Latest news with #autonomoustrucking
Yahoo
14-06-2025
- Automotive
- Yahoo
Self-Driving Truck Startup Plus Goes Public In $1.2B SPAC Merger, Backed By Wall Street Titan Michael Klein And Hyundai
Plus Automation last week it would merge with special purpose acquisition company Churchill Capital Corp IX (NASDAQ:CCIX) that values the startup at $1.2 billion and brings $300 million in fresh capital for its push into autonomous trucking by 2027. According to Plus Automation, the merger provides the resources needed to scale its factory-integrated autonomous trucking model. After closing, the combined company will operate as PlusAI and prioritize deployment through its global original equipment manufacturer partnerships. Don't Miss: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Plus Automation is led by a founding team of Stanford-trained PhD engineers and seasoned tech entrepreneurs, each with a history of building and scaling innovation-focused companies. CEO David Liu, now on his fourth startup, brings a consistent track record of growth across prior ventures, reinforcing investor confidence in the company's ability to execute, Plus Automation says. Launched in 2016 from Silicon Valley, Plus Automation designed SuperDrive as an AI-based virtual driver for heavy-duty trucks. The company says that its system has already accumulated more than 5 million miles across the U.S., Europe, and Asia, forming a robust real-world dataset that underpins its neural-network engine. In April, SuperDrive hit a crucial driver-out safety milestone, signaling readiness for commercial deployment. According to Plus Automation, public road trials are active in Texas and Sweden, with broader fleet testing slated for fall. Trending: Invest where it hurts — and help millions heal:. Plus Automation's strategy leans heavily on factory integration rather than retrofitting existing trucks. That original equipment manufacturer-first model involves close collaboration with Hyundai, TRATON Group, and Iveco to produce SuperDrive-enabled trucks at scale, Plus Automation says. Churchill Capital Corp IX, led by veteran financier Michael Klein, will provide up to $300 million from its trust account to finance Plus Automation's next growth phase. Plus Automation says that this injection is expected to fully fund the startup through its 2027 commercial launch without requiring additional equity raises. The merger maintains a clean balance sheet for the combined entity and locks up existing Plus Automation shareholders for 180 to 360 days to reinforce long-term commitment. Plus Automation and its and Churchill IX's shareholders will hold one-vote shares to ensure governance European and U.S. trucking markets are valued at nearly $2 trillion, facing persistent shortages of around 300,000 drivers annually, the company says. Plus Automation plans to monetize via a per-mile "driver-as-a-service" model to generate high-margin recurring revenue. Physical AI solutions are gaining traction due to lighter regulations and growing demand for logistical efficiency. Dealer interest is rising as governments across the U.S. consider easing safety rules for heavy autonomous vehicles. California's Department of Motor Vehicles recently proposed testing heavy-duty self-driving trucks on public roads, marking an important regulatory shift. Closing is expected in the fourth quarter, pending shareholder approvals, Plus Automation says. Read Next: Here's what Americans think you need to be considered wealthy. Peter Thiel turned $1,700 into $5 billion—now accredited investors are eyeing this software company with similar breakout potential. Learn how you can Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Self-Driving Truck Startup Plus Goes Public In $1.2B SPAC Merger, Backed By Wall Street Titan Michael Klein And Hyundai originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Forbes
22-05-2025
- Automotive
- Forbes
Moving Trailers With A Robot – Autonomous Yard Shifters Are On A Roll
Multiple autonomy providers are delivering new capability to streamline operations at logistics ... More yards. While autonomous trucking has recently launched on Texas highways, several companies are moving fast to deploy self-driving yard trucks at scale. Hundreds of vehicles are already re-positioning trailers at ports and logistics yards, with new orders rolling in steadily. Will autonomous trucks in the logistic yard space outpace on-road autonomy? At the recent Advanced Clean Technology (ACT) Expo in California, I discussed progress and outlook with yard autonomy leaders, plus some up and comers. At the event, Forterra, ISEE, and Outrider highlighted progress and partnerships with truck-makers – these moves are vital to stimulate broad uptake in the surface logistics space. HubPilot, the newest entrant into this space, updated attendees from the Expo