Technology stock

Why the price went up today

  • Embark Technology Inc (NASDAQ: EMBK) stock price rose more than 10% in intraday trading today. That’s why it happened.

The stock price of Embark Technology Inc (NASDAQ: EMBK) – a leading developer of autonomous technologies for the trucking industry – rose more than 10% in intraday trading today. Investors are reacting positively to Embark Trucks’ announcement of its expansion into Texas and the launch of a new autonomous trucking lane between Houston and San Antonio. Plus Embark also unveiled its new self-driving trucking facility and plans to aggressively hire in the greater Houston area in 2022.

To support this expansion, Embark announced a partnership with the Texas A&M Engineering Experiment Station to use their state-of-the-art test track and plans to work closely with the Center for Autonomous Vehicles and Sensor Systems (CANVASS) and faculty from the J Mike Walker ’66 Department of Mechanical Engineering at Texas A&M University to conduct research and testing in preparation for its 2023 release pilot.

Setting up in the Houston area was both a strategic selection and a natural choice for Embark. The Houston area offers Embark 3 key advantages as it grows its business:

1.) Well-Positioned Trucking Hub: Houston is known as a trucking hub that is uniquely positioned for commercially viable long-haul autonomous freight. And Houston is located in the center of key trucking lanes over 600 miles that are ideal for automation because they cannot be completed in a single day by a human driver due to hour-of-service limitations. Transports on these lanes can see rapid speed improvements using autonomous freight. For example, a 600-mile run might take about 22 hours to complete manually assuming full compliance with federal hours of service rules, while that same run would only take 12 hours to complete autonomously.

2.) Cutting-edge expertise: The Houston area is known to be home to leading academics and research institutes dedicated to autonomous vehicle technology, such as those at Texas A&M University. And Embark plans to work closely with these partners to test, deploy and validate its technology. Additionally, Houston also has a mature workforce in the trucking and autonomous vehicle industry, which represents a large pool of talent that Embark can tap into as it expands its workforce in the region.

3.) Public Sector Engagement: Texas has a thriving autonomous vehicle sector, thanks in part to the Lone Star State’s extensive public-private partnerships. And by engaging with developers to support the safe operation of self-driving trucks, the Texas Departments of Transportation (TxDOT) and Public Safety (TxDPS) have established Texas as a leader well positioned to reap the benefits of technology safety and efficiency. Plus Embark will continue to cultivate relationships with state and local agencies by prioritizing road safety and the responsible integration of self-driving trucks into the state’s transportation system.

Together, these factors allow Embark to better meet its go-to-market schedule as it prepares for the commercial launch of the Embark Pilot in 2024. And Embark plans to begin shipping freight for its partners between San Antonio and Houston. from 2022. .

Embark’s partnership with Texas A&M University is one of the cornerstones of this expansion. And Embark will use the university’s expertise and the RELLIS campus test track to launch new AV capabilities and achieve the remaining technology milestones. These steps represent the final hurdles to deploying commercially viable autonomous trucks and include challenges such as interacting with emergency vehicles, getting to safety in emergency situations, and performing evasive maneuvers, among others. .

Embark’s expansion into Texas builds on years of engagement with Texas state officials to share insights into self-driving truck development. And Embark is a longtime participant in the Texas Department of Transportation’s (TxDOT) Connected and Automated Vehicles (CAV) Task Force, helping prepare Texas’ transportation system to realize the benefits of safety and the efficiency of the technology.

KEY QUOTES:

“Texas is the center of the trucking industry in the United States and is the ideal location for Embark’s expanded operations. We are excited about the talent and entrepreneurial spirit Houston has to offer. Our new presence in Texas will support our growing network of partners and fuel our rapid growth across the Sunbelt. As we grow our operations, we will continue to work closely with local and state governments and other organizations to improve the safety, sustainability and efficiency of trucking with autonomous technology.

— Stephen Houghton, Director of Operations and Fleet at Embark

“Embark’s mission to safely, robustly and efficiently deploy commercial autonomous trucks aligns closely with TEES’ mission to transform research and development activities into useful commercial applications and activities. We are delighted to welcome Embark to our RELLIS campus. Our faculty and students will have the unique opportunity to apply theory to the real world by working with Embark on engineering projects.

— Dr. Srikanth Saripalli, Director of CANVASS

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.