Einride | May 21, 2022
Swedish freight technology company Einride announced at Einride Mesh the unveiling of new product offerings to its hardware and software lineups including designs for an Einride Trailer and new features and functionality on the Einride Saga platform. These build outs of the Saga UI experience via new apps and a new API (application programming interface) developer platform, in addition to presenting what is possible for the future of Einride’s hardware, further underline the company’s deepening offering of freight mobility solutions for customers.
“By offering these latest product offerings with Saga and showcasing our latest designs for future electric freight hardware, we are able to tap into an even larger potential to help shippers transition towards electric and being able to cost competitively reach their sustainability goals, We’re looking at almost an entire sector that is still non-electric, and we want to speed up this transition by proactively seeking out what the future needs of the growing electric, autonomous shipping industry will be and creating the necessary solutions.”
-Robert Falck, Founder and CEO of Einride.
First of its kind electric semi-trailer: the Einride Trailer
Hardware designs for an all-new Einride Trailer, an electric road semi-trailer powered by Saga were unveiled as a solution to optimize fleet utilization and the total cost of operations. Designed for seamless integration with Einride electric and autonomous vehicles for optimal performance, the trailer will also be compatible with conventional electric semi-trucks. Enabled by Saga, the Einride Trailer will provide AI based insights into the cargo being transported by providing real-time data across key touch points including loading route planning, fill rates, cargo monitoring and preventative maintenance. An extended range of up to 650 km on a single charge will be possible with all-new Einride 320 kwh batteries that will be incorporated with the Einride Trailer production. The designs will continue further iterations, with plans to have production for initial piloting complete in 2023.
Einride Saga’s powering of electric fleets continues to expand
Saga’s all-encompassing digital platform features a suite of powerful apps for end-to-end electric and autonomous freight and was originally launched in 2021 in conjunction with the official Einride U.S. expansion. Today marked the first time an expanded and revised UI of the first original apps, Evolve, Explore, Book and Orchestrate, were showcased. Existing and new customers will have access to these latest features starting in October of this year.
Evolve: generates plans to electrification and automation by identifying electrification sweet spots and defining potential environmental impact
Explore: visualizes data across cost insights, fill rates, CO2 emissions, and more
Book: tracks shipments from creation to final delivery and can be integrated with shippers current order management system
Orchestrate: bridges communications between automated transport planning and human interaction to ensure the entire network of electric trucks and chargers are displayed in real time.
An API developer platform, Einride Extend, allowing access and scalable adoption of Einride’s software to a larger ecosystem of shippers was also unveiled, in addition to sneak peeks of three additional apps – Deliver, Dock, Own.
Einride Extend: the API developer platform will make use of Saga's models, data and intelligence available across open-source software. An alpha version of the Book API will be the first available offering on the platform, opening up a scalable way to order transport via Einride Saga. The platform will be available at the end of 2022 to existing customers.
Deliver, Dock and Own: further app features across driver instructions, connections between shipping terminals and profitability monitoring will be introduced in future platform updates. Apps will be officially released in 2023.
Inaugural Einride Mesh celebrates collaboration across tech, sustainability and culture
Einride Mesh 2022, hosted in Gothenburg, Sweden and streamed globally, was the first of a new annual event hosted by Einride celebrating the movers and shakers across tech, sustainability and culture. The day featured programming to encourage learning, networking and discussions, featuring keynotes from renowned entrepreneurs and innovators such as Olympian Nils van der Poel and leaders from other sustainable brands, X Shore, Heart Aerospace, Mimbly and CAKE, along with others. Full demos of the latest Einride products were also showcased by Einride leadership team members across Product and Tech.
“Our goal with the inaugural Einride Mesh was simple: create a platform for thought leaders to come together and share how we can create a better future, regardless of what industry we sit in, To see leaders, students, investors and culture influencers gather together is a true testament to the impact that is possible for creating sustainable futures when wider audiences collaborate together.”
-Linnéa Kornehed, co-founder and CMO of Einride.
To learn more about Einride please visit https://www.einride.tech/. For shippers or developers working with road freight and interested in finding out more about Saga and applying for early access, visit www.einride.tech/saga.
Einride is a leading freight technology company providing digital, electric, and autonomous shipping. It was founded in 2016 and became the world’s first company to operate an autonomous, electric freight vehicle on a public road in 2019. Einride´s award-winning technology and products enable users to execute on electrification and automation, order and track shipments, oversee routes and assignments, visualize data and gain insights. For more information, please visit einride.tech.
SECURITY SCORECARD | March 11, 2022
SecurityScorecard, the global leader in cybersecurity ratings, announced a partnership with the Maritime Transportation System Information Sharing and Analysis Center (MTS-ISAC). This partnership will enable MTS-ISAC to increase security and resiliency through complimentary access to the SecurityScorecard platform. This will enable MTS-ISAC to monitor its own organizations, as well as the vendors and counterparties it leverages to run its respective businesses. This partnership will also serve to strengthen the collective supply chain formed by MTS-ISAC members, which addresses some of the challenges unearthed in a recently released report on the U.S shipping industry, "Proactive Security Measures for Global Maritime Shipping." The report, authored by SecurityScorecard researchers, concludes that cyber vulnerabilities are a significant risk to U.S. maritime security.
