Washington, DC – March 29, 2019 – Cooley advised Torc Robotics, a pioneer in autonomous driving solutions, on its agreement for Daimler Trucks, a division of the Daimler Group, to acquire a majority stake in Torc. Marc Samuel led the Cooley team advising Torc on the transaction.
The one-of-a-kind combination is part of an effort to bring highly automated trucks (SAE Level 4) to US roads. Under the agreement, Torc will remain a separate entity retaining its name, team, existing customers and facilities in Blacksburg, Virginia. The partnership will enable Torc to grow its team, engage into the trucking market and service its growing customer base in other markets.
“With the ever rising demand for road transportation, not the least through e-commerce, there is a strong business case for self-driving trucks in the US market, and I believe the fastest path to commercialization for self-driving trucks is with the OEM market leader Daimler Trucks,” said Michael Fleming, CEO of Torc. “This move is in line with our mission of savings lives and represents another major milestone for Torc since crossing the finish line in the DARPA Urban Challenge 12 years ago.”
Torc offers a complete autonomous software solution for mobility applications, including self-driving cars and transit vehicles, by working with partners in automotive, transit and technology.
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