Embark CEO sees supply chain crisis as the ‘inflection point’ for autonomous trucking
Alex Rodrigues (25-year-old Embark CEO, co-founder)
According to Alex Rodrigues (CEO of Embark Trucks), the U.S. port congestion, trucker shortage and rise of ecommerce created a unique opportunity in autonomous trucking. has completed its SPAC mergerThe Nasdaq will open trading on Thursday under the ticker “EMBK”.
Rodrigues said that investors are beginning to understand this need and there’s a lot of excitement over the possibility of revolutionizing logistics. We are at an inflection moment now. It’s starting to affect everyday people. And when they can’t afford their Christmas presents, it becomes more pressing for us all to find a solution.
Embark was started in 2016 by Brandon Moak (both 20) and focuses on supporting technology and software for autonomous trucking. Embark is able to convert existing truck fleets into autonomous trucks and can work with truck makers and carriers, rather than developing new vehicles. According to Embark’s websiteThe company’s automated tech is capable of increasing fuel efficiency by 10% and reducing delivery times by 40% while increasing revenue per truck by 30%.
Thursday will see Embark raise $614 million from gross cash proceeds and a private investment of $200 million. Knight-Swift Transportation HoldingsAlong with Sequoia Capital, Tiger Global, and Sequoia Capital, he is the country’s biggest trucker. Rodrigues is also set to become the 26-year-old youngest chief executive officer of an American public company.
Embark, the latest autonomous trucking company to be listed in public hands in 2021 is part of a growing wave. TuSimpleIPO was in AprilIt’s currently working with UPS on lanes for autonomous package delivery. Aurora InnovationPublicized this month in a SPAC merger Plus is expectedto conclude its SPAC merger Hennessy Capital Investment Corp VThis is the year.
Wedbush predicts that approximately $750 billion in commercial autonomous vehicle investments will occur over the next five-years. Embark is a partner of AB InBevBudweiser brewer, Werner Enterprises, a trucker for big box retail stores, RyderAnd DHLAs in all other industries, they are interested in reducing supply chain spending.
Rodrigues expressed his gratitude to Rodrigues for acknowledging that the sector recognizes Rodrigues as a partner of quality and that he has been able build relationships with the very best in business.
Rodrigues thinks it is another headwind for his company as well as autonomous logistics. Big established companies understand the importance of this technology. That is an important positive.