Logistics, Supply Chain
Business Wire | July 05, 2023
Following several months of testing with Eurotunnel's LeShuttle Freight and "Unaccompanied Trailers" customers, Getlink (Paris:GET) is unveiling Sherpass, its platform of services to simplify border crossings for freight and the supply chain. This new range of advanced services will be open to road hauliers and logistics providers from October 2023.
A digital platform, Sherpass optimises flows for hauliers, freight forwarders and shippers and improves the fluidity of supply chains between France and the UK.
Working with selected partners, Sherpass offers customs and border services as a natural extension to the Eurotunnel Border Pass, which has already been adopted by more than one in two Eurotunnel customers.
The re-establishment of the border between the United Kingdom and Europe has forced shippers and carriers to manage a large volume of formalities, requiring time, additional resources, and the involvement of multiple subcontractors.
Sherpass provides a turnkey, one-stop solution that saves hauliers a significant amount of time by eliminating the need to enter information and the multiple interactions involved in managing documentation. By centralising all the data flows required for cross-border exchanges, Sherpass offers an integrated end-to-end service in a single, simple and totally secure working environment.
The solution enables the various players in the supply chain to streamline all the procedures involved in crossing the border and covers their expectations right through to the customs declaration and clearance services.
Yann Leriche, Chief Executive of Getlink, said: "Getlink has been operating on both sides of the Channel for 30 years and is a vital link in the European supply chain. Our innovative and straightforward services position us as the main gateway for goods transiting between the UK and Europe via the short straits. With Sherpass, we are continuing our strategy of creating value by capitalising on our smart border expertise.”
About Getlink
Getlink SE (Euronext Paris: GET) is, through its subsidiary Eurotunnel, the concessionaire of the Channel Tunnel infrastructure until 2086 and operates Truck and Passenger Shuttle services (cars and coaches) between Folkestone (UK) and Calais (France). Since 31 December 2020 Eurotunnel has been developing the smart border so that the Tunnel remains the fastest, most reliable, easiest and most environmentally friendly way to cross the Channel. Since its inauguration in 1994, more than 481 million people and 99 million vehicles have travelled through the Channel Tunnel. This unique land link, which sees 25% of trade between the Continent and the United Kingdom, has become a vital link reinforced by the ElecLink electrical interconnector installed in the Tunnel, which helps to balance energy needs between France and the United Kingdom. Getlink complements its sustainable mobility services with its rail freight subsidiary Europorte. Committed to "low-carbon" services that control their impact on its environment (through its activities the Group avoids the equivalent of 1.4 million tonnes of CO2 per year), Getlink has placed at the heart of its concerns the place given to people, nature and places.
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Freight
globenewswire | July 26, 2023
Freight Technologies, Inc, a technology company whose custom-developed Fr8App, an industry-leading freight-matching platform powered by AI and machine-learning that offers a real-time portal for B2B cross-border shipping and domestic shipping within the USMCA region, announces it is joining the Mexican Association of Cargo Agents (“AMACARGA”). This step is being taken to help further expand Fr8App’s capabilities to include maritime services in addition to its legacy freight offerings.
As part of its comprehensive freight-matching platform, Fr8App is expanding its capabilities to cater to the growing demands of its clients importing from Asia, particularly in the realm of Less-Than-Truckload (LTL) shipping. The company is adapting its innovative Fr8App platform to seamlessly integrate with marine shipping operations, providing a streamlined and efficient solution to meet the unique needs of LTL shipments.
AMACARGA, known for its authoritative voice among Mexican and international chambers, associations and authorities, holds the distinction of being the largest association of cargo agents in Mexico. It is the sole Mexican association affiliated with FIATA, ALACAT, and CEC of IATA. By joining AMACARGA, Freight Technologies expects to gain exceptional expertise and adherence to industry standards, further bolstering its reputation as a reliable and trustworthy freight solution provider.
"We are excited to join AMACARGA, a prestigious institution in the field of cargo agents," expressed Javier Selgas, CEO of Fr8Tech. "This membership will help us expand the footprint of offerings to our clients and validate our continuous efforts to revolutionize the logistics industry and underscore our unwavering commitment to delivering cutting-edge solutions to our clients. We remain dedicated to pushing the boundaries of innovation and providing exceptional service, consistently exceeding the expectations of our valued customers."
About Freight Technologies Inc(“Fr8Tech")
Freight Technologies(“Fr8Tech") is a technology company developing solutions to optimize and automate the supply chain process. Its wholly owned subsidiary, Freight App, Inc. (Fr8App), is a B2B cross-border shipping marketplace in the USMCA region powered by AI and machine learning. Focused on making shipping transparent and efficient, Fr8App provides carriers with increased growth opportunities and shippers with flexibility, visibility and simplicity for the once-complex process of international over-the-road (OTR) shipping. Fr8App uses its proprietary technology platform to connect carriers and shippers and significantly improve matching and operation efficiency via innovative technologies such as live pricing and real-time tracking, digital freight marketplace, broker, transportation management, fleet management, and committed capacity solutions. The company is headquartered in Houston, Texas.
