-EU-Japan Automation in Road Transportation Working Group. Lappin studied sociology as an undergraduate at Boston University and earned an MBA from the Simmons College Graduate School of Management, the world's only all women's business school.
Article content
Eric Fuller – Fuller is the former CEO of U.S. Xpress, where he led the company from 2017 until its sale to Knight-Swift Transportation in 2023. Prior to becoming CEO, Eric held numerous operational leadership roles across the company, building a strong foundation in logistics, operational safety, and team management. A longtime advocate for innovation, Eric has been an early supporter of autonomous technology in commercial trucking and has served on multiple boards and in advisory roles for companies advancing autonomous and adjacent technologies.
Article content
Carla Bailo – Bailo is the past President and CEO of the Center for Automotive Research (CAR), and is a leader in engineering and vehicle program management with 45 years of experience in the automotive industry. Bailo recently finished her term as President of SAE International, and was previously the assistant vice president for mobility research and business development at The Ohio State University. She also has 25 years of experience at Nissan North America, Inc., where she served as senior vice president of research and development, and spent 10 years at General Motors. She has a MS degree in mechanical engineering from the University of Michigan and a BS degree in mechanical engineering from Kettering University.
Article content
'This esteemed group of industry leaders have dedicated their careers to advocating for safer public roadways, so we're honored that they've chosen to partner with Gatik as we enter our next phase of rapid growth,' said Dr. Adam Campbell, Head of Safety at Gatik. 'Our shared belief is that the future of road safety will be led by widespread deployment of autonomous vehicles. This means that Gatik's Safety Advisory Council is ideally positioned to guide and inform our approach to safety as we deploy thousands of commercial autonomous trucks in the months and years ahead.'
Article content
Establishing a Safety Advisory Council is part of Gatik's ongoing commitment to independent, third-party assessment of its technology. Last year, Gatik unveiled the scope of its Safety Assessment Framework for Freight-Only (driverless) operations across North America, by committing to launching Freight-Only operations at scale only once it satisfies the most rigorous evaluation ever performed on an autonomous driving system by independent third parties. This industry-first initiative underscores Gatik's dedication to setting the highest standards possible for safety in autonomous trucking, and ensures that all key stakeholders, including customers, federal, state and local government partners, the first responder community and the general public have confidence in the independently verified safety of Gatik's technology and deployment practices. The assessment encompasses over 700 identified safety portfolios and will address the following key pillars of autonomous vehicle safety: organizational safety culture, engineering quality (functional, behavioral and operational safety of the self-driving system), cyber security, vehicle safety, and safety sase conformity to UL4600 and other standards.
Article content
As part of the company's commitment to transparency across all aspects of its approach to safety, Gatik will be publicly sharing information on progress made towards completion of the Safety Assessment Framework prior to deployment of Freight-Only operations.
Article content
About Gatik
Article content
Gatik AI Inc., the leader in autonomous middle-mile logistics, is revolutionizing B2B supply chains by enabling safe, consistent, high-frequency freight movement. Gatik's AI-Driven Autonomy is transforming short-haul logistics for Fortune 500 retailers, and in 2021 the company launched the world's first driverless commercial transportation service with Walmart. Gatik's medium-duty autonomous trucks are commercially deployed in multiple markets including Texas, Arkansas, Arizona, and Ontario. Gatik partners with industry leaders including Isuzu Motors, NVIDIA, Cummins, Ryder, and Goodyear. Founded in 2017 by veterans of the autonomous technology industry, the company has offices in Mountain View, Dallas-Fort Worth, Phoenix, Bentonville and Toronto.
Article content
This press release contains forward-looking statements, including but not limited to, statements regarding future business strategies, plans, objectives, and anticipated performance. These forward-looking statements are based on the current expectations and beliefs of Gatik and are subject to various risks, uncertainties, and assumptions that could cause actual results to differ materially from those expressed or implied in such statements.
Article content
Factors that could impact these forward-looking statements include, but are not limited to, changes in market conditions, economic factors, competitive dynamics, regulatory developments, and unforeseen operational challenges. Gatik undertakes no obligation to update or revise any forward-looking statements to reflect new information, future events, or otherwise, except as required by law.
