The Daily Dash is a quick look at what’s happening in the freight ecosystem. In today’s edition, we highlight plans for a natural gas-electric truck, a $1.1 billion acquisition deal and more.
The High Five
1. Hyliion Holdings is pushing ahead with its plans for a natural gas-electric hybrid truck capable of emitting less than net-zero carbon. Hyliion said it has created a Hypertruck Innovation Council of fleets, logistics and transportation companies to test its prototype Class 8 Hypertruck ERX. Alan Adler’s report: Hyliion gathers fleets to test natural gas-electric hybrid truck
2. ORBCOMM, a leading provider of ELDs and other Internet of Things (IoT) technology, is being acquired by private equity company GI Partners. The total value of the deal was put at $1.1 billion, including debt. Last October, ORBCOMM completed a debt refinancing for $250 million in new debt. John Kingston has the details: ORBCOMM being acquired by private equity firm
3. Uber has announced a $250 million “driver stimulus” boost in an attempt to lure drivers back to the service as pandemic-related restrictions are lifted and riders return. “Boosted incentives and guarantees will help welcome existing drivers back to Uber and ensure first-time drivers do well as they learn the ropes,” according to an Uber executive. Brian Straight with more: Uber hopes to lure back drivers with $250M in incentives
4. The Peterbilt and Kenworth divisions of PACCAR Inc. share many of the same underlying products. But they practice great courtesy in steering clear of each other when it is time to talk about them. Brand preference matters, but at the end of the day, whether Kenworth or Peterbilt makes a sale, the proceeds go to the PACCAR top and bottom line. Alan Adler’s story: PACCAR siblings take turns in product spotlight
5. Nuvocargo, a New York-based cross-border digital logistics startup, has raised $12 million in Series A funding in a round led by QED Investors. The 2-year-old company will use the funds to ramp up its product road map and hiring. Noi Mahoney’s story: Nuvocargo raises $12M in Series A funding