Agility, a leading global logistics provider, announced that it has invested $35 million in Queen’s Gambit Growth Capital, a blank-check company that will target businesses offering sustainable solutions in clean energy, healthcare, financial technology, industrials, mobility and emerging technology.
Queen’s Gambit’s all-female management team is led by CEO Victoria Grace, a New York-based venture capitalist and Founding Partner of Colle Capital. The special purpose acquisition company is supported by an all-female Board with diverse industry experience.
Queen’s Gambit’s female-led management team “has the potential to tap into a differentiated network,” Tarek Sultan, Vice-Chairman of Agility said. “This is a chance to take a more inclusive view of opportunities in the market, and drive value in the process.”
Agility has a long-standing partnership with Colle Capital, having invested in multiple companies together. “Agility brings unique capabilities to the table, including our emerging market leadership, roster of 60,000 business customers, strategic partnerships, and experience of our Ventures team,” Sultan said.
Agility’s investment in Queen’s Gambit reflects the company’s commitment to sustainability and belief that innovative technology can yield both social and economic returns. “This is not a new position for us. We’ve been practicing stakeholder capitalism for more than a decade,” Sultan said. “Sustainable technology is one of our core investment pillars.”
Agility has been intensifying its long-standing commitment to the environment, sustainability and improved governance. It was recently added to the FTSE4Good Index Series, a resource used by investors to identify companies around the world with strong environmental, social and governance (ESG) practices.
Hyliion Inc., a leader in electrified powertrain solutions for Class 8 commercial vehicles, announced today the launch of its Hypertruck Electric Range Extender (ERX), a long-haul, fully electric powertrain delivering superior performance, emissions reductions and cost-savings to the global trucking industry.
Hypertruck ERX
The launch of the Hypertruck ERX is anchored by Agility, one of the world’s leading logistics companies with $5.2 billion in revenue and offices in 100 countries. Agility has confirmed a pre-order of up to 1,000 trucks and has agreed to invest in a private offering of securities to be issued by Tortoise Acquisition Corp. (NYSE: SHLL) in connection with Hyliion’s recently announced business combination.
“Hyliion is leading the way in electrified trucking. Our practical solution addresses the most important needs of today’s fleets: cost savings, lower emissions and a fueling infrastructure that can support long-haul transportation,” said Hyliion’s CEO and founder, Thomas Healy. “We’re already seeing robust interest in the Hypertruck ERX from fleets like Agility who are looking for electric solutions that can be seamlessly integrated.”
Combined with a fully electric drivetrain and a natural gas-powered onboard generator to recharge the battery, the Hypertruck ERX will provide more than 1,000 miles of range. The powertrain also produces electricity locally at roughly 30 percent less than the average grid cost, which yields a seven-year cost-of-ownership unmatched by any diesel, battery-electric (BEV) or hydrogen fuel-cell (FCEV) Class 8 truck under development.
“The Hyliion technology is so game-changing that all companies, especially those with consumer-facing brands, will be forced to adapt,” said Tarek Sultan, vice chairman and CEO of Agility. “It’s a triple win: Protect the environment, keep customers happy and benefit shareholders by improving the bottom line. We look forward to bringing significant cost savings and greater efficiency to our customers.”
Read more about how Agility works to green its operations
With more than 700 public stations across the U.S., the Hypertruck ERX leverages a robust natural gas refuelling infrastructure. The truck is the only electric Class 8 vehicle that can achieve a net-negative greenhouse gas emissions footprint using renewable natural gas (RNG). It will achieve 25 miles of pure electric vehicle range in compliance with cities adopting “Zero Emission Zones.” The vehicle’s low carbon footprint is further enhanced by the system’s machine learning algorithm, which optimizes energy efficiency, emissions, performance and predictive maintenance schedules.
Continuing Hyliion’s long-standing partner relationship with Dana Incorporated (NYSE: DAN), the Hypertruck ERX will feature Dana’s electric motor, inverter and axle technologies, and Dana plans to provide its state-of-the-art manufacturing capabilities to support Hyliion in achieving full volume production of its powertrain systems. Initial Hypertruck ERX fleet demonstration vehicles have already been allocated to customers for delivery in 2021, with volume shipments scheduled in 2022. For more information on the Hypertruck ERX, click here.
Agility, a leading global logistics provider, is the first logistics company in Abu Dhabi to operate double-trailer trucks, which will improve operational efficiencies for its customers and reduce emissions by cