Industry-leading partnerships and pilots, and cutting-edge
products define path to market
Through its cutting-edge technology and industry-leading
partnerships, self-driving company Aurora is building a
generational business that aims to transform how goods and people
move through the world. In 2021 alone, the company has made major
advancements toward delivering its vision for how self-driving
technology comes to market.
Across the four quadrants of vehicle manufacturer and network
user, Aurora is now partnered with one of the largest
transportation and logistics companies in the world with FedEx, the
number one ride hailing platform on the planet with Uber, the
number one global vehicle OEM on the planet with Toyota, and two of
the top three North American OEM's in trucking with Volvo and
PACCAR. Aurora believes there is no stronger ecosystem of
partnerships to bring this technology to market in the AV industry.
Aurora plans to merge with the special purpose acquisition company
(SPAC) Reinvent Technology Partners Y (NASDAQ: RTPY) and expects to
list on Nasdaq with the ticker symbol AUR on November 4.
With its flagship product the Aurora Driver – which is designed
to enable driverless operation of any vehicle platform, from class
8 trucks to passenger vehicles – Aurora plans to launch its
autonomous commercial trucking business Aurora Horizon by late
2023, followed by its driverless ride-hailing business, Aurora
Connect, in 2024. Aurora plans to offer a Driver-as-a-Service
business model, where fleet owners purchase Aurora-powered
vehicles, subscribe to use the Aurora Driver, and utilize
Aurora-certified fleet service partners to operate autonomous
mobility and logistics services.
Aurora’s recent milestones define the critical steps for
delivering self-driving products at scale:
Depth and Breadth of Expertise: Welcoming Uber ATG to
Aurora
At close to 1,600 people, Aurora has an industry-leading
self-driving team with nearly 200 Ph.Ds and over 1,100 pending and
issued patents worldwide. Building on its expertise, in January,
Aurora welcomed Uber ATG’s team and technology, integrating their
expertise in engineering, safety, ride-sharing, and more into the
company’s long-term vision, value, and plans for autonomous vehicle
deployment.
Industry-First Collaboration: Hauling Commercial Goods with
FedEx and PACCAR
The company showed how the Aurora Driver can be seamlessly
integrated into freight operations via an industry-first
collaboration with FedEx and PACCAR. Through this pilot,
Aurora-powered PACCAR trucks are regularly and autonomously hauling
FedEx loads in Texas between Dallas and Houston – a 500-mile round
trip. Aurora believes this collaboration demonstrates the value of
self-driving technology as the economy faces a supply chain crisis,
making the need for dynamic logistics solutions more important than
ever.
Autonomous Trucking in 2023: Building Volvo’s First-Ever
Commercial Autonomous Truck for the U.S. Market
After partnering with Volvo in March, Aurora developed the
trucking leader’s first-ever prototype truck for autonomous
commercial freight operations in North America – the Aurora-powered
Volvo VNL. As Volvo’s flagship long-haul model, and the first
vehicle in Volvo’s fleet to be designed from the ground up to
operate with the Aurora Driver, this represents a significant step
toward building and deploying autonomous commercial L4 Class 8
trucks at scale for Volvo Autonomous Solutions customers in North
America. With productive partnerships with key trucking leaders
underway, Aurora is already delivering value to two of the top
three truck manufacturers in the United States.
Autonomous Ride-Hailing in 2024: Developing the
Aurora-Powered Toyota Sienna
Just months after announcing a long-term, strategic partnership
with Toyota, Aurora unveiled the Aurora-powered Toyota Sienna – a
custom-built vehicle designed specifically for autonomous
ride-hailing. Benefiting from Toyota’s position as the global
leader in vehicle manufacturing and Aurora’s relationship with
Uber, the world’s top ride-hailing platform, the Aurora-powered
Toyota Sienna is already being tested and validated for planned
commercial deployment in 2024.