stage. Providers of yard tractors, such as Kalmar/Ottawa, Orange EV, Terberg, and TICO are making it clear to these developers what their customers want. Although early development required pristine yards free of pedestrians and other vehicles – to make the job simpler for the robots – today's customer insists on efficient and safe operations in mixed traffic with pedestrian activity, as well as robustness across a range of weather situations. Currently, most trailer moves are done with diesel tractors. This proportion is expected to steadily drop in the coming years, since the stay-at-home nature of yard operations (compared to long haul) is a very good fit with EV and CNG operations. The autonomy providers are generally agnostic to the type of powertrain. ISEE / TICO ISEE AI and TICO announced a strategic partnership at ACT, which will result in autonomy-capable yard trucks rolling off the assembly line next year. But ISEE is not waiting for this key inflection point. According to Debbie Yu, Co-Founder and President of ISEE, 'our trucks are currently live at a Fortune 100 logistics service provider hub, actively handling production moves, with the tech upfitted on standard TICO tractors. In these operations, hundreds of thousands of autonomous trailer moves have already occurred.' She added that additional customer deployments across North America are planned for later this year. For a terminal tractor to relocate a trailer, air hoses and a power line need to be connected between the two units. ISEE demonstrated a robotic arm for this purpose in 2024. The company is now doing trials with customers using an 'auto connect' rig that interfaces with a modified trailer. Providing autonomy on new trucks is the most straightforward way to enter the market. But what about the huge installed base of yard tractors working across the world? Can they be upgraded? This depends on a lot of factors, but ISEE and TICO see this as a key market; they have launched an autonomy retrofit program for existing vehicles currently in the hands of customers. Forterra / Kalmar Forterra has forged a production relationship with OEM Kalmar which will result in new terminal tractors equipped with Forterra's 'AutoDrive' autonomous driving system. Kalmar's Ottawa AutoTT™ is an autonomous terminal tractor designed to improve efficiency and safety in distribution centers, container terminals, and industrial yards. The AutoTT™ is currently undergoing its second round of testing as Kalmar moves closer to bringing it to market, with full production anticipated by 2026, the company says. The partnership between Kalmar and Forterra was established in early 2024. In an interview with Gabe Sganga, Forterra's VP of Commercial Growth, he stressed that, compared to human operations, autonomous performance should be the same if not better. 'In our deployments to date, AutoDrive enabled trucks are exceeding the expectations of our customers,' he said. "In a given hour of operation, AutoDrive has consistently matched or exceeded historic move metrics," he added. He emphasized that their customers value consistency and predictability over quickness. Working with Kalmar, Forterra is now scaling up and adding new sites. New orders are being finalized, Sganga says, noting that 'customers are both freight carriers and shippers, including several consumer products companies.' In particular, Q125 'saw an uptick in large orders being placed,' he added. Forterra provides end to end tractor-trailer auto-coupling with technology partners Electrans and Stoughton. Kalmar's automation-ready terminal tractor features an integrated drive-by-wire system and hardware kits essential for autonomous operation. These enhancements, produced at Kalmar's manufacturing facilities in Ottawa, Kansas, will allow customers to seamlessly integrate autonomous solutions into their logistics and yard management strategies, including in environments requiring complex maneuvers. The first autonomous solution will be available for the Kalmar Ottawa T2 diesel tractor followed by the recently announced Kalmar Ottawa T2 EV electric terminal tractor. Outrider / OrangeEV / TICO Outrider Founder and CEO Andrew Smith provided an update on their progress during an interview at ACT. Founded in 2017, Outrider was the first significant initiative in commercializing autonomous yard truck services. Outrider is working closely with multiple Fortune 500 customers to scale autonomous yard operations in package shipping, e-commerce, retail, grocery, consumer packaged goods, intermodal rail, and automotive manufacturing. Mr. Smith said that the Outrider system 'has executed hundreds of thousands of autonomous trailer moves across multiple distribution sites with dozens of vehicles.' 