Article content
Article content
Article content
Article content
Article content
Article content
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Globe and Mail
an hour ago
- Globe and Mail
What Canadian investors need to know about the Trump tax bill
If the first six months are any indication, the reign of U.S. President Donald Trump is going to be a rough one for Canadian investors. First, the stock market plunged earlier this spring as Mr. Trump's tariffs started a global trade war. Stocks have mostly recovered, but a new threat has emerged in the form of legislation that would allow Washington to ramp up the taxation of Canadians holding U.S. stocks. The One Big Beautiful Bill Act is not yet law – it passed in the U.S. House of Representatives by a single vote but must still pass in the Senate – and may change in scope. For now, it has the potential to more than double the tax applied to dividends from U.S. companies received by Canadian investors and corporations. The ultimate effect of the tax changes could be costly in total but perhaps not so bad on an individual basis. Regardless, it's too early to make changes in your investment portfolio. 'Currently, we're not making any moves, and I'm recommending everyone do the same thing and just wait to see what the information actually is,' said Justin Bender, a portfolio manager at PWL Capital. 'Then we can assess and see if there's any changes necessary.' Wealth managers brace for proposed U.S. tax bill's impacts on Canadian clients What's in Trump's big budget bill? From cuts to taxes and Medicaid, here's what to know Ultimately, Section 899 of the legislation could introduce a withholding tax of 20 to 50 per cent of dividends received by Canadians. There are estimates that this extra tax could cost individual investors, pension funds and others billions of dollars. The point of Section 899 is to give the U.S. a weapon to punish what it considers to be unfair taxes in other countries. Thought to be a target is our digital services tax, which mainly applies to U.S. tech giants generating revenue in Canada. Estimates from Mr. Bender show a worst-case additional drag on returns of 0.46 percentage points from U.S. stocks and U.S. equity exchange-traded funds when the higher withholding tax is fully phased in over four years. Think of this cost as being in addition to the management expense ratio of an ETF or mutual fund. If your return from a U.S. equity fund was a net 10 per cent with the management expense ratio (MER) included, then a higher withholding tax could ultimately leave you with as little as 9.54 per cent. Note that fund returns are always published on a net basis, with the MER included and, where applicable, foreign withholding taxes already deducted. Under existing U.S. tax law, there is a base withholding tax rate of 30 per cent for foreign investors holding U.S. stocks. A Canada-U.S. tax treaty generally reduces this rate to 15 per cent. No withholding tax applies to U.S. dividends paid into registered retirement savings plans and registered retirement income funds by U.S.-listed stocks and ETFs. There's no clear sense of whether this exemption would continue to apply under Section 899. In a non-registered account, you can offset the 15-per-cent withholding tax by claiming an offsetting foreign tax credit. In a TFSA, registered education savings plan, first home savings account or registered disability savings plan, the withholding tax cannot be recovered; it is also non-recoverable in RRSPs and RRIFs if you hold a Canadian-listed U.S. equity ETF. Canadian investors have a massive level of exposure to U.S. stocks directly and through funds. About $60-billion is invested in just four TSX-listed ETFs that track the S&P 500 index. But investing in the S&P 500, and the even more tech-focused Nasdaq, is much more about growth than dividend income. The dividend yield on the S&P 500 right now is about 1.3 per cent, half the level of the yield on Canada's S&P/TSX composite index. 'It's very low, which is why this tax maybe isn't as much of an issue as people are making it out to be,' Mr. Bender said. 'Some extra withholding taxes are probably not going to blow up your financial plan.' Mr. Bender added that the impact is further diminished by the fact that most investors have diversified their U.S. exposure with bonds and Canadian stocks, plus international markets in many cases. Investors who use ETFs for exposure to U.S. stocks can buy funds listed on U.S. exchanges as well as those located in Canada. Among Canadian-listed funds, there are those that hold U.S. stocks directly and those that are effectively a wrapper for a U.S.-listed fund in the same corporate family. Mr. Bender said each of these three ETF types would be affected similarly by higher U.S. withholding taxes. Are you a young Canadian with money on your mind? To set yourself up for success and steer clear of costly mistakes, listen to our award-winning Stress Test podcast.