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Supply Chain
businesswire | July 31, 2023
SoftBank Group Corp. a leader in A.I.-powered automation technology for the supply chain, today announced the establishment of GreenBox Systems LLC (“GreenBox”), a new joint venture to address the more than $5001 billion annual warehouse-as-a-service market opportunity. Concurrently, Symbotic also announced an approximately $7.5 billion new customer contract with GreenBox, who will be the exclusive provider of Symbotic systems in the warehouse-as-a-service market, and will make supply chain services available to customers.
GreenBox will automate supply chain networks globally by operating and making accessible Symbotic’s advanced A.I. and automation technology for the warehouse. Symbotic’s A.I.-powered robotics and software technology will be the cornerstone of GreenBox, installed in single and multi-tenant facilities. The efficiency, SKU agility, scalability, and density of the Symbotic system allows GreenBox to effectively manage single and multi-tenant facilities across the supply chain and thus fundamentally reshape the economics of automated supply chain services.
Enabled by these technologies, GreenBox customers will be able to reduce inventory and costs while boosting SKU count and agility, all without associated capital expenditures and operational complexity.
“We are pleased to partner with SoftBank in this venture that accelerates our shared vision to transform the supply chain,” said Rick Cohen, Symbotic’s Chairman and CEO. “GreenBox enables Symbotic to bring the benefits of our technology to a broader customer universe, expanding our market opportunity.”
“GreenBox taps into the powerful potential of A.I. and other enabling technologies in supply chains, while also making the benefits of automation accessible to more businesses through an ‘as-a-service’ offering. In partnership with Symbotic, GreenBox will equip customers with more intelligent, streamlined, and scalable warehousing solutions while eliminating the burden of major capital expenditures,” said Vikas J. Parekh, Managing Partner at SoftBank Investment Advisers.
GreenBox will order Symbotic’s systems over a six-year period commencing in fiscal year 2024, to be implemented across its warehouse network in larger-scale deployments than Symbotic’s current installed base systems. Symbotic expects in excess of $500 million in annual recurring software, parts and services revenue from GreenBox once all systems are operational. Symbotic systems typically become fully operational within 24 months of project design approval.
GreenBox’s board of managers will comprise three managers, one nominee from each of Symbotic and SoftBank, and one independent manager. GreenBox’s management team will be independent from Symbotic and SoftBank.
Transaction and Implementation Details
SoftBank and Symbotic own 65% and 35% of GreenBox, respectively, with the joint venture established today. GreenBox will initially be funded with $100 million of capital contributed pro rata by Symbotic and SoftBank to fund operating expenses and initial system purchases. After Symbotic’s initial $35 million pro rata capital contribution, the contract is expected to be accretive to Symbotic's annual free cash flow (net of capital contributions).
Symbotic has issued warrants to SoftBank representing up to 2.0% of Symbotic’s fully diluted shares outstanding, which will vest in 0.25% increments upon payment of each $937.5 million to Symbotic for installation of Symbotic systems under the GreenBox contract. The warrants have a 6-year term and strike price representing Symbotic’s 45 trading day volume weighted average price (VWAP) as of July 21, 2023, of $41.9719 per share.
Separately, SoftBank has purchased approximately 17.8 million shares from Symbotic Chairman and CEO, Rick Cohen, at Symbotic’s 45 calendar day VWAP as of May 26, 2023, of $28.05 per share. This sale is 100% secondary shares and will not result in any dilution to Symbotic shareholders.
Goldman Sachs & Co. LLC served as exclusive financial advisor and Sullivan & Cromwell LLP as legal advisor to Symbotic.
Investor Call Details
Symbotic plans to hold an investor call on Monday, July 24, 2023, at 8:00 a.m. ET to discuss this announcement. The call will be hosted by Rick Cohen, Chairman and CEO, Bill Boyd, Chief Strategy Officer, and Tom Ernst, Chief Financial Officer.
Symbotic Technology
Symbotic’s end-to-end automation consists of a fleet of fully autonomous robots with advanced vision and sensing capabilities. These robots induct, store, retrieve and palletize products in their native packaging at industry-leading throughput rates and with 99.9999% accuracy. Symbotic’s A.I.-powered software orchestrates the work of hundreds of mobile robots to fulfill customer orders from within the high-density buffering and storage structure that flexibly handles virtually unlimited SKUs. The A.I.-enabled system builds mixed-SKU pallets with unmatched speed and efficiency, ultimately changing the way consumer goods are moved through the supply chain. The disruptive technology enhances warehouse density and capacity; increases inventory turns, reduces errors and waste; and enables faster fulfillment of customer orders. Currently, Symbotic systems service more than 2,600 stores for some of the world’s largest retailers, grocers and wholesalers, including Walmart, Albertsons and C&S Wholesale Grocers.
About Symbotic
Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today's complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers.
About SoftBank Group
The SoftBank Group invests in breakthrough technology to improve the quality of life for people around the world. The SoftBank Group is comprised of SoftBank Group Corp. (TOKYO: 9984), an investment holding company that includes stakes in AI, smart robotics, IoT, telecommunications, internet services, and clean energy technology providers; the SoftBank Vision Funds and SoftBank Latin America Funds, which are investing more than US$160 billion to help extraordinary entrepreneurs transform industries and shape new ones.
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