'Outrider has an EV-first approach to yard automation given significant benefits to customers including lower long-term cost of ownership, elimination of on-site emissions around warehouse associates, and automated charging,' said Mr. Smith. That said, he emphasized that the Outrider System is designed to be agnostic to the platform vehicle. Noting that Outrider-powered OrangeEV electric yard trucks have been operating for several years, Mr. Smith revealed as well that 'TICO will be offering its latest yard truck design with the Outrider system.' The timing of commercial availability will be announced at a future date, he said. The newest version of the Outrider system, announced in January, integrates advanced reinforcement learning capabilities allowing for fluid robotic movement through complex distribution yard settings full of outside actors such as over-the-road trucks, maintenance personnel and site employees. The Outrider System includes over a dozen proprietary safety mechanisms specifically designed to address the hazards of distribution yard automation. Outrider's patent protected TrailerConnect robotic arm system addresses trailer brake and electric line connections with no modification to trailers already in circulation. Outrider also offers compatibility with any specialized coupling systems for captured fleets of retrofitted trailers or chassis, Mr. Smith said. Hub Pilot HubPilot, backed by Mitsubishi Electric, takes a unique approach to yard autonomy by combining their HubDrive Autonomous Drive System with support from their YardSense system to provide infrastructure-based perception. Trailer connections are accomplished by way of a 3D camera and a Mitsubishi Electric robotic arm. This past winter, the HubPilot system operated through a Michigan winter which had multiple occasions of snow each month. According to Craig Suydam, Lead Engineer/ Business Development – Advanced Engineering at Hub Pilot, 'Testing during this time at a customer deployment allowed us to expand our operational design domain into more inclement weather. Also, during this period, we have been able to reduce our switch time (coupling and uncoupling trailers) by an estimated 30%.' Charging Robots With Robots Also present at ACT was Rocsys, which offers hands-free charging solutions for automated fleets operating at logistics centers. Their platform pairs with any industry-standard charger to create an entirely hands-free charging process for electric vehicles, enabling self-driving vehicles to charge without the need for a human operator to plug them in. Polly Crispin, Senior Business Development Manager at Rocsys, commented that 'this provides a critical step toward a fully autonomous fleet operation[PC1] and allows terminals to increase efficiency, improve safety conditions for on-site personnel, and plan for future fleet expansions.' Rocsys systems have been deployed in ports and logistics centers throughout the US and Europe. Deployments are under way with terminal operators, vehicle OEMs, and a large retailer.[MH2] The company recently announced a major project with APM Terminals Maasvlakte II at the Port of Rotterdam, one of the most advanced[MH3] automated container terminals in Europe, to enable 24/7 hands-free charging of 30 Terberg electric automated terminal trucks equipped with Embotech's Level 4 AV Kit for autonomous operation. Robot Connect Tradeoffs At the outset of autonomous yard tractors development, using robot arms to connect air hoses and power was seen as the fastest path to market. This approach could provide connections to virtually any trailer. During the last several years, as major logistics organizations have evaluated the autonomy capability and found it viable for their operations, the approach to tractor-trailer connections may now be going through a transition. Large fleets like J.B. Hunt, Knight-Swift, and UPS own and operate their own trailers. The 'captured pool' of trailers can be retrofitted to unlock the advantages of auto-connect capability rather than use of a robotic arm. Lawrence Bader, Advanced Transportation Technology LLC, recently retired from a long career in truck technology at UPS. As he sees it, 'Developers of autonomous terminal tractors seem to be steering away from complex robotic arms in favor of streamlined auto couplers. Fleets piloting autonomous operations today, particularly those with captured trailer pools, are prioritizing faster connections and long-term durability that can scale. Trailer OEM's and fleets are collaborating on ways to retrofit existing trailers while future-proofing new builds for an auto coupler solution.' Mr. Smith of Outrider offered another perspective, saying, 'Developers of autonomous tractors which have not addressed how to connect autonomously to the millions of trailers currently in circulation depend on modifying captured trailer fleets. Outrider is fully compatible with auto coupler systems for captured trailer fleets