Reissuing release dated June 16, 2021, to add ticker symbol for searching purposes.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210616005240/en/
Plus’s fuel-efficient autonomous truck powered by PlusDrive (Photo: Business Wire)
The release reads:
PLUS’S AUTONOMOUS TRUCKS TO TRANSPORT EQUIPMENT FOR GOOD MACHINE’S ANTI-CLIMATE CHANGE AND SUSTAINABILITY FOCUSED PROJECTS
Plus (formerly Plus.ai), a global provider of self-driving truck technology, announced today that they are partnering with Schmidt Futures-supported Good Machine venture studio on a pilot program to extend the sustainability impact that each company is working towards. Through this pilot, Plus’s automated trucks will help move equipment used for Good Machine’s sustainability efforts to address wildfires, food insecurity, illicit wildlife poaching, and illegal fishing. The partnership kicks off immediately with Plus’s autonomous truck hauling equipment from Winnemucca, Nevada to South San Francisco, California to be used for a wildfire detection project in California. Additional hauls will take place over the next year of the pilot program.
A key benefit of using Plus’s autonomous driving technology to haul goods on a semi-truck is the reduction of fuel consumption by 10% compared to the most efficient driver, which results in an equal decrease in carbon emissions. While Plus’s technology is poised to have a dramatic impact on the $4 trillion global truck freight market, each truckload is an opportunity to reduce the burden of trucking on the environment.
“Sustainability is part of the core mission for both Plus and Good Machine. By joining forces, we are creating a win-win-win for our companies and the environment. Plus is delighted to serve as an enabler of Good Machine’s inspiring sustainability efforts by using our fuel-efficient autonomous trucks to transport the equipment and supplies needed to launch these projects,” said Shawn Kerrigan, COO and Co-founder at Plus.
David Solomon, CEO of Good Machine, said: “At Good Machine, we believe that solutions to the worldʼs most pressing problems need to be inventive, sustainable, and scalable. We are excited to collaborate with a mission-aligned partner in Plus that is commercializing a sustainable commercial transportation solution which reduces the carbon footprint of our shipping needs.”
Good Machine has a broad portfolio of projects addressing globally devastating issues caused by climate change and marine pollution. It includes ReefGen, an underwater, dexterous, planting robot that is reviving marine ecosystems and coral tourism around the world. Fresure is a shipping container outfitted with solar panel energy to keep perishable foods cold during handling and storage, which reduces post-harvest losses and increases the available food supply to address food insecurity. The wildfire detection project aims to use stratospheric balloon technology to detect fires early and report them to relevant authorities to help reduce catastrophic damage. Good Machine and its portfolio companies work with a number of partners, including Johns Hopkins University, Minderoo Foundation, National Science Foundation, the Nature Conservancy, Schmidt Futures, Wildlife Conservation Society, WorldFish, and others.
Plus is an autonomous driving technology company headquartered in Silicon Valley and founded in 2016 by serial entrepreneurs and industry veterans who have extensive experience in automotive technology and artificial intelligence. Plus is enabling trucks with its mass-production ready, low-cost, and high-performance full-stack Level 4 autonomous driving technology to make long-haul trucking safer, more efficient, and more sustainable. Mass production and global deployment of its supervised autonomous driving system, which reduces fuel consumption by an estimated 10-20% compared to a traditional truck, is planned to start in 2021. The Company is also collaborating with leading truck manufacturers, fleets, and ecosystem partners to drive the development of decarbonization transportation solutions including autonomous trucks powered by natural gas. For more information, please visit www.plus.ai or follow us on LinkedIn or YouTube.
On May 10, 2021, Plus and Hennessy Capital Investment Corp. V (NASDAQ: HCIC) (“HCIC V” or “Hennessy Capital”) entered into a definitive business combination agreement. Upon closing of the proposed business combination, Plus will be a publicly traded company and its common stock is expected to trade on the NYSE under the ticker symbol “PLAV”. The proposed business combination has been unanimously approved by the Boards of Directors of both Plus and HCIC V and is expected to close in the third quarter of 2021, subject to the satisfaction of the necessary regulatory approvals and customary closing conditions, including the approval of HCIC V’s shareholders.
About Good Machine
Good Machine is a venture studio that identifies social and environmental market opportunities; rapidly develops, prototypes, and field-tests product-based solutions; and incubates, supports financing of, and spins out impact-oriented for-profit companies. As a venture studio, it creates multiple companies annually to address a wide range of socio-ecological problems leveraging a core team of deeply experienced and creative leaders while recruiting diverse and extraordinary talent to lead and grow the companies into maturity.