Autonomous trucking pioneer Kodiak Robotics announced it will go public through a business combination with Ares Acquisition Corporation II.
This, after it secured a 100-truck order from Atlas Energy Solutions. Kodiak says it has now logged more than 2.6 million autonomous miles in real-world conditions.
The transaction places Kodiak’s equity value at about US$2.5 billion.
“This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology,” said Don Burnette, founder and CEO of Kodiak.
“We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries. Further, with Kodiak’s disciplined approach to capital management, along with strategic and financial support from Ares, we believe we are well-positioned to execute on our long-term growth plans.”