that require trailer retrofits and this can be a good solution for a limited set of customers. Given the durability, speed and reliability of the latest Outrider TrailerConnect robotic connection system, however, most enterprise customers and 3PL partners are not planning to execute major trailer retrofit programs or wait years for universal adoption of new standards that auto couplers require.' This dynamic will take some time and play out and will be interesting to watch. Proliferating Behind The Fence The total number of autonomous yard trucks in current operations is not known. The buzz indicates that things are moving quickly. Few details are in public view. A side conversation at a recent conference revealed that one shipper has implemented yard tractors throughout their logistics center; where there used to be 200 human driven trucks, there are now 200 autonomous yard shifters. With factory built autonomous yard tractors entering the market soon, a steady and robust adoption of yard autonomy over the coming years is clearly on the horizon. Disclosure: Richard Bishop is an Advisor to and/or an equity holder in the following companies mentioned in this article: Forterra, Outrider.
Forbes
22-05-2025
- Automotive
- Forbes
New Players, Testing Drive Progress In Autonomous Commercial Trucking
The chances of encountering a big rig on the road without a driver behind the wheel are growing as autonomous commercial trucking companies further develop their systems, enter into key partnerships or expand their operating territories. Some of companies operate large fleets while at least one runs just a handful of trucks. In all cases the goals are to maximize efficiency and cost-savings while offsetting the effects of the persistent driver shortage. Operating just four trucks out of its Houston, Texas base, startup Bot Auto is the creation of Xiaodi Hou, the former co-founder of TuSimple. Dissatisfied with the direction of the company, Hou left in 2022 and created Bot Auto, bringing along several other former TuSimple employees who also felt disenfranchised. Working with several local dealers and outsourcing most of the hardware, Bot then retrofits the trucks with its autonomous technology at its facility, according to Hou. For now, he's keeping the company from growing too quickly. 'We are a very scrappy company now. So one thing that we need to resist doing is to scale up before we're ready,' said Hou, in an interview. 'So now we have a very modest fleet of four trucks. We do not plan to expand our footprint in operation until we're ready, and the meaning for ready is that until we're basically breaking even on a per mile basis.' In March, the company began a minimum four-month pilot program hauling cargo for commercial shippers between Houston and San Antonio with no driver behind the wheel. The pilot program follows a successful hub-to-hub demonstration conducted last October with driverless trips between Houston and cities that included Dallas, San Antonio and Laredo. For now, Bot will remain small until Hou feels confident its technology is sound enough, but he's not concerned about competing with other larger or more established companies, but rather the reputation of the autonomous trucking industry as a whole. 'Our arch enemy is the whole credibility of this entire industry,' he explained. 'So I think in order for me to be successful, for Bot to be successful, we need to solve that problem. I do not like the attitude of waiting for some other more successful players to solve the problem for us.' Nevertheless, Hou says Bot has moved quickly from inception to demonstration, delivering hub-to-hub autonomy in 15 months, $16 million and 45 employees. Silicon Valley autonomous software company Plus, recently announced completion of validation tests for its SuperDrive system, which consists of redundant sensors and computers. The tests were conducted on a seven-and-a-half mile high-speed test track in Ohio, autonomously performing maneuvers that it might have to do on the highway, such as pulling over the shoulder, stopping in lane, navigating construction zones and other unexpected situations. 'Nothing went wrong. It was totally smooth and it was amazing,' said chief architect and Plus co-founder Tim Daly during a virtual briefing. The company also announced a collaboration with Hyundai Motor Company where Plus's autonomous technology is installed on the South Korean automaker's hydrogen fuel cell XCIENT truck. It's a combination that not only reduces carbon dioxide emissions, but operating costs as well, according to Shawn Kerrigan, Plus chief operating officer and co-founder during the virtual briefing following the April announcement. Founded in 2016, Plus is partnering with an array of companies that include Amazon, Bosch, DSV, Hyundai Motor Company, Iveco Group, Luminar, Scania / MAN / International (formerly Navistar) of the TRATON GROUP, and Transurban. Indeed, such partnerships, especially with vehicle companies, otherwise known in the trade as OEMs, original equipment manufacturers, are vital to building to a scale where it's possible to commercialize autonomous trucking, according to Plus CEO and co-founder David Liu. 