Path to Profitability: Aurora Horizon and Aurora Connect
Product Subscription Services
Showing how self-driving systems are not only developed but how
they will be commercialized, Aurora introduced application-specific
product suites built to integrate into customers’ businesses and
grow their operations. Aurora Horizon is intended to provide
freight carriers and private fleets with reliable, scalable
self-driving technology powered by the Aurora Driver alongside
powerful tools to integrate autonomous vehicles into existing
operations. Aurora Connect is designed to enable Aurora-powered
vehicles to integrate with ride-hailing networks and transport
passengers safely and comfortably. Aurora plans to support both
services with Aurora Beacon, the mission control system that will
facilitate dispatching, routing, monitoring of vehicle health, and
incident response, as well as Aurora Shield, which will provide
roadside assistance that maximizes uptime of vehicles equipped with
the Aurora Driver.
Next-Generation Hardware: Unlocking Commercialization of
Self-Driving Tech
Aurora introduced its next-generation hardware kit, which
debuted in commercial pilots this year and laid the foundation for
the company’s trucking and ride-hailing services. This new
technology fuses Aurora’s and Uber ATG’s hardware into a single,
optimized, deeply integrated system – combining cutting-edge
camera, radar, and lidar sensors with a new powerhouse computer to
create what Aurora believes to be a feature-complete, safer, and
more reliable driver.
Accelerating Work with Partners: Implementing the Aurora
Driver Development Program
On the heels of announcing partnerships with Volvo, PACCAR,
Toyota, and more, Aurora shared the Aurora Driver Development
Program – the structured approach for the creation of
Aurora-powered vehicles. Refined in collaboration with half a dozen
OEMs and through the integration of the Aurora Driver into eight
distinct vehicle platforms, this process details how Aurora builds,
refines, pilots, validates, launches, and scales deployment of
self-driving technology.
Faster, Safer Autonomous Vehicle Development: Rapidly Scaling
Simulation Work
While simulation has always been at the core of development of
the Aurora Driver, this year saw these efforts expand at a massive
scale. Aurora expects to have driven the equivalent of over 9
billion simulated miles by the end of the year – 6 billion of these
in 2021 alone. Aurora continues to scale up its Virtual Testing
Suite, running millions of daily tests to rapidly add capabilities
to the Aurora Driver.
Robust Approach to Safety: Publishing the Self-Driving
Industry’s Only Public Safety Case Framework
Aurora has made safety a core part of its mission since the
company’s founding and, in 2021, shared the self-driving industry’s
first-ever Safety Case Framework to address both autonomous
trucking and passenger mobility. This framework, which is the only
one published by a currently operating self-driving company, is an
imperative component for any business planning to deliver
commercial-ready autonomous vehicles at scale by operating on
public roads without a safety driver. The Safety Case Framework
builds on Aurora’s robust safety playbook, which includes a Safety
Management System that governs organizational safety practices, a
Safety Advisory Board composed of established experts from
safety-critical industries, and a 2021 Voluntary Safety
Self-Assessment.
Tangible Technical Progress: Demonstrating the Aurora Driver
on Texas Highways
With Aurora-powered trucks already hauling goods on Texas
highways, the company invited guests to its Palmer, Texas terminal
to experience self-driving technology first-hand with autonomous
rides in self-driving Peterbilt 579 trucks on a stretch of
Interstate 45 – which is driven by more than 8,500 conventional
trucks per day. Aurora also highlighted how the company’s
foundational investments in engineering, machine learning, and
artificial intelligence accelerate and strengthen progress in
hardware, perception, simulations, mapping, forecasting, and data –
helping to enable commercial deployment of autonomous vehicles at
scale.
These milestones show Aurora’s significant momentum toward
deployment of autonomous vehicles at scale for freight and
passenger mobility. As Aurora refines its technology in advance of
planned commercial deployment in 2023, it will continue to progress
with both customers and partners.
For more on recent announcements, milestones, and Aurora’s
technology, visit www.aurora.tech/ir.
About Aurora
Founded in 2017 by experts in the self-driving industry, Aurora
is on a mission to deliver the benefits of self-driving technology
safely, quickly, and broadly. To move both people and goods, the
company is building the Aurora Driver, a platform that brings
together software, hardware and data services to autonomously
operate passenger vehicles, light commercial vehicles, and
heavy-duty trucks. Aurora is backed by Sequoia Capital, Baillie
Gifford, funds and accounts advised by T. Rowe Price Associates,
among others, and is partnered with industry leaders including
Toyota, Uber, Volvo, and PACCAR. Aurora tests its vehicles in the
Bay Area, Pittsburgh, and Dallas. The company has offices in those
areas as well as in Bozeman, MT; Seattle, WA; Louisville, CO; and
Wixom, MI. To learn more, visit www.aurora.tech.
