Latest news with #RoboTrucks
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
14-04-2025
- Automotive
- Yahoo
Kodiak Robotics to go public in SPAC deal valuing firm at $2.5 billion
(Reuters) - Autonomous truck technology firm Kodiak Robotics said on Monday it plans to go public in the U.S. later this year through a merger with blank-check company Ares Acquisition Corp II, valuing Kodiak at $2.5 billion. The combined entity, which will be called Kodiak AI, would also receive about $551 million of cash held in Ares Acquisition's trust account upon closing, the companies said. The deal has also secured commitments and investments of over $110 million from investors, including Soros Fund Management, ARK Investments and Ares Management. Founded in 2018, Kodiak specializes in developing self-driving technology for trucks and generates recurring revenue through autonomous trucking operations in the Permian Basin, delivering goods for U.S. customers. Earlier this year, the company successfully delivered its first autonomous trucks, termed "RoboTrucks," to oilfield services firm Atlas Energy Solutions, which has committed to an initial order of 100 trucks. The Mountain View, California-based company said its self-driving software has logged over 2.6 million miles in real-world conditions. Kodiak's growth comes at a time when companies are increasingly looking to reduce transportation and logistics costs amid driver shortages and heightened demand for expedited deliveries. "Entering the public markets will ... 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 Founder and CEO Don Burnette said. The merger is expected to close in the second half of 2025, and the company's common stock will trade under the ticker symbol "KDK". Kodiak did not specify which stock exchange it would be listed on. Blank-check companies, also known as special purpose acquisition companies (SPACs), allow private companies to go public through merger transactions, often with accelerated timelines.
Reuters
14-04-2025
- Automotive
- Reuters
Kodiak Robotics to go public in SPAC deal valuing firm at $2.5 billion
April 14 (Reuters) - Autonomous truck technology firm Kodiak Robotics said on Monday it plans to go public in the U.S. later this year through a merger with blank-check company Ares Acquisition Corp II (AACT.N), opens new tab, valuing Kodiak at $2.5 billion. The combined entity, which will be called Kodiak AI, would also receive about $551 million of cash held in Ares Acquisition's trust account upon closing, the companies said. The deal has also secured commitments and investments of over $110 million from investors, including Soros Fund Management, ARK Investments and Ares Management (ARES.N), opens new tab. Founded in 2018, Kodiak specializes in developing self-driving technology for trucks and generates recurring revenue through autonomous trucking operations in the Permian Basin, delivering goods for U.S. customers. Earlier this year, the company successfully delivered its first autonomous trucks, termed "RoboTrucks," to oilfield services firm Atlas Energy Solutions (AESI.N), opens new tab, which has committed to an initial order of 100 trucks. The Mountain View, California-based company said its self-driving software has logged over 2.6 million miles in real-world conditions. Kodiak's growth comes at a time when companies are increasingly looking to reduce transportation and logistics costs amid driver shortages and heightened demand for expedited deliveries. "Entering the public markets will ... 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 Founder and CEO Don Burnette said. The merger is expected to close in the second half of 2025, and the company's common stock will trade under the ticker symbol "KDK". Kodiak did not specify which stock exchange it would be listed on. Blank-check companies, also known as special purpose acquisition companies (SPACs), allow private companies to go public through merger transactions, often with accelerated timelines.