'You need an OEM partner to launch commercial driverless trucking operation. Why? Because at the end of the day, you need redundant platform. You need validation of your overall system, not just your virtual driver, the whole system,' said Liu, in an interview. 'Yes, you need to get certification to be able to hand over these trucks to the fleets to run the operations.' Plus looks to reach that point in 2027 when it plans to launch its first commercialization in Texas, followed by expected expansion into other Sunbelt states and Europe. On May 1, autonomous trucking company Aurora announced it launched commercial service on public roads in between Dallas and Houston, Texas. The trucking industry has seen an ongoing driver shortage for several years due to several factors that include the Covid pandemic, weak economy and job dissatisfaction. As of last fall, the shortage stood at about 78,000 drivers, according to a report in Running trucks without drivers could ameliorate the situation, say both Hou and Liu, but not completely or soon. 'I did a very aggressive and optimistic estimate on how many trucks that Bot Auto, in the best case scenario, can operate,' said Hou. 'I don't foresee that before 2033 that we can even cover the gap of driver shortage.' Plus's Liu is more optimistic. He understands driving a truck over long distances, being away from home for extended periods and having to haul loads at odd hours are factors discouraging a lot of people from getting behind the wheel of a commercial truck. Running more driverless trucks, could help solve that problem, along with others. 'With this technology, it's just going to make our transportation network so much more efficient, so much better,' asserts Liu. 'It's going to make our drivers life so much better. Overall, if you look at the long view of what we're able to do with this type of technology, it's better for everyone. It's better for society.'
Yahoo
10-05-2025
- Automotive
- Yahoo
Aurora CEO talks the future of autonomous trucking, freight industry
Autonomous trucking company Aurora (AUR) CEO Chris Urmson joins Asking for a Trend with Josh Lipton and Julie Hyman to discuss autonomous driving safety, competition in the space, the impact on the freight industry, and more. To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Well, driverless trucks are officially on the road. Aurora Innovation making autonomous freight a reality as it operates a commercial self-driving service with heavy-duty trucks on public roads. Company recently reporting first quarter results highlighting the available liquidity to fund operations into the fourth quarter of 26. Here with more is Aurora CEO Chris Urmson, and Yahoo Finance's Julie Hyman. Chris, it is good to see you. So let's start there with those those results you just reported, Chris. Walk us through the report. What are you seeing in the business? Yeah, well, the big news for us is that we've been talking for years about getting self-driving trucks on the road, actually doing that for real. And that we've accomplished that. A couple of weeks ago, we started operating, and now every day, we have trucks on the road, pulling goods for customers with nobody sat behind the steering wheel. Over the rest of the year, we're really going to be focused on how do we take this from an initial launch lane here between Dallas and Houston, and on the road from Fort Worth to Phoenix, moving it so that it operates day and night and in weather. So really exciting times for us. Well, and talk to us about how it's going. And something else I'm curious about, Chris, when we talk about self-driving vehicles that are cars, right? But they're supposed to be passenger or sort of taxi-like vehicles. There has been a discussion going on about how many humans are sort of involved in their operation, right? Do you have remote control of the vehicles in some cases. Talk me through, does that happen with the trucks as well? Well, it's going about as well as we could hope at this point. So I took a ride the first day. We went from Dallas to Houston. I sat in the back as luggage. There was no joystick or control. I was really just along for the ride. And along the way, we encountered a Mazda that was weaving around in front of us. We got to Houston and the traffic was as dense as it always is in Houston. And it just worked. So the point that, you know, by the time we're taking the trip back, despite this being a first of its kind adventure, I was watching YouTube in the back seat. So