According to guidelines released by the International Association of Ports and Harbors in September 2021, the maritime industry in general suffered a fourfold increase in cyber attacks and those attacks against OT systems specifically increased by 900 percent over the last three years.
This partnership will enable MTS-ISAC to increase security and resiliency through the SecurityScorecard platform.
"The integration of technology into maritime operations enables greater efficiency, but also emphasizes the importance of preventing cybersecurity catastrophes. We know by the increase in malicious activity aimed at vessels, shoreside facilities, ports and other infrastructure that cyberthreats are not limited to land borders, We help the maritime industry to mitigate rising cyber threats by providing greater efficiency and utilizing trusted and transparent scoring models for maritime operators."
-Aleksandr Yampolskiy, co-founder and CEO of SecurityScorecard
SecurityScorecard's platform aligns with the mission of MTS-ISAC to promote and facilitate maritime cybersecurity information sharing, awareness, training and collaboration efforts between private and public sector stakeholders. This partnership furthers the mission to advance cyber risk management across the MTS community through effective information sharing for the improved identification, protection, detection, response and recovery efforts related to cyber risks.
"The different cybersecurity challenges posed by information technology (IT) and operational technology (OT) systems combined with the complexity of the maritime industry's supply chain create challenges for risk management, SecurityScorecard can help maritime industry stakeholders to understand the changing cyber risk landscape by allowing operators to see the same vulnerabilities and risks that malicious actors see."
-Scott Dickerson, executive director at MTS-ISAC
Our market leading cybersecurity ratings now reach 13 ISAC partners, and through the addition of the MTS-ISAC, SecurityScorecard can help the maritime industry manage its unique digital ecosystems that are a result of increased use of cloud-enabled IT/OT/IIoT systems," continued Yampolskiy. "We also support more than 400 member companies of various ISACs, and we look forward to continuing to expand this program in the coming year."
SecurityScorecard collects and analyzes global threat signals that give organizations instant visibility into the security posture of vendors and business partners as well as the capability to do a self-assessment of their own security posture. The technology continuously monitors 10 groups of risk factors to instantly deliver an easy-to-understand A-F rating.
To access the report on Proactive Security Measures for Global Maritime Shipping, visit https://securityscorecard.com/resources/maritime-shipping. To learn more about SecurityScorecard's partnership with MTS-ISAC, visit https://securityscorecard.com/mts-isac .
Funded by world-class investors including Evolution Equity Partners, Silver Lake Partners, Sequoia Capital, GV, Riverwood Capital, and others, SecurityScorecard is the global leader in cybersecurity ratings with more than 12 million companies continuously rated. Founded in 2013 by security and risk experts Dr. Aleksandr Yampolskiy and Sam Kassoumeh, SecurityScorecard's patented rating technology is used by over 30,000 organizations for enterprise risk management, third-party risk management, board reporting, due diligence, and cyber insurance underwriting. SecurityScorecard continues to make the world a safer place by transforming the way companies understand, improve and communicate cybersecurity risk to their boards, employees and vendors. Every organization has the universal right to their trusted and transparent Instant SecurityScorecard rating. For more information, visit securityscorecard.com or connect with us on LinkedIn.
ButcherJoseph & Co. | June 09, 2022
ButcherJoseph & Co. (“ButcherJoseph”) advised Smith Transport, Inc. (“Smith” or the “Company”), an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, on its sale to Heartland Express, Inc. (NASDAQ: HTLD) (“Heartland”). The transaction closed in June of 2022.
Heartland acquired 100% of the equity of Smith and related companies for a cash-free, debt-free enterprise value of approximately $170 million. Smith was an S corporation for tax purposes, and the transaction included an election under Section 338(h)(10) of the Internal Revenue Code, resulting in tax deduction benefits over periods of one to fifteen years. The purchase agreement contains customary terms and conditions. The Roaring Spring, Pennsylvania property was acquired from its owners in a separate transaction for $14 million in cash and includes both the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants.
Barry Smith, Smith’s Founder and Chairman Emeritus, added, Building Smith Transport has been my life’s work, and I could not have found a better home than Heartland for the Smith family. They offer us long-term stability and the opportunity to grow as part of an industry leader, while retaining our own culture and identity. I look forward to being part of the team to ensure a smooth transition.
“As an employee-owned company, our goal was to find the best value and the best home for our people for years to come. We had long thought Heartland was a great fit because of their regional presence, respect for professional drivers, and unsurpassed customer service that mirrors our own philosophies. With the ability to pay cash and invest in our headquarters, and the desire for Smith to remain an independent brand operated by the same people, the choice was clear. I’m excited to work with Mike Gerdin and the Heartland team to make this a success for everyone.”
