State-of-the-art lidar sensors will power
Embark’s autonomous trucking solution, enabling more advanced,
safer self-driving for its commercial trucking partners
Embark Trucks, Inc. (“Embark”), a leading developer of
autonomous software for the trucking industry, and Luminar
Technologies, Inc. (“Luminar”) (Nasdaq: LAZR), the global leader in
automotive lidar hardware and software technology, today announced
a novel partnership to equip Embark’s truck fleet with Luminar’s
long-range lidar. This partnership gives Embark and its carrier
partners access to Luminar’s cutting edge automotive-grade
long-range lidar sensors as the company progresses towards
commercial deployment and delivery of its 14,200 non-binding truck
reservations in 2024.
Embark is pursuing an asset-light go-to-market approach –
focusing on delivering the best software for autonomous trucking –
and works with partners like Luminar to utilize the best hardware
for autonomous trucks. Luminar’s sensor offering stood out from the
beginning due to its industry-leading performance, scalability, and
automotive-grade capabilities. Data collected from the partnership
will improve the Embark Driver’s perception range and perception
capabilities, leading to a safer autonomous solution that can be
integrated into all four major truck OEMs via the Embark Universal
Interface (EUI).
“We’ve spent over three years working with Luminar to leverage
best-in-class sensor tech to power the Embark Driver,” said Alex
Rodrigues, CEO of Embark. “Today, we’re deepening our partnership
with Luminar and ensuring that our fleet partners will have access
to a safer, more performant system when we deploy our technology
commercially beginning in 2024.”
“Embark has been the longstanding independent leader in
autonomous trucking, and we’re excited to help them and their
customers on their transition towards commercial deployment with
this partnership,” said Austin Russell, Founder and CEO of Luminar.
“We continue to see increasing near-term market opportunity for
autonomous trucking, and are leveraging our work in the high-volume
consumer vehicle space to move full speed ahead into commercial
vehicles.”
For a deeper look at Embark’s advanced perception capabilities
using Luminar lidar, read Embark’s technical blog post here.
This partnership with Luminar comes as Embark continues to
deliver on its commercialization timeline. Since announcing a
definitive business combination agreement with Northern Genesis
Acquisition Corp. II (NYSE: NGAB) in June that is anticipated to
result in Embark becoming a publicly listed company, Embark has
added members to Partner Development Program, expanded its transfer
point network, refined transfer point operations, worked closely
with Tier 1 suppliers on the scaling of the Embark Universal
Interface, and secured 14,200 non-binding reservations for its
autonomous trucks. Embark anticipates that the shareholder vote on
its merger with Northern Genesis Acquisition Corp. II (NYSE: NGAB)
(“Northern Genesis 2”) will conclude on November 9, 2021. For more
information, visit investors.embarktrucks.com.
About Embark Trucks
Embark is an autonomous vehicle company building the software
powering autonomous trucks, focused on improving the safety,
efficiency, and sustainability of the nearly $700 billion a year
trucking market. Headquartered in San Francisco, CA since its
founding in 2016, Embark is America’s longest-running self-driving
truck program. The company partners with some of the largest
shippers and carriers in the nation, collectively representing over
35,000 trucks.
Embark’s mission is to realize a world where consumers pay less
for the things they need, drivers stay close to the homes they
cherish, and roads are safer for the people we love. To learn more
about Embark, visit embarktrucks.com.
About Luminar
Luminar Technologies, Inc. (Nasdaq: LAZR) is transforming
automotive safety and autonomy by delivering lidar and associated
software that meets the industry’s stringent performance, safety,
and economic requirements. Luminar has rapidly gained over 50
industry partners, including the majority of the global automotive
OEMs. In 2020, Luminar signed the industry’s first production deal
for autonomous consumer vehicles with Volvo Cars, which now expects
to make Luminar’s technology part of the standard safety package on
their next generation electric SUV. Additional customer wins
include SAIC, Daimler Truck AG, Intel’s Mobileye, Pony.ai and
Airbus UpNext. Founded in 2012, Luminar employs approximately 400
with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and
Munich. For more information please visit www.luminartech.com.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Embark’s and Northern
Genesis 2’s actual results may differ from their expectations,
estimates and projections and consequently, you should not rely on
these forward-looking statements as predictions of future events.
Words such as “expect,” “estimate,” “project,” “budget,”
“forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,”
“should,” “believes,” “predicts,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Embark’s and Northern Genesis 2’s expectations with
respect to future performance. These forward-looking statements
also involve significant risks and uncertainties that could cause
the actual results to differ materially from the expected results.
