Global self-driving truck startup Plus is going public via a $3.3 billion merger with the special purpose access company (SPAC) Hennessy Capital Investment Corp. V (HCIC V).
Launched in 2016, the Silicon Valley company Plus — formerly known as Plus.ai — has made a definitive business combination agreement with HCIC V to file a public offering on the NYSE under the ticker symbol PLAV.
“All of us at Plus are inspired each day to help make heavy trucks safer and more comfortable, reduce operational costs for fleets, and make our world greener. We are on track to start mass production of autonomous trucks this year,” David Liu, CEO and co-founder of Plus, said in a press release on Monday (May 10).
The move will help Plus continue expanding on the world stage to advance the use of its “revolutionary technology,” Liu said, adding that HCIC V also shares the startup’s “focus on sustainable technology and infrastructure.”
He further added that HCIC V is “aligned” with the company’s expansion efforts and “value creation objectives,” and understands “the challenges” that the trucking industry is trying to overcome. The startup’s common stock is anticipated to begin trading at a post-combination market capitalization of roughly $3.3 billion for Plus.
Plus said its state-of-the-art self-driving technology solution — using its proprietary full-stack L4 software — has the ability to extend a “mass-produced hardware platform” that enables trucks to drive autonomously. The technology taps advanced sensing technologies — radar, LiDAR, and cameras — to offer a solution that provides 360-degree sensing.
Daniel J. Hennessy, chairman and CEO of HCIC V, said the blank-check company has looked to tie-up with startups that offer sustainable technologies. The deal with Plus will help drive the advancement of using tech to make “long-haul trucking safer, cheaper, and better for the environment.”
Plus raised $200 million in February to advance the production of self-driving vehicles. The round was led by Guotai Junan International, CPE and Wanxiang International Investment, with participation from existing investor Full Truck Alliance.
Lowering carbon emissions and treating the world’s natural environment with care has been a mission of supply chain companies, with autonomous vehicles eyed as a solution.
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