Globe and Mail
an hour ago
- Globe and Mail
A $3.7 Billion Reason to Sell Plug Power Stock Now
Plug Power (PLUG), a prominent name in the clean energy sector, has found itself in increasingly stormy waters following a recent announcement by the U.S. Department of Energy (DOE). On May 30, the DOE revealed a sweeping cut of approximately $3.7 billion in grants allocated for clean energy projects, sending shockwaves through the sector. The DOE's decision represents a sharp policy reversal from former President Joe Biden's robust support for renewable energy initiatives. Although Plug was not directly affected, the move sparked broader concerns about the company's outlook, as significant funding it had been relying on was abruptly placed under review under President Donald Trump, with apparently diminishing chances of approval. In this article, we'll break down what the DOE's funding cuts mean for Plug Power, how the changing political landscape could derail its growth ambitions, and why investors may want to reconsider their exposure to this once high-flying clean energy stock. About Plug Power Stock Valued at a market cap of $1.05 billion, Plug Power (PLUG) is a notable player in the green hydrogen industry, specializing in hydrogen fuel cell technologies. The company is building a comprehensive green hydrogen ecosystem, spanning production, storage, delivery, and energy generation, to support its customers' business objectives and contribute to economy-wide decarbonization. Its offerings include the GenDrive fuel cell system for material handling vehicles such as forklifts, GenSure stationary fuel cells for grid support, and ProGen fuel cell engines designed for a range of applications. It also offers GenFuel, a comprehensive solution for hydrogen production, storage, and dispensing. Shares of the ailing hydrogen fuel cell product solutions provider have slumped 51.6% on a year-to-date basis. Plug Remains Under Pressure from U.S. Regulatory Challenges Clean energy stocks, including Plug Power, have taken a significant hit this year as the Trump administration targeted the sector with funding cuts, policy changes, and import restrictions. The latest move came on May 30, when the Energy Department (DOE) announced $3.7 billion in funding cuts for clean energy and climate initiatives, with a significant share of the canceled grants targeting carbon capture and sequestration projects. This represents a stark shift from the previous administration's policies, which pumped billions into the sector. The DOE stated that the decision followed findings that the projects 'failed to advance the energy needs of the American people, were not economically viable, and would not generate a positive return on investment of taxpayer dollars.' Of the 24 projects canceled in the move, 16 were awarded between Election Day and Trump's inauguration, the agency said in a statement. Bloomberg reported that the canceled awards included $331 million for Exxon Mobil (XOM) to replace natural gas (NGN25) with hydrogen at its Baytown, Texas, Olefins Plant; $170 million for Kraft Heinz (KHC) to pursue a range of clean energy projects; and $500 million for Heidelberg Materials (HDLMY) to develop a low-carbon cement initiative, according to a list provided by the DOE. Although Plug Power wasn't directly affected by this round of funding cuts, the move raises broader concerns for the company. Plug received a nearly $1.7 billion loan guarantee from the DOE in early January to support six zero- and low-carbon hydrogen production projects, but the Trump administration has since placed the loan under review, effectively putting it on hold. The latest developments increase the likelihood that the funding will be revoked, potentially further delaying Plug's path to profitability or even pushing the company toward bankruptcy. Plug stated that it was continuing to 'monitor the evolving landscape.' Moreover, the company recently requested shareholder approval for a reverse stock split and an increase in its authorized share count in a bid to stay afloat, as it now faces the risk of being delisted from the Nasdaq Exchange. 'Without an increase in the number of authorized shares... we may be constrained in our ability to address ongoing needs and pursue opportunities,' Plug warned in a letter to investors. 'There are going to be some companies that do fall away because they do not have strong fundamentals. But a lot of high-quality companies that do not receive the funding will not scale,' said Amy Duffuor, general partner at Azolla Ventures, a climate-focused venture capital investor. Potential Loss of Hydrogen Production Tax Credit Presents Major Headwind for PLUG The major threat to the company stems not from government funding cuts, but from Trump's tax-and-spending bill, which contains a provision to eliminate the generous 45V clean hydrogen production tax credit. The tax bill, which passed the House of Representatives along party lines in May with a 215-214 vote, is now under Senate consideration, with a vote on approval expected by August. If finalized, the elimination of the 45V credit would deal a significant blow to nearly all announced green hydrogen projects in the U.S. The legislation proposes ending 45V eligibility for any hydrogen projects that begin construction after Dec. 31, 2025, effectively stripping it of its long-term, broad-based impact. Under the current Inflation Reduction Act (IRA), the tax credit provides up to $3 per kilogram of hydrogen produced through 2033. Notably, the IRA's 45V tax credit spurred a 247% increase in planned U.S. hydrogen production capacity between Q2 2022 and Q4 2024, reaching 18.53 million tonnes annually. However, with Republicans aiming to roll back Biden-era clean energy policies, the bill's passage in the House represents a direct threat to the future of hydrogen development in the U.S. For Plug Power, the proposed expiration of the hydrogen production tax credit would significantly undermine its business plan, which relies on building a nationwide network of green hydrogen plants. The construction