Factors that may cause such differences include, but are not
limited to: (1) the outcome of any legal proceedings that may be
instituted in connection with any proposed business combination;
(2) the inability to complete any proposed business combination in
a timely manner or at all; (3) delays in obtaining, adverse
conditions contained in, or the inability to obtain necessary
regulatory approvals or complete regulatory reviews required to
complete any proposed business combination; (4) the risk that the
business combination may not be completed by Northern Genesis 2
business combination deadline and the potential failure to obtain
an extension of the business combination deadline if sought; (5)
the failure to satisfy the conditions to the consummation of the
transaction, including the adoption of the agreement and plan of
merger by the stockholders of Northern Genesis 2 and Embark and the
satisfaction of the minimum trust account amount following
redemptions by Northern Genesis 2’s public stockholders; (6) the
lack of a third party valuation in determining whether or not to
pursue the proposed business combination; (7) the risk that any
proposed business combination disrupts current plans and operations
and/or the impact that the announcement of the proposed business
combination may have on Embark’s business relationships; (8) the
inability to recognize the anticipated benefits of any proposed
business combination, which may be affected by, among other things,
competition, the ability of the combined company to grow and manage
growth profitably, maintain relationships with customers and
suppliers and retain key employees; (9) costs related to the any
proposed business combination; (10) changes in the applicable laws
or regulations; (11) volatility in the price of Northern Genesis
2’s securities due to a variety of factors, including changes in
the competitive and highly regulated industries in which Embark
plans to operate, variations in performance across competitors,
changes in laws and regulations affecting Embark’s business and
changes in the combined capital structure; (12) the possibility
that Embark or Northern Genesis 2 may be adversely affected by
other economic, business, and/or competitive factors; (13) the
impact of the global COVID-19 pandemic; and (14) other risks and
uncertainties separately provided to you and indicated from time to
time described in filings and potential filings by Embark and
Northern Genesis 2 with the U.S. Securities and Exchange Commission
(the “SEC”), including those discussed in Northern Genesis 2’s
Annual Report Form 10-K for the fiscal year ended December 31, 2020
(“Form 10-K”) and Quarterly Report on Form 10-Q for the quarter
ended June 30, 2021 and in the registration statement on Form S-4
and definitive proxy statement/prospectus and other documents filed
by Northern Genesis 2 from time to time. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Embark and Northern Genesis 2
caution that the foregoing list of factors is not exhaustive and
not to place undue reliance upon any forward-looking statements,
including projections, which speak only as of the date made. Embark
and Northern Genesis 2 undertake no obligation to and accepts no
obligation to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based.
Additional Information About the Proposed Transactions and
Where to Find It
The proposed transactions will be submitted to stockholders of
Northern Genesis 2 for their consideration. Northern Genesis 2 has
filed a registration statement on Form S-4 (the “Registration
Statement”) with the SEC which includes a proxy statement to be
distributed to Northern Genesis 2’s stockholders in connection with
Northern Genesis 2’s solicitation for proxies for the vote by
Northern Genesis 2’s stockholders in connection with the proposed
transactions and other matters as described in the Registration
Statement, as well as the prospectus relating to the offer of the
securities to be issued to Embark’s shareholders in connection with
the completion of the proposed merger. The Registration Statement
has been declared effective, and Northern Genesis 2 will mail a
definitive proxy statement and other relevant documents to its
stockholders as of the record date established for voting on the
proposed transactions. Northern Genesis 2’s stockholders and other
interested persons are advised to read the definitive proxy
statement/prospectus and any amendments thereto, in connection with
Northern Genesis 2’s solicitation of proxies for its special
meeting of stockholders to be held to approve, among other things,
the proposed business combination, because these documents will
contain important information about Northern Genesis 2, Embark and
the proposed business combination. Stockholders may also obtain a
copy of the definitive proxy statement, as well as other documents
filed with the SEC regarding the proposed transactions and other
documents filed with the SEC by Northern Genesis 2, without charge,
at the SEC’s website located at www.sec.gov or by directing a
request to Northern Genesis 2.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
Participants in the Solicitation
Northern Genesis 2, Embark and certain of their respective
directors, executive officers and other members of management and
employees may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Northern Genesis 2’s stockholders in
connection with the proposed transactions. Information regarding
the persons who may, under SEC rules, be deemed participants in the
solicitation of Northern Genesis 2’s stockholders in connection
with the proposed transactions are set forth in Northern Genesis
2’s proxy statement/prospectus filed with the SEC. You can find
more information about Northern Genesis 2’s directors and executive
officers in Northern Genesis 2’s Form 10-K and Forms 10-Q filed
with the SEC. Additional information regarding the participants in
the proxy solicitation and a description of their direct and
indirect interests are included in the proxy statement/prospectus.
Stockholders, potential investors and other interested persons
should read the proxy statement/prospectus carefully before making
any voting or investment decisions. You may obtain free copies of
these documents from the sources indicated above.
No Offer or Solicitation
This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities, or a solicitation
of any vote or approval, nor shall there be any sale of securities
in any jurisdiction in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20211103005394/en/
Embark Trucks, Inc. Investor Relations: EmbarkIR@icrinc.com
Media: EmbarkPR@icrinc.com
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