New pre-orders from Rokin and Duckbill for
autonomous trucks add to Plus’s commercialization momentum
Plus (formerly Plus.ai), a global provider of self-driving truck
technology that recently disclosed its proposed business
combination with Hennessy Capital Investment Corp. V (NASDAQ:
HCIC), announced today that Plus has delivered the initial
production batch of PlusDrive autonomous driving units to FAW in
order for FAW to integrate the units and launch China’s first
driver-in autonomous trucks.
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The delivery is part of an agreement with FAW in which Plus
sells PlusDrive units to FAW, which will handle the installation of
the autonomous driving technology on their factory production line.
FAW will leverage its extensive sales and service network to manage
the sales and maintenance of the autonomous trucks. FAW and Plus
will work together to update and maintain the autonomous driving
technology behind PlusDrive.
“2021 has been a particularly exciting year for our team at Plus
as we start to deliver our core autonomous trucking product,
PlusDrive, to the market. Whether that is directly to fleets as we
have done in the U.S. or to OEMs like FAW in China, we are excited
that soon fleets will be operating their PlusDrive-enabled
autonomous trucks on public roads in both the U.S. and China.
Looking ahead, we will continue to execute against our go-to-market
strategy as a technology provider enabling the trucking industry
with our cutting-edge autonomous driving solution. We are committed
to generating long-term, sustainable shareholder value,” said Shawn
Kerrigan, COO and Co-founder at Plus.
FAW’s new line of autonomous trucks has so far received
thousands of units in pre-orders from large fleets in China,
including new pre-orders from Rokin and Duckbill which adds to the
pre-order from Guangzhou Zhihong.
Xiong Xingming, CEO at Rokin, China’s largest refrigerated and
frozen goods transport company with more than 60,000 trucks, said:
“Autonomous trucks powered by PlusDrive are a revolutionary product
for our industry. It enhances safety, efficiency and
sustainability. This will bring tremendous benefit to our network
of commercial vehicles.”
“As the trucking industry faces a continued driver shortage, the
demand for autonomous trucks that enhance the safety, efficiency
and sustainability of long-haul trucking is increasing. We
recognize the immense value that FAW’s autonomous trucks powered by
PlusDrive will be able to deliver across our network of over 30,000
trucks,” said Liu Zhiyuan, CEO and Founder of Guangzhou
Zhihong.
Temasek Holdings-backed container truck fleet company, Duckbill,
operates a network of over 40,000 trucks. Tang Hongbin, CEO and
Founder of Duckbill, said: “Container trucking is growing
significantly, and fleet efficiency is critically important for the
continued expansion of our business. We look forward to working
with Plus on applying autonomous driving technology to make
container trucking more efficient, lower shipping costs, and
benefit consumers globally.”
About Plus
Plus is a global leader in autonomous driving technology for
long-haul trucking, headquartered in Silicon Valley and founded in
2016 by serial entrepreneurs and industry veterans who have
extensive experience in high tech and artificial intelligence. Plus
is developing low-cost, high-performance full-stack Level 4
autonomous driving technology to make long-haul trucking safer,
more efficient, and more sustainable. Plus 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 7, 2021, PlusAI Corp., Plus Inc. (“New Plus”) and
Hennessy Capital Investment Corp. V (NASDAQ: HCIC) (“Hennessy
Capital”) entered into a definitive business combination agreement.
