The SPAC is back: Kodiak Robotics eyeing a merger

8 hours ago

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(Photo: Kodiak Robotics)
(Photo: Kodiak Robotics)

The SPAC is back. Citing sources familiar with the matter, Bloomberg reports that Ares Acquisition Corp. II is in advanced talks to merge with Kodiak Robotics. Ares is a blank-check firm, led by CEO David Kaplin, that raised $450 million in April 2023 and has said in the past it could pursue a combination in any sector.

The special purpose acquisition company is “a way for a small private company — often with no revenue — to access public markets and investment without going through a cumbersome initial public offering” notes Alan Adler, former FreightWaves Detroit bureau chief.

For Kodiak, more revenue is on the horizon. The company announced in January that it had sold its driverless RoboTrucks to Atlas Energy Solutions and that Atlas had completed the delivery of 100 loads with the Kodiak-equipped vehicles.

The Bloomberg piece estimates the value of the transaction could result in a combined entity of around $2 billion with Ares vying for Kodiak against rival bidders, according to some of the sources. Bloomberg adds, “A transaction hasn’t been finalized and it’s possible terms could change or that the talks collapse.”

FreightWaves reached out to Kodiak Robotics, which declined to comment.

(Photo: Volvo Trucks North America)
(Photo: Volvo Trucks North America)

On Tuesday, Volvo Trucks North America announced the redesign of its VNR, the smaller regional haul cousin of the VNL, the sleeper tractor whose refresh was announced last year. The release notes that the new regional haul tractor is a 90% redesign compared to the previous truck, with updates to its proprietary safety systems. Production will take place at Volvo’s New River Valley Plant in Dublin, Virginia, with sales beginning in the coming months.

Specs for the more maneuverable Class 8 include 4×2, 6×2, and 6×4 tractors and straight trucks with multiple body types. The tractor is also equipped with updated safety features as part of the Volvo Active Safety Platform, including Volvo Active Driver Assist with forward collision warning, lane departure warning, adaptive cruise control and automatic emergency braking.

The tractor is estimated to deliver up to 7.5% improved fuel efficiency from a combination of better aerodynamics, powertrain adjustments and idle reduction tech. The VNR’s co-roll technology will disengage the driveline on a downhill grade and let the truck roll for an optimal amount of time to help save energy.

For powertrain, the tractor has an improved 13-liter engine, the next-gen D13 VGT, which ranges from 405-455 horsepower with 1,450 to 1,850 pound-feet of torque.


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