Embark Vans Inc. said on Wednesday it’s going to merge with a blank-check agency, in a deal that may give the self-driving truck know-how developer a market capitalization of $5.2 billion.

The cope with Northern Genesis Acquisition Corp. II will get Embark about $614 million in money proceeds, together with a $200 million personal funding from Mubadala Capital, CPP Investments, Sequoia Capital and Tiger International Administration amongst others.

Embark, which calls itself the oldest self-driving truck agency within the U.S., mentioned the proceeds have been anticipated to fund its enterprise via 2024.

Earlier this 12 months, self-driving trucking corporations Plus and TuSimple entered U.S. public markets in a bid to faucet the red-hot capital market to commercialize their know-how and product.

Based in 2016, San Francisco-based Embark helps carriers allow self-driving vans inside their fleet via its software program and has partnerships with carriers equivalent to Werner Enterprises and Bison Transport and shippers AB InBev and HP Inc.

Embark was co-founded by Alex Rodrigues, who began constructing robots at age 11, and Brandon Moak, who Rodrigues first met and collaborated with whereas finding out mechatronics engineering on the College of Waterloo in Canada.

Whereas at college, the duo labored collectively to construct Canada’s first self-driving automobile — an autonomous golf cart named “Marvin” — out of Rodrigues’ storage.

Northern Genesis 2 is a particular function acquisition firm, or SPAC, the group behind which took EV agency Lion Electrical Co. public by merging it with a former SPAC.

Citi is advising Embark on the deal, whereas J.P. Morgan Securities is serving as monetary adviser and capital markets adviser to Northern Genesis 2.

Former U.S. Transportation Secretary Elaine Chao, who is also married to U.S. Senate Minority Chief Mitch McConnell, R-Ky., will be part of Embark’s board, the corporate mentioned.