Plus (formerly Plus.ai), a global provider of self-driving truck
technology that recently disclosed its proposed business
combination with Hennessy Capital Investment Corp. V (NASDAQ:
HCIC), announced today that it will collaborate with Teledyne FLIR,
LLC on a development project to explore the addition of thermal
cameras to the sensor stack used with Plus’s Level 4 autonomous
driving technology.
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Plus takes a multi-modal sensor approach and currently uses
lidar, cameras, and radar to provide trucks powered by its
autonomous driving technology with a 360-degree view around the
vehicle. While the current system offers improved safety compared
to a traditional truck, thermal cameras add another layer of
perception that is particularly useful for heavy trucks that
traverse the country in low-visibility and high-contrast
conditions. These can include: nighttime, shadows, dusk, or
sunrise; direct sun or headlight glare; and challenging scenarios
when fog or smoke is present due to environmental conditions.
Depending on configuration, thermal cameras can detect and classify
pedestrians at distances of up to 250 meters (>820 feet), which
is much farther than the reach of typical headlights. They can also
provide another layer of perception around the vehicle,
particularly helpful when the vehicle is backing up or when being
overtaken by an ensuing vehicle.
“You can never be too safe when it comes to equipment you put on
a heavy truck. Combining thermal cameras with our other sensors
would bring an additional margin of safety to our system. Our
research pilot will not only assess the technical performance but
also consider cost and scale requirements in order to potentially
add this to our product roadmap,” said Tim Daly, Chief Architect of
Plus.
“We are excited to be working with the team at Plus as they
explore the integration of thermal cameras into their current
sensor suite, creating even safer autonomous commercial vehicles,”
said Paul Clayton, General Manager of Components, Industrial
Technologies Segment at Teledyne FLIR. “By combining thermal
imaging with visible light cameras, lidar, and radar, Plus can
create more comprehensive and redundant systems, allowing these
vehicles to more readily detect and classify objects and humans on
the road to help save lives.”
About Plus
Plus is a global leader in autonomous driving technology for
long-haul trucking, headquartered in Silicon Valley and founded in
2016 by serial entrepreneurs and industry veterans who have
extensive experience in high tech and artificial intelligence. Plus
is developing low-cost, high-performance full-stack Level 4
autonomous driving technology to make long-haul trucking safer,
more efficient, and more sustainable. Plus is also collaborating
with leading truck manufacturers, fleets, and ecosystem partners to
drive the development of decarbonization transportation solutions
including autonomous trucks powered by natural gas. For more
information, please visit www.plus.ai or follow us on LinkedIn or
YouTube.
On May 7, 2021, PlusAI Corp., Plus Inc. (“New Plus”) and
Hennessy Capital Investment Corp. V (NASDAQ: HCIC) (“Hennessy
Capital”) entered into a definitive business combination agreement.
Upon the closing of the proposed business combination, Plus will be
a publicly traded company, and its common stock is expected to
trade on the NYSE under the ticker symbol “PLAV”. The proposed
business combination has been unanimously approved by the Boards of
Directors of both Plus and Hennessy Capital. The closing of the
proposed business combination is subject to approval by the
stockholders of both Plus and Hennessy Capital and the satisfaction
of the necessary regulatory approvals and customary closing
conditions.
About Teledyne FLIR
Teledyne FLIR, a Teledyne Technologies company, is a world
leader in intelligent sensing solutions for defense and industrial
applications with approximately 4,000 employees worldwide. Founded
in 1978, the company creates advanced technologies to help
professionals make better, faster decisions that save lives and
livelihoods. For more information, please visit
www.teledyneflir.com or follow @flir.
