Latest news with #Kodiak-equipped
Yahoo
15-04-2025
- Automotive
- Yahoo
Kodiak Robotics going public via SPAC
The rumors were true and the SPAC is back. Kodiak Robotics announced Monday it has entered into an agreement with Ares Acquisition Corp. II (AACT), a publicly traded special purpose acquisition company that will make Kodiak a publicly listed company valued at around $2.5 billion. The combined company will be named Kodiak AI Inc. New and existing institutional investors for Kodiak include Soros Fund Management, ARK Investments and Ares. They have funded or committed to over $110 million in financing in addition to approximately $551 million in cash, held in trust. Rumblings about the deal were announced last month by Bloomberg, with the blank check firm AACT led by David Kaplin having raised $450 million in April 2023. Prior to founding Kodiak Robotics in 2018, Don Burnette had previously worked for Google's self-driving car project before it became Waymo. Burnette left Google after five years to found Otto, a self-driving truck startup later acquired by Uber. 'This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology,' said Burnette, founder and CEO of Kodiak in a news release. 'We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries.' Kodiak boasts a first-to-market fully active driverless truck operation from its partnership with Atlas Energy Solutions operating in the Permian Basin. Kodiak announced in January it had completed the delivery of 100 loads of proppant with two RoboTrucks equipped with Kodiak Driver, Kodiak's self-driving system. The Kodiak-powered Atlas trucks have over 750 hours of commercial driverless operations with further support inbound via a firm commitment by Atlas for an initial order of 100 trucks. 'As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer, Kodiak has quickly set itself apart as an industry leader in a significant addressable market,' said David Kaplan, CEO and co-chairman of the board of directors of AACT and co-founder of Ares. 'We are excited to partner with Don and the Kodiak team as they seek to further capitalize on significant industry tailwinds and deliver value for their stakeholders.' Kodiak's business model works via a Driver-as-a-Service business model. Customers use Kodiak-equipped RoboTrucks and are charged either a per-truck or per-mile recurring license fee. In the case of Atlas, Kodiak owns and operates autonomous trucks, and Atlas pays as a fee per delivery by the trucks. The release notes that in addition to Atlas, Kodiak has collaborated with companies including Bridgestone, C.R. England, J.B. Hunt, Martin Brower and Werner Enterprises. Besides truckload operations, Kodiak has a Department of Defense contract for approximately $30 million to adapt its autonomous technology for U.S. Army vehicles. The autonomous freight space is projected to be lucrative. While Kodiak primarily operates in the Sunbelt, the company estimates that there is 'a roughly $1 trillion market opportunity in the U.S. alone, with the potential for a total global addressable market of over $4 trillion.' The post Kodiak Robotics going public via SPAC appeared first on FreightWaves.
Yahoo
14-03-2025
- Automotive
- Yahoo
The SPAC is back: Kodiak Robotics eyeing a merger
The SPAC is back. Citing sources familiar with the matter, Bloomberg reports that Ares Acquisition Corp. II is in advanced talks to merge with Kodiak Robotics. Ares is a blank-check firm, led by CEO David Kaplin, that raised $450 million in April 2023 and has said in the past it could pursue a combination in any sector. The special purpose acquisition company is 'a way for a small private company — often with no revenue — to access public markets and investment without going through a cumbersome initial public offering' notes Alan Adler, former FreightWaves Detroit bureau chief. For Kodiak, more revenue is on the horizon. The company announced in January that it had sold its driverless RoboTrucks to Atlas Energy Solutions and that Atlas had completed the delivery of 100 loads with the Kodiak-equipped vehicles. The Bloomberg piece estimates the value of the transaction could result in a combined entity of around $2 billion with Ares vying for Kodiak against rival bidders, according to some of the sources. Bloomberg adds, 'A transaction hasn't been finalized and it's possible terms could change or that the talks collapse.'FreightWaves reached out to Kodiak Robotics, which declined to comment. On Tuesday, Volvo Trucks North America announced the redesign of its VNR, the smaller regional haul cousin of the VNL, the sleeper tractor whose refresh was announced last year. The release notes that the new regional haul tractor is a 90% redesign compared to the previous truck, with updates to its proprietary safety systems. Production will take place at Volvo's New River Valley Plant in Dublin, Virginia, with sales beginning in the coming months. Specs for the more maneuverable Class 8 include 4×2, 6×2, and 6×4 tractors and straight trucks with multiple body types. The tractor is also equipped with updated safety features as part of the Volvo Active Safety Platform, including Volvo Active Driver Assist with forward collision warning, lane departure warning, adaptive cruise control and automatic emergency braking. The tractor is estimated to deliver up to 7.5% improved fuel efficiency from a combination of better aerodynamics, powertrain adjustments and idle reduction tech. The VNR's co-roll technology will disengage the driveline on a downhill grade and let the truck roll for an optimal amount of time to help save powertrain, the tractor has an improved 13-liter engine, the next-gen D13 VGT, which ranges from 405-455 horsepower with 1,450 to 1,850 pound-feet of torque. Kalmar Ottawa, a pioneer in terminal tractor manufacturing, announced on Tuesday the launch of its OT2 EV Electric Terminal Tractor. The company began sales of the third-generation electric terminal tractor at the Technology & Maintenance Council's 2025 Annual Meeting & Transportation Technology Exhibition in Nashville, Tennessee, Monday through Thursday. This third-generation electric terminal tractor is a leap forward in Kalmar Ottawa's commitment to innovation and sustainability in the logistics industry, according to the company. Eric Streich, western regional sales manager at Kalmar, said in an interview with FreightWaves, 'The Kalmar Ottawa T2 EV, as we refer to it, is our third-generation electric terminal tractor. We launched our Gen. 1 tractor back in 2018. We've gone through a couple of iterations of that, and what we're really excited about on the T2 EV is that it is 100% designed by Kalmar engineers in Ottawa, Kansas.' One of the more significant advancements in the OT2 EV is its streamlined drivetrain design. Streich highlighted this improvement, saying, 'I think probably one of the biggest lessons that we learned with this Gen. 3 tractor is that it does not have a transmission. It has a traction motor that goes directly to the rear axle. So there's a tremendous amount of efficiency that you can pick up with that. And you also have reduced maintenance costs that come with the reduction of that transmission.' Read the full article here. Commercial EV charging and infrastructure provider Greenlane recently unveiled its branded technology suite as part of the ongoing development of the I-15 Commercial EV Charging Corridor. The products include an online mobile app and fleet management portal, expected to be rolled out in phases. Greenlane's flagship charging site in Colton, California, is under construction, with an expected opening in April this year. FreightWaves reports the Trump administration has nominated Seval Oz of California as an assistant secretary of transportation in a role created by the administration, according to a posting by the Senate on Monday. Oz was recently on the board of directors of MicroVision Inc., an advanced driver-assistance systems software company. Range Energy, a commercial trucking electrification startup has completed rigorous winter testing of its advanced eTrailer system, which turns diesel trucks into hybrid electric. The testing involved the performance, safety and reliability of its technology in subzero temps and extreme road conditions conducted in Northern Michigan. Testing also confirmed its system integrates with existing braking and stability control systems from its collaboration with post The SPAC is back: Kodiak Robotics eyeing a merger appeared first on FreightWaves. Sign in to access your portfolio