really exciting to see the progress. I'm really excited to see this on the road. No, our trucks are really reliant on their own ability to drive safely. We talk about the fact that there's nearly ubiquitous cell phone coverage in the US. But when you're talking about a truck safely driving down the road, you don't want to count on the nearly. You really need to have the thing be able to drive safely by itself. In terms, Chris, of sort of, you know, your tech's impact on jobs, I would assume, Chris, if you're driving a truck now, you're fine. But I'm just curious, I mean, if you were talking to a young American right now and giving them advice, would you still encourage them to pursue a career as a truck driver? I'd certainly encourage them to pursue a career in logistics, and I think that's going to be a continuing growing space for us. My expectation is, and the industry expects, that over the next decade, we need a million new people to be willing to drive trucks. And it's an incredibly important job, and I am thankful for everyone who's willing to do it. But there aren't enough Americans who want to do it. And with the country's current trend in immigration policy, we don't expect there's going to be enough people that are willing to get behind the wheel, spend time away from family, deal with the fact that they're 10 times as likely to die on the job as the average American. And so we see what we're building at Aurora, really to complement the men and women who serve this country by driving freight. Chris, you do have competitors, by Bloomberg's math, at least five. What makes Aurora different? Well, I think the biggest thing that makes us different is we actually have a product on the road, right? And that's the culmination of the work of an incredible team that we have here. We have some really interesting proprietary technology in both our verifiable AI, which is a way of using some of the most modern machine learning and AI techniques you've talked about around ChatGPT and Google and whatnot, but doing that in a way that you can actually trust it to drive safely on the road. We have special technology in the lidar, which is a sensor we use to look ahead down the road. We can see five football fields down the road. That's something no one else is able to do. And when you're driving a big truck, it's important to see that far out. And then we have incredible partnerships. So today, we work with Volvo and Peterbilt trucks. Volvo and Paccar are the parent company that makes Peterbilt, make half the trucks sold in the US market. So that's a really great set of partnerships. We work with Continental, who's one of the world's leading tier one manufacturers. They can help us produce the hardware at scale, so we can really have a huge impact in the market. And then finally, incredible set of customers, with folks like Werner, Schneider, Hirschbach, Uber Freight. These are all folks who are kind of the pinnacle in the freight industry, and we have the privilege of working with them today. So Chris, the thing you said at the beginning of all of that, that you guys are the first ones out the door, how important do you think that will be down the line when there are a lot of other autonomous trucks on the road? Do you think that, in other words, how big of a head start does that give you, that first mover advantage? Yeah, we, so we're talking about freight in the US as a trillion dollar market, so it's a gigantic space. So today, we really see it as a green field, and we want to get out there and start serving customers and creating value. But we think it's a big deal. We think we have a multi-year lead on this gigantic market compared to anyone. And with the tools, processes, and technology we've built in house, we think we're only going to accelerate and further build that lead. So I'm incredibly bullish about where we are. It's an incredibly exciting time with the company. Chris, always great to see you. Thank you so much for your time. Appreciate it. Thanks very much. 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National Post
06-05-2025
- Business
- National Post
Gatik Strengthens Leadership Team With Key Appointments, Setting the Stage for Rapid Growth Amidst Accelerating Commercial Demand
