Summary:
Plus Automation merges with Churchill Capital Corp IX in a $1.2 billion SPAC deal to go public
The deal provides $300 million to fund the commercial launch of autonomous trucks by 2027
Self-driving technology is seen as the future of transportation, with increasing adoption to reduce costs and driver shortages
Plus is conducting public road tests in Texas and Sweden, with more trials scheduled for fall 2025
The merger is expected to close in the fourth quarter of 2025, marking a significant step towards autonomous truck commercialization
Self-driving truck startup Plus Automation is set to go public in the U.S. through a $1.2 billion merger with Churchill Capital Corp IX, a special purpose acquisition company (SPAC) backed by veteran Wall Street dealmaker Michael Klein. This strategic move aims to fuel the commercial launch of Plus's autonomous trucks by 2027, with $300 million in proceeds from the merger.
The commercialization of self-driving technology is gaining momentum, with truck operators in the U.S. increasingly turning to automation to reduce costs and address driver shortages. The regulatory environment is also becoming more favorable, with recent proposals in California to allow testing of self-driving heavy-duty trucks on public roads.
Plus, which counts Hyundai among its customers, is currently conducting public road tests in Texas and Sweden, with more trials planned for fall 2025. This deal marks a significant milestone for Plus, following a previous $3.3 billion SPAC deal attempt that was canceled during the SPAC frenzy.
The merger is expected to close in the fourth quarter of 2025, positioning Plus as a key player in the future of autonomous transportation.
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