Amazon (AMZN) in Talks to Acquire Stake in Self-Driving Truck Startup Plus: Report

June 21, 2021 12:26 PM EDT

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Amazon (NASDAQ AMZN) is reportedly in talks to acquire a stake - rumored to be 20% - in the AI truck start startup company Plus. The e-commerce giant has already placed an order to buy 1,000 autonomous driving systems from the startup.

Plus is planning to merge with SPAC Hennessy Capital Investment Corp. V (NASDAQ: HCIC). Bloomberg reports Amazon is looking to buy preferred shares of Plus via a warrant at a price of $0.46647 per share.

The startup is valued at $3.3 billion after merging to raise $500 million in fresh capital. Plus also raised $150 million via PIPE from funds including BlackRock Inc. and D.E. Shaw.

The AI truck startup, which was founded in 2016 by a group of Stanford University classmates 2016, is working to develop self-driving trucks as the entire truck industry is struggling to cope with a surging need for drivers.

Plus previously raised $200 million in February, just a month before raising a further $220 million from investors in the private market.

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