-Todd Smith, Smith’s President
ButcherJoseph Managing Partner Joe Strycharz commented, “We’re delighted to have been able to advise Smith Transport in a transaction that met the Company’s strategic objective to remain an independent brand operated by the same people who helped build the company and its culture. The team conducted a thorough process to identify the right buyer and negotiate terms that met the needs of the employee stakeholders involved. Like Heartland, Smith is a dynamic company driven by a commitment to excellence. We couldn’t be happier with the outcome and look forward to the continued growth and future success of both Smith and Heartland.”
About Smith Transport
Founded in 1982, Smith Transport, Inc. is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminal locations in Pennsylvania, Georgia, and Indiana. Smith primarily provides dry van transportation and other specialized services in the eastern United States. Smith’s customer base includes many Fortune 500 companies including expedited transportation integrators, retailers, beverage manufacturers, and home supply companies, several of whom have been customers for over 20 years. Smith operates a fleet of approximately 850 company tractors, with an average age of less than three years, and approximately 2,000 dry van trailers. The modern fleet is not expected to require any out of cycle investment.
About Heartland Express
Heartland Express, Inc. is an irregular route truckload carrier based in North Liberty, Iowa, serving customers with shipping lanes throughout the United States. Heartland focuses on medium to short haul regional freight, offering shippers industry-leading on-time service so they can achieve their strategic goals for their customers. Since its initial public offering in 1986, Heartland has grown from approximately $20 million in revenue to one of North America’s largest, most profitable, and best capitalized truckload carriers. Heartland has been recognized 18 times by Forbes Magazine as one of the Top 200 Best Small Companies in America, 17 times as one of the Best Truckload Carriers in America by Logistics Management Magazine, and as one of America’s Most Trusted Companies by Newsweek Magazine in 2022.
About ButcherJoseph & Co.
ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private debt & capital sourcing and valuation advisory services for middle market companies. Its industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville.
Scudder Law Firm, P.C., L.L.O. served as merger and acquisition transaction and legal advisor to Heartland, while Utz & Lattan, LLC served as Heartland’s special ESOP counsel. Morgan, Lewis & Bockius LLP served as transaction counsel and McGuireWoods served as special counsel to Smith. Moore & Van Allen PLLC served as counsel to the ESOP trustee.
Oatly Group AB | June 10, 2022
Oatly Group AB (Nasdaq: “OTLY”) (“Oatly” or the “Company”), the world’s original and largest oat drink company, announced today the introduction of electric powered, heavy-duty trucks to the Company’s ground transportation in North America. Finding initial success with utilizing electric trucks as part of the Company’s transportation operations in Europe beginning in 2020, Oatly now expands the initiative to include an initial fleet of five electric trucks in the U.S. As part of its ambition to set an example as a future company, Oatly aims to shift to 100% sustainable ground transport for its products and materials by 2029. The introduction of electric trucks within U.S. operations helps build toward this ambition.
“Oatly is on a mission to transform the global food system into one that is healthier for people and the planet. A critical part of that system includes the transportation we and the broader food and beverage industry utilize across the supply chain,” said . Any improvements we can make across our business to have less of an impact on the environment, including within our transportation logistics, is a step in the right direction and something we constantly strive for at Oatly. We’re thrilled to get these electric trucks on the road in North America and continue our global transition to sustainable ground transportation.”
-Chi Mbachu, VP of Logistics at Oatly, North America
Einride, a leader in providing electric and autonomous shipping solutions and Oatly’s existing electric shipping partner in Europe, now serves as the Company’s freight mobility partner in North America. For Oatly, Einride provides electric freight solutions including connected electric trucks, charging infrastructure and connectivity services, all powered by Einride Saga, which manages a proprietary operating system that ensures optimized and efficient shipping.
Based on estimates from Einride, utilizing this fleet of five trucks in the U.S. will save Oatly an estimated 400,000 kg of CO2 over the next year, as compared to using diesel trucks on the same routes. That’s a carbon footprint reduction of 87% on selected routes, as compared to using diesel trucks. Oatly is utilizing its fleet of five electric trucks from its two currently operating factories in the U.S., located in Ogden, UT and Millville, NJ. Multi-purpose routes are scheduled routinely from Oatly plants to nearby recycling and packaging partners.
As one of the first companies in Europe to implement a fleet of heavy-duty electric trucks beginning in October 2020, Oatly operates four electric trucks across various routes in the region, specifically in Sweden, which operate 24/7 live transports between Oatly production facilities and warehouse partners. In Europe, Oatly sees an 87% reduction in CO2 utilizing the fleet of four electric trucks, compared to diesel equivalents on the same routes and expects to save 2,000 tons of CO2 in the European region by the fifth year of the initiative’s operations. Eighteen months since launch, this projection remains on track.
We are the world’s original and largest oat drink company. For over 25 years, we have exclusively focused on developing expertise around oats: a global power crop with inherent properties suited for sustainability and human health. Our commitment to oats has resulted in core technical advancements that enabled us to unlock the breadth of the dairy portfolio, including alternatives to milks, ice cream, yogurt, cooking creams, spreads and on-the-go drinks. Headquartered in Malmö, Sweden, the Oatly brand is available in more than 25 countries globally.