One of the most exciting companies in autonomous vehicle technology is coming to the New York Stock Exchange next.
What’s happening:
- Autonomous vehicle technology company Kodiak Robotics has entered into a business combination agreement with Ares Acquisition Corporation II (NYSE: AACT) to become a publicly listed company
By the numbers:
- The SPAC transaction will inject $551M USD in fresh cash into Kodiak Robotics from capital previously raised into Ares Acquisition Corporation II
- An additional $110M USD in funding has been committed from Soros Fund Management, ARK Investments and Ares concurrently with the SPAC transaction
Why it matters:
- Kodiak Robotics is one of the most advanced technology companies focused on developing artificial intelligence technology for autonomous trucking in North America
Going deeper:
- Oil and gas logistics company Atlas Energy Solutions previously took delivery of two of Kodiak Robotics’ RoboTrucks, which represented the first time ever that an American company has used fully autonomous semi-trucks for commercial operations
The intrigue:
- Kodiak Robotics has also landed a $30M USD deal with the United States Department of Defense to integrate their technology into military applications and combat purposes
