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Yahoo
3 days ago
- Automotive
- Yahoo
Plus Automation to go public via SPAC deal
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Plus Automation plans to go public by merging with special purpose acquisition company Churchill Capital Corp IX at a $1.2 billion pre-money valuation, according to a June 5 press release. Plus anticipates up to $300 million from the transaction, which would fully fund the virtual driver software firm through the commercial launch of factory-built autonomous trucks in 2027. The deal is expected to close in Q4 this year. Following the merger, the combined company will operate as PlusAI. When it comes to startups, Plus holds a unique position — not having any debt, according to the company. Founded in 2016, the company developed an AI-based self-driving system called SuperDrive. It has since established partnerships with OEMs — including Traton Group, Hyundai and IVECO — who will ultimately build the autonomous trucks powered by its virtual driver software, the release states. Once the self-driving trucks are on the road, Plus will operate under a 'driver-as-a-service' model, creating recurring, per-mile revenue for the business. 'Our long-term vision is to empower fleet operators to run global freight networks with autonomous vehicles that improve safety, enhance efficiency, and reduce costs,' David Liu, co-founder and CEO of Plus said in the release. 'We believe the industry is at a critical inflection point, driven by breakthroughs in AI, supportive regulatory momentum, and ecosystem readiness.' Plus is the second autonomous software firm to announce a SPAC deal in recent months. In April, Kodiak Robotics announced its plans to merge with Ares Acquisition Corp. II, anticipating a $551 million cash infusion from the transaction. However, Plus claims to have driven more miles than its self-driving software competitors. Per the release, Plus' autonomous technology has been used for more than 5 million miles of driving, compared to the estimated 2.6 million driven by Kodiak as of Feb. 28. 'After evaluating many opportunities, we knew Plus was the right partner,' said Michael Klein, chairman and CEO of Churchill Capital Corp IX, in the release. 'Broad adoption depends on confidence in vehicle performance and safety and Plus stands out with its advanced virtual driver platform and a customer-centric commercialization model led by OEM partners' Plus is currently conducting public road testing in Texas and Sweden and expects additional customer fleet trials in fall 2025. The company also has operations in its home state of California, as well as Texas and Germany, to support commercialization and development. Recommended Reading Kodiak looks to go public via SPAC deal Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Balkan Express files for Chapter 11 bankruptcy protection
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Balkan Express will look to reorganize its finances after recently filing for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of Texas, according to court filings. The Fort Worth, Texas-based transportation company's estimated liabilities range between $10 million and $50 million, the filing states, including over $750,000 in unsecured claims. Balkan Express — which has 150 power units and 250 workers — offers truckload and LTL long-haul services across 48 states, according to its website. Balkan Express' bankruptcy filing comes less than two months after M&T Capital and Leasing filed a complaint against the carrier, claiming that the company, affiliate Balkan Logistics and owner Zlatan Karic owe $4.3 million in unpaid loans plus interest. Balkan Express has at least $10 million in assets, according to the bankruptcy filing, and the companies and owner have denied allegations that they defaulted on their loans. Among its largest named creditors, unsecured claims include $159,000 in business expenses; nearly $416,000 in vendor service fees; and $180,000 in fuel charges. Recommended Reading Illinois carrier files for Chapter 11 bankruptcy Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Automotive
- Yahoo
PepsiCo expects nearly $1M in fuel savings for its EV semitrucks
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. PepsiCo expects to save close to $1 million in fuel costs to charge its fleet of 50 semitrucks located at its bottling facility in Fresno, California, according to an April 28 press release. Through Pacific Gas and Electric Company's Flex Connect program, PepsiCo now has access to daytime charging. PG&E is also upping charging capacity for the food and beverage company's site from 3 megawatts to 4.5 megawatts. If the energy provided was static or 'without Flex Connect, we would actually be limited to only charging overnight, from 9 p.m. to 3 a.m. We would be completely cut off the majority of the day,' Dejan Antunovic, electrification program manager at PepsiCo, told Trucking Dive in an interview. The additional megawatts through Flex Connect enables PepsiCo to increase its charging capabilities from 30 trucks to its full fleet of 50 EV trucks, helping maintain its operation with ease, Antunovic said. On the logistics side, 'we've been able to operate in a very similar fashion if we had 6 megawatts versus 4.5,' Antunovic added. Charging from zero to 80% only takes about 40 minutes to 60 minutes, so the quick turnaround has allowed fleet operations to function successfully, Antunovic said. Electric grids are used more in the summer, creating challenges for businesses that need charging. Flex Connect and PG&E are helping PepsiCo move past those hurdles due to the company's funneling of excess power to different days and times of the week. The 170,000-square-foot manufacturing facility's fleet in Fresno distributes PepsiCo products including Pepsi, Starry, Rockstar and Aquafina, a spokesperson said in an email. 