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
Yahoo
10-03-2025
- Automotive
- Yahoo
Self-driving sand-hauler trucks roll into the Basin: A look at the new AI fleet
ODESSA, Texas (KMID/KPEJ)- The rumble of sand-hauling trucks is a familiar sound in the Permian Basin, but soon, that sound may come without a driver behind the wheel. In a groundbreaking shift for the oil industry, self-driving semi-trucks are now hauling frac sand across West Texas, marking the arrival of autonomous trucking technology in one of the most demanding oilfields in the world. Atlas Energy Solutions, a major sand provider in the Basin, partnered with Kodiak Robotics to launch the first fully autonomous sand-hauling operation in the U.S. oil and gas industry. And the new technology is already on the roads, specifically, on private lease roads, where these driverless RoboTrucks are moving fracking sand across the Basin, making deliveries for Atlas Energy Solutions. With a growing fleet and an Odessa-based support facility, Kodiak Robotics is at the forefront of this industry-changing innovation. Kodiak's autonomous trucks operate without a human driver, using 13 cameras, six radar sensors, and four LiDAR units to continuously monitor the truck's surroundings and make real-time driving decisions. These self-driving systems are designed to improve efficiency and reduce the high number of trucking accidents in the Permian Basin, an area known for its dangerous roads. Daniel Goff, Director of External Affairs at Kodiak, sat down with us to discuss how this emerging technology is taking hold in Odessa and what it means for safety, jobs, and the future of trucking. 'Driving in the Permian is tough. It's a dangerous job, and driver fatigue is a big issue. These trucks don't get tired, don't get distracted, and don't speed to make more loads. That alone makes a difference,' Goff said. WATCH: Goff explains what it's like being inside the Robotrucks in action With the introduction of self-driving trucks, some might fear that human truck drivers will be phased out. But Kodiak says that's not the case. According to Goff, there is already a severe truck driver shortage, with the American Trucking Association estimating a 60,000-driver gap nationwide. As older truckers retire, automation can help fill the gap without eliminating jobs. 'We're not here to take jobs…we're here to help meet the demand. Autonomous trucking will ease the strain on the industry and actually create new jobs,' Goff explained. WATCH: Goff discusses the shortage of truck drivers and how the tech will help: Kodiak has opened a facility in Odessa, hiring 12 employees with plans to expand to 20 or more by the end of Q1 2025. These jobs focus on maintaining and monitoring the self-driving fleet, proving that automation doesn't necessarily mean job loss—it means job evolution. According to the Permian Road Safety Coalition, the Basin is no stranger to high accident rates. Between 2018 and 2022, there were 14.7 fatal accidents per 1,000 crashes in the region, nearly double the Texas state average. A significant number of these crashes involved sand-hauling trucks, which often run 24/7 on tight schedules, leading to fatigue-related accidents. Kodiak's RoboTrucks are designed to reduce these risks by maintaining steady speeds, eliminating human error, and operating with constant surveillance of their surroundings. Unlike human drivers, these trucks never weave in and out of traffic, don't speed to make more loads, and don't suffer from exhaustion. For now, the trucks are limited to private lease roads, hauling frac sand from storage facilities to wellheads. But as Kodiak continues its expansion, highway testing is already in the works, signaling a future where these driverless trucks could be seen beyond oilfield routes. This new wave of automation isn't stopping with self-driving trucks. Atlas Energy Solutions is also launching the Dune Express, a 42-mile-long, fully electric conveyor system that will transport sand from Kermit, Texas, to a loadout facility in New Mexico. By using both the conveyor system and autonomous trucks, Atlas aims to eliminate millions of truck miles on public roads, reducing traffic congestion and improving safety in the Permian Basin. 'This is about innovation, safety, and efficiency. The combination of autonomous trucks and the Dune Express puts us at the cutting edge of oilfield logistics,' said John Turner, CEO of Atlas Energy Solutions. With its Odessa-based operations growing and driverless trucks already making deliveries, Kodiak Robotics is making West Texas a hub for autonomous trucking innovation. WATCH: Goff shares his excitement on the launch in the Basin: Skepticism around self-driving vehicles remains, but Goff believes the public's perception will shift as they see these trucks in action. 'I completely understand why people might be skeptical at first. But these are some of the most tested, best-understood vehicles ever built. We take safety very seriously. That is why our customers are very excited to work with us. As people see them working safely, they get used to it pretty quickly,' he said. As more self-driving technology is introduced in Odessa and the greater Permian Basin, local workers, oilfield companies, and communities will be watching closely. For now, one thing is clear: Odessa and the Permian Basin are at the center of one of the biggest shifts in oilfield logistics history. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