About Teledyne Technologies
Teledyne Technologies is a leading provider of sophisticated
digital imaging products and software, instrumentation, aerospace
and defense electronics, and engineered systems. Teledyne’s
operations are primarily located in the United States, the United
Kingdom, Canada, and Western and Northern Europe. For more
information, visit Teledyne's website at www.teledyne.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally relate to future events
or Plus’s future plans, strategy and performance. Such statements
include, but are not limited to, the potential benefits of the
collaboration between Teledyne FLIR and Plus, the capabilities,
specifications, reliability, cost and safety of thermal cameras,
Teledyne’s technology, Plus’s technology, the general and specific
types of sensors and other technology that Plus does and will use
in its current and/or future products, conditions in which certain
technology can operate and can provide improved performance, Plus’s
ability to integrate new technology into its current and future
products, the timing for the rollout of Plus’s technology including
an at-scale rollout of Plus’s technology, Plus’s progress towards
an at-scale rollout of Plus’s technology, Plus’s plans for testing
its technology, Plus’s ability to compete with its competitors, and
statements relating to the proposed business combination between
Plus and Hennessy Capital. Such statements are subject to numerous
important factors, risks and uncertainties that may cause actual
events or results to differ materially, including the relationship
between Teledyne FLIR and Plus, the ability of Plus to
commercialize its autonomous driving system, delays in the design,
production and launch of new products, risks related to the
proposed business combination between Plus and Hennessy Capital and
those more fully described under the section entitled “Risk
Factors” in Form F-4 that New Plus will file with the Securities
and Exchange Commission. These forward-looking statements are made
as of the date of this press release, and Plus and Hennessy Capital
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements, except as required by
law.
Important Information for Investors and Shareholders
As permitted by the Jumpstart our Business Startups Act of 2012
(the “JOBS Act”), and in connection with the proposed business
combination, New Plus has confidentially submitted a draft
registration statement on Form F-4 (the “Registration Statement”)
with the U.S. Securities and Exchange Commission (the “SEC”), which
includes a prospectus with respect to New Plus’s securities to be
issued in connection with the business combination and a proxy
statement to be distributed to holders of Hennessy Capital’s common
stock in connection with Hennessy Capital’s solicitation of proxies
for the vote by Hennessy Capital’s stockholders with respect to the
business combination and other matters to be described in the
Registration Statement (the “Proxy Statement”). After the
Registration Statement has been declared effective by the SEC,
Hennessy Capital will file the definitive Proxy Statement with the
SEC and will mail copies to stockholders of Hennessy Capital as of
a record date to be established for voting on the proposed business
combination. Additionally, New Plus and Hennessy Capital will file
other relevant materials with the SEC in connection with the
business combination. Security holders of Plus, New Plus, and
Hennessy Capital are urged to read the Registration Statement and
Proxy Statement and the other relevant materials when they become
available before making any voting decision with respect to the
proposed business combination because they will contain important
information about the proposed business combination and the parties
thereto. Investors and security holders of Plus, New Plus, and
Hennessy Capital may also obtain a copy of the Registration
Statement and Proxy Statement, when available, as well as other
documents filed with the SEC regarding the proposed business
combination by New Plus and Hennessy Capital, without charge, at
the SEC’s website located at www.sec.gov. Copies of these filings
may be obtained free of charge on Plus’s website at
http://www.plus.ai or by directing a request to Lynn Miller,
General Counsel, 20401 Stevens Creek Boulevard, Cupertino,
California 95014 or by telephone at (408) 508-4758, and/or on
Hennessy Capital’s website at http://www.hennessycapllc.com/ or by
directing a request to Nicholas A. Petruska, Executive Vice
President, Chief Financial Officer, 3415 N. Pines Way, Suite 204,
Wilson, Wyoming 83014 or by telephone at (307) 201-1903. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
Plus, Hennessy Capital and New Plus and their respective
directors and officers may be deemed participants in the
solicitation of proxies of Hennessy Capital’s stockholders in
connection with the proposed business combination. Security holders
may obtain more detailed information regarding the names,
affiliations and interests of certain of Hennessy Capital’s
executive officers and directors in the solicitation by reading
Hennessy Capital’s Registration Statement on Form S-1, declared
effective by the SEC on January 14, 2021, and the Registration
Statement, Proxy Statement and other relevant materials filed with
the SEC in connection with the proposed business combination when
they become available. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
proxies to Hennessy Capital’s stockholders in connection with the
proposed business combination, including a description of their
direct and indirect interests, which may, in some cases, be
different than those of their stockholders generally, will be set
forth in the Proxy Statement when it becomes available.
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version on businesswire.com: https://www.businesswire.com/news/home/20210908005297/en/
Lauren Kwan
pr@plus.ai
Kyle Torrens pr@teledyneflir.com
Hennessy Capital Investm... (NASDAQ:HCIC)
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