'PepsiCo has additional EV fleet sites in the queue for Flex Connect as it continues to advance its broader sustainability goals,' per the press release. PepsiCo also operates EV truck fleets at other California locations including 15 EV trucks at a Frito-Lay facility in Modesto, Antunovic said. PepsiCo Beverages North America operates 21 Tesla semis in Sacramento and another 24 in Torrance. Combined, Frito-Lay and Pepsi, which is part of PepsiCo's entity, operate 1,500 electric vehicles of all sizes, not necessarily just semitrucks, he added. Recommended Reading Inside PepsiCo's strategy for fleet electrification Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
06-06-2025
- Business
- Yahoo
Illinois carrier files for Chapter 11 bankruptcy
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. AZA Transportation, a Chicagoland-area trucking company, filed for Chapter 11 bankruptcy protection with the U.S. Bankruptcy Court for the Northern District of Illinois last month, according to court filings. The carrier, which reported having 70 power units as of October, will have the opportunity to reorganize its finances while paying down its debts in order to stay in business through Chapter 11 of the U.S. bankruptcy code. AZA Transportation, owned by President Azamat Sadyrbaev, has $826,458 in liabilities and $403,432 in personal property assets. Among AZA Transportation's 20 largest creditors is Keystone Equipment Finance, a Connecticut-based firm that offers financing for small- to mid-sized transportation companies to purchase new and used equipment. The firm is owed $82,905 in unsecured claims for loans used to purchase one Freightliner Cascadia and two Volvo trucks. Additionally, Transportation Alliance Bank has two unsecured claims against the carrier totaling $67,055 for another Freightliner Cascadia as well as two trailers. AZA Transportation also owes $24,500 to the U.S. Small Business Administration for an Economic Injury Disaster Loan. While that loan is just a piece of the company's overall debts, it's worth noting that the SBA ended its hardship accommodation plan for EIDL borrowers earlier this year. AZA Transportation is the latest in a string of trucking companies conceding to the ongoing pressures of a contracted freight market and tariff challenges. In April, Davis Express shut down operations after 44 years, and earlier this year, vehicle carrier Jack Cooper called it quits after losing automaker contracts. 'Tariffs on America's trade partners have the potential to inhibit the recovery from a freight recession that has been acutely felt by America's small-business truckers, but it is too early to make predictions on specific downstream economic effects,' an Owner-Operator Independent Drivers Association spokesperson told Trucking Dive in April. Recommended Reading Davis Express to shut down, cites challenging freight market Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-05-2025
- Business
- Yahoo
Old Dominion Freight Line elects new board member
This story was originally published on Trucking Dive. To receive daily news and insights, subscribe to our free daily Trucking Dive newsletter. Old Dominion Freight Line shareholders elected information technology executive Debra King to the LTL's board of directors last week, according to a May 21 securities filing. Her election follows the retirement of Leo Suggs, a longtime trucking leader whose experience included time at the helm of Overnite Corp. and UPS Freight. 'Director succession presents an opportunity for the Company to expand and replace key skills and experience and bring fresh perspectives to the boardroom,' the company said in a proxy statement, noting King's background in executive management and IT. King has worked for decades in IT, serving as chief technology officer of Bunge and leadership roles in tech at Corteva Agriscience and Pfizer, according to her LinkedIn. 'The Board will benefit from Ms. King's more than 20 years of information technology leadership experience,' the company said in the proxy statement before the company's annual meeting. King is slated to join medical device and equipment manufacturer Stryker Corp. in June, according to the Old Dominion securities filing. Meanwhile, Old Dominion will retain its board framework, which includes a lead independent director who acts as a liaison between the other directors and the company's executive chairman and CEO, according to the proxy statement. Suggs had held the role of lead independent director since December 2018 and announced his retirement plans in December 2024. He also chaired the board's talent and compensation committee. Similar board turnovers have occurred recently at other companies within the industry: Commercial Vehicle Group board Chairman Robert Griffin retired May 15 Knight-Swift Transportation Holdings Director Robert Synowicki Jr., who served as finance committee chair, also chose not to continue another term. Werner Enterprises' directors appointed engineering consulting executive M. Gayle Packer to fill a board vacancy, per a May 14 news release. Recommended Reading Knight-Swift adds former Saia CFO to board Sign in to access your portfolio