of new plants was planned to be funded by the DOE loan, but with the loan currently under review and its approval increasingly unlikely, the company is facing a double setback. Without new green hydrogen plants and the support of related production tax credits, the company's hydrogen fueling business is likely to continue incurring significant losses in the foreseeable future. Additionally, without tax credits, most third-party green hydrogen projects in the U.S. would likely be halted, further limiting Plug Power's ability to sell electrolyzers and liquefaction equipment in the domestic market. How Did Plug Power Perform in Q1? On May 12, Plug Power released its earnings results for the first quarter of 2025. The company's top line grew 11.1% year-over-year to $133.7 million, driven by higher electrolyzer deliveries, sustained demand in material handling, and continued deployments across its cryogenic platform. The result aligned with the company's guidance and exceeded Wall Street's consensus estimate by $1.88 million. The company's growth was supported by several milestones, including the expansion of its hydrogen production capacity to 40 tons per day across three operational plants. The momentum appeared to continue in Q2, as the company recently reported that its Woodbine, Georgia, hydrogen plant produced 300 metric tons of liquid hydrogen in April — the facility's highest monthly output to date. On the profitability front, PLUG narrowed its gross margin loss in Q1, supported by ongoing supply chain optimization, continued cost reductions, price hikes, and progress in scaling its hydrogen platform. With that, gross margin loss improved to -55% from -132% in the year-ago quarter. Still, during the Q1 earnings call, management revised its earlier forecast of reaching positive gross margins in Q4 2025 and is now aiming for breakeven by year-end. Meanwhile, PLUG's net loss per share stood at $0.21 in Q1, missing expectations by $0.02. Despite some progress, regulatory challenges are expected to heavily affect the company's path to profitability going forward. Now, let's shift focus to another major source of concern, which is liquidity. As of March 31, Plug held $295.8 million in cash and cash equivalents. After the quarter ended, the company secured an expensive debt facility of up to $525 million from its existing lender, Yorkville Advisors. Given the Q1 cash burn of $152.1 million — and assuming it remains at a similar or lower level in the coming quarters due to the cost-saving Project Quantum Leap initiative — PLUG's liquidity seems adequate for the rest of the year. Still, the outlook for next year remains uncertain, as Plug's low share price restricts its funding options, particularly its ability to pursue additional equity offerings. Looking ahead, management projects Q2 revenue to range between $140 million and $180 million, with improvements in gross margin and working capital performance anticipated throughout the rest of 2025. According to Wall Street estimates, the company's net loss is expected to narrow by 78% year-over-year to $0.59 per share for fiscal 2025, while revenue is projected to grow 16.69% year-over-year to $733.76 million. Notably, analysts currently expect that the company will remain unprofitable until fiscal 2030. Options Market Sentiment on PLUG Stock Examining the option chain for September 19, 2025, the $1.00 CALL option has a bid/ask spread of $0.23/$0.25, while the $1.00 PUT option shows a spread of $0.25/$0.30. Please note that this option strike price is the closest to the current stock price. Now, let's calculate the expected price movement based on the midpoint prices of these options: 0.2750 (1.00 put) + 0.2400 (1.00 call) = 0.5150/0.9692 = 53.1% Based on current pricing, the options market implies that PLUG stock could move approximately 53% from the $1.00 strike price by September's options expiration, utilizing the long straddle strategy. That would place the stock in a trading range of $0.46 to $1.48. Notably, put options at the $1.00 strike price outnumber call options by a ratio of 1.66 to 1, with 20,664 open puts compared to 12,462 open calls. This reflects a bearish sentiment, suggesting that options traders are betting on PLUG stock underperforming in the coming month, reinforcing the broader bearish case for the company. What Do Analysts Expect For PLUG Stock? Overall, Wall Street analysts remain cautious on Plug Power stock, as evidenced by the consensus 'Hold' rating. Out of the 23 analysts covering the stock, six recommend a 'Strong Buy,' 13 advise holding, and the remaining four have a more bearish outlook with a 'Strong Sell' rating.
CTV News
an hour ago
- CTV News
Canadian safety institute announces research projects as global focus shifts to AI adoption
Innovation, Science and Industry Minister Francois-Philippe Champagne, right, and founder and scientific director of MILA-Quebec Artificial Intelligence Institute Yoshua Bengio answer media questions following the launch the Canadian Artificial Intelligence Safety Institute in Montreal on Tuesday, Nov. 12, 2024. THE CANADIAN PRESS/Christinne Muschi OTTAWA — The Canadian Artificial Intelligence Safety Institute will fund research projects focusing on misinformation, generative AI and the safety of autonomous systems. It says the initial 10 projects will receive $100,000 each from its research program. They include an initiative led by AI pioneer Yoshua Bengio that will look at the hidden reasons driving decisions by large language models, a type of generative AI focused on text. The Canadian AI Safety Institute was launched last year, part of a global network of publicly backed safety institutes that emerged following a wave of calls from experts for AI regulation. But there has been a global shift towards focusing on AI adoption over safety initiatives in recent months. In Canada, the Liberal government plans to prioritize AI's economic potential as it hosts the upcoming G7 summit, and new AI minister Evan Solomon has said nothing so far about his job description. Article by Anja Karadeglija.