Article content Autonomous trucking leader appoints first Chief Financial Officer and Chief Legal Officer, adding more than 50 years of combined expertise to its executive team Article content Article content MOUNTAIN VIEW, Calif. — Gatik, the leader in autonomous middle-mile logistics, today announced the appointment of its first Chief Financial Officer (CFO) and Chief Legal Officer (CLO), marking a significant milestone in the company's growth. This comes as Gatik prepares to launch Freight-Only (driverless) operations at scale later this year with multiple customers, ushering in the era of autonomous trucking. Article content 'We are seeing firsthand how commercial demand for autonomous middle-mile delivery continues to rise, underscoring the tremendous value that Patrick and Judi bring to the team as we scale our operations over the coming months,' said Gautam Narang. Article content Patrick Archambault joins Gatik as CFO, bringing 25 years of experience in the mobility space on both the investment research and operations side, with deep expertise in the autonomous vehicle industry. Judi Otteson has been appointed as CLO, leveraging 25 years of experience guiding companies through high-value IPOs, mergers, and acquisitions. Article content 'We are seeing firsthand how commercial demand for autonomous middle-mile delivery continues to rise, underscoring the tremendous value that Patrick and Judi bring to the team as we scale our operations over the coming months,' said Gautam Narang, Gatik's CEO and co-founder. 'Their proven track record in strategic planning, resource management, and capital markets transactions, particularly within the mobility and technology sectors, will further strengthen Gatik's leadership at a pivotal moment for both the company and the broader autonomous vehicle industry.' Article content Archambault joins Gatik from Quanergy Systems Inc., where he most recently held the role of Chief Financial Officer. Archambault also held the roles of Vice President of Finance, and Director of Financial Planning. Over his seven years at Quanergy, he helped lead the company's IPO on the New York Stock Exchange in February 2022, securing approximately $175 million in available liquidity to support continued expansion. He also managed the company's core financial operations, fundraising activities, and investor relations. Prior to Quanergy, Archambault spent 17+ years at Goldman Sachs as a Vice President in the Global Investment Research division where he played a leading role in IPOs for prominent mobility companies including Tesla, Delphi, and TRW. His expertise in the automotive and technology sectors makes him exceptionally well-suited to guide Gatik's financial operations moving forward. Article content 'Joining Gatik at this pivotal moment is incredibly exciting,' said Patrick Archambault, Gatik's CFO. 'The company is not only the leader in middle-mile autonomous trucking, but is also poised to redefine freight transportation for generations to come. Gatik is one of the most innovative players in this rapidly evolving industry, and I'm eager to contribute to its ambitious goals as it realizes Freight-Only operations at scale for customers across North America.' Article content Otteson, who has been with Gatik for over 2 years as General Counsel, joined the company from Matterport Inc. where she managed complex international litigation, navigated corporate governance and regulatory affairs, and built a sustainable legal department that strengthened the company's long-term growth. As General Counsel, Otteson led the legal portion of Matterport's de-SPAC merger with Gores Holding VI, securing approximately $605 million in total cash, net of fees, and expenses paid. Before Matterport, Otteson worked at NewPhotonics Corporation, where she spent the last five years of her 11-year tenure serving as Vice President, General Counsel, and Chief Compliance Officer. She launched the company's global compliance program, which included a legal training initiative for over 2,000 employees. Otteson's demonstrated history of taking multiple companies public, coupled with her deep, hands-on experience building robust legal frameworks, makes her an ideal fit for Gatik's executive team. Article content 'Gatik is uniquely positioned to bring autonomous middle-mile delivery solutions to America's supply chain,' said Judi Otteson, Gatik's CLO. 'The company's existing partnerships with North American giants like Walmart, Tyson Foods, and Kroger sets it apart as a leader in this fast-growing space. I am thrilled to support its rapid growth as Chief Legal Officer, ensuring we continue to raise industry standards in safety, compliance, and accountability, while delivering on the promise of safer, more accessible, and more efficient autonomous delivery solutions for our customers.' Article content With the addition of Archambault and Otteson, Gatik is strongly positioned to continue leading the autonomous middle-mile logistics sector as it prepares to enter its next phase of rapid expansion. By attracting world-class talent, developing industry-leading autonomous technology, and securing long-term contracts with the continent's biggest names in retail, grocery, and eCommerce, Gatik is setting the stage to safely and successfully deploy Freight-Only operations at scale in 2025. 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 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