Upon the 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 Hennessy Capital. The closing of the
proposed business combination is subject to approval by the
stockholders of both Plus and Hennessy Capital and the satisfaction
of the necessary regulatory approvals and customary closing
conditions.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or Plus’s future plans, strategy and performance. Such statements
include, but are not limited to, Plus’s current or future
production capacity and deliveries, Plus’s technology, the general
and specific types of potential benefits from Plus’s technology,
including those relating to safety, efficiency, sustainability,
driver retention and cost-reductions, industrial sectors in which
Plus’s technology can provide benefits, the size and growth of the
markets in which Plus’s current or future end-customers operate,
the timing of when, if at all, Plus’s technology is used on public
roads by Plus’s customers, receipt of binding orders for Plus’s
products pursuant to non-binding pre-orders for FAW’s autonomous
trucks, future orders or pre-orders for FAW’s or Plus’s products,
FAW’s continued purchases of Plus’s technology, Plus’s ability to
rely on and benefit from FAW’s commercial, sales, and service
networks, future collaboration between FAW and Plus and any
potential benefits from any such collaboration, Plus’s execution
against or the anticipated results of Plus’s go-to-market strategy,
the timing for the rollout of Plus’s technology including an
at-scale rollout of Plus’s technology, Plus’s progress towards an
at-scale rollout of Plus’s technology, Plus’s ability to compete
with its competitors, Plus’s ability to achieve financial or other
operational results, including long-term shareholder value, and
statements relating to the proposed business combination between
Plus and Hennessy Capital. Such statements are subject to numerous
important factors, risks and uncertainties that may cause actual
events or results to differ materially, including the relationship
between FAW and Plus, the ability of Plus to commercialize its
autonomous driving system, delays in the design, production and
launch of new products, the ability of Plus’s and FAW’s
end-customers to obtain anticipated benefits of Plus’s technology,
demand for Plus’s and FAW’s products and technology, FAW’s
continued purchases of Plus’s products, risks related to the
proposed business combination between Plus and Hennessy Capital and
those more fully described under the section entitled “Risk
Factors” in Form F-4 that New Plus will file with the Securities
and Exchange Commission. These forward-looking statements are made
as of the date of this press release, and Plus and Hennessy Capital
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements, except as required by
law.
Important Information for Investors and Shareholders
As permitted by the Jumpstart our Business Startups Act of 2012
(the “JOBS Act”), and in connection with the proposed business
combination, New Plus has confidentially submitted a draft
registration statement on Form F-4 (the “Registration Statement”)
with the U.S. Securities and Exchange Commission (the “SEC”), which
includes a prospectus with respect to New Plus’s securities to be
issued in connection with the business combination and a proxy
statement to be distributed to holders of Hennessy Capital’s common
stock in connection with Hennessy Capital’s solicitation of proxies
for the vote by Hennessy Capital’s stockholders with respect to the
business combination and other matters to be described in the
Registration Statement (the “Proxy Statement”). After the
Registration Statement has been declared effective by the SEC,
Hennessy Capital will file the definitive Proxy Statement with the
SEC and will mail copies to stockholders of Hennessy Capital as of
a record date to be established for voting on the proposed business
combination. Additionally, New Plus and Hennessy Capital will file
other relevant materials with the SEC in connection with the
business combination. Security holders of Plus, New Plus, and
Hennessy Capital are urged to read the Registration Statement and
Proxy Statement and the other relevant materials when they become
available before making any voting decision with respect to the
proposed business combination because they will contain important
information about the proposed business combination and the parties
thereto. Investors and security holders of Plus, New Plus, and
Hennessy Capital may also obtain a copy of the Registration
Statement and Proxy Statement, when available, as well as other
documents filed with the SEC regarding the proposed business
combination by New Plus and Hennessy Capital, without charge, at
the SEC’s website located at www.sec.gov. Copies of these filings
may be obtained free of charge on Plus’s website at
http://www.plus.ai or by directing a request to Lynn Miller,
General Counsel, 20401 Stevens Creek Boulevard, Cupertino,
California 95014 or by telephone at (408) 508-4758, and/or on
Hennessy Capital’s website at http://www.hennessycapllc.com/ or by
directing a request to Nicholas A. Petruska, Executive Vice
President, Chief Financial Officer, 3415 N. Pines Way, Suite 204,
Wilson, Wyoming 83014 or by telephone at (307) 201-1903. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Plus, Hennessy Capital and New Plus and their respective
directors and officers may be deemed participants in the
solicitation of proxies of Hennessy Capital’s stockholders in
connection with the proposed business combination. Security holders
may obtain more detailed information regarding the names,
affiliations and interests of certain of Hennessy Capital’s
executive officers and directors in the solicitation by reading
Hennessy Capital’s Registration Statement on Form S-1, declared
effective by the SEC on January 14, 2021, and the Registration
Statement, Proxy Statement and other relevant materials filed with
the SEC in connection with the proposed business combination when
they become available. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
proxies to Hennessy Capital’s stockholders in connection with the
proposed business combination, including a description of their
direct and indirect interests, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the Proxy Statement when it becomes available.
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version on businesswire.com: https://www.businesswire.com/news/home/20210929005312/en/
MEDIA Lauren Kwan
pr@plus.ai
INVESTOR RELATIONS Jessie Fan ir@plus.ai
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