Aurora Overview Aurora Innovation Aurora Press Kit
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Reinvent Technology Partners Y
(“RTPY”) and Aurora Innovation, Inc. (“Aurora”). These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “continue,” “likely,” and similar
expressions. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the proposed transaction may not be completed in a timely
manner or at all, which may adversely affect the price of RTPY’s
securities, (ii) the risk that the proposed transaction may not be
completed by RTPY’s business combination deadline and the potential
failure to obtain an extension of the business combination deadline
if sought by RTPY, (iii) the failure to satisfy the conditions to
the consummation of the proposed transaction, including the
adoption of the Agreement and Plan of Merger, dated as of July 14,
2021 (the “Merger Agreement”), by and among RTPY, Aurora and RTPY
Merger Sub Inc., a Delaware corporation and a direct wholly owned
subsidiary of RTPY, by the shareholders of RTPY, the satisfaction
of the minimum cash condition following redemptions by RTPY’s
public shareholders and the receipt of certain governmental and
regulatory approvals, (iv) the inability to complete the PIPE
investment in connection with the proposed transaction, (v) the
occurrence of any event, change or other circumstance that could
give rise to the termination of the Merger Agreement, (vi) the
effect of the announcement or pendency of the proposed transaction
on Aurora’s business relationships, operating results and business
generally, (vii) risks that the proposed transaction disrupts
current plans and operations of Aurora and potential difficulties
in Aurora employee retention as a result of the proposed
transaction, (viii) the outcome of any legal proceedings or other
disputes that may be instituted against Aurora or against RTPY
related to the Merger Agreement or the proposed transaction or
otherwise, (ix) the ability to maintain the listing of RTPY’s
securities on a national securities exchange, (x) the price of
RTPY’s securities may be volatile due to a variety of factors,
including changes in the competitive and highly regulated
industries in which RTPY plans to operate or Aurora operates,
variations in operating performance across competitors, changes in
laws and regulations affecting RTPY’s or Aurora’s business and
changes in the combined capital structure, (xi) the ability to
implement business plans, forecasts, and other expectations after
the completion of the proposed transaction, and identify and
realize additional opportunities, and (xii) the risk of downturns
and a changing regulatory landscape in the highly competitive
self-driving industry. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of RTPY’s registration statement on Form S-1 (File No.
333-253075), its Quarterly Reports on Form 10-Q for the periods
ended March 31, 2021 and June 30, 2021, respectively, the
registration statement on Form S-4 discussed below and other
documents filed by RTPY from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and RTPY and Aurora assume no obligation and do not
intend to update or revise these forward-looking statements,
whether as a result of new information, future events, or
otherwise. Neither RTPY nor Aurora gives any assurance that either
RTPY or Aurora or the combined company will achieve its
expectations.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
RTPY and Aurora. This press release is not a proxy, consent or
authorization with respect to any securities or in respect of the
proposed transaction and does not constitute an offer to sell or
exchange, or the solicitation of an offer to buy or exchange, any
securities, nor shall there be any sale of securities in any
jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. RTPY has filed a
registration statement on Form S-4 with the SEC (333-257912), which
includes a prospectus and proxy statement of RTPY, referred to as a
proxy statement/prospectus. A final proxy statement/prospectus will
be sent to all RTPY shareholders. RTPY also will file other
documents regarding the proposed transaction with the SEC. Before
making any voting or investment decision, investors and security
holders of RTPY are urged to read the registration statement, the
proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC in connection with the proposed
transaction because they will contain important information about
the proposed transaction. Investors and security holders will be
able to obtain free copies of the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC by RTPY through the website maintained
by the SEC at www.sec.gov. The documents filed by RTPY with the SEC
also may be obtained free of charge at RTPY’s website at
https://y.reinventtechnologypartners.com or upon written request to
c/o Reinvent Capital, 215 Park Avenue, Floor 11 New York, NY.
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version on businesswire.com: https://www.businesswire.com/news/home/20211022005337/en/
Khobi Brooklyn press@aurora.tech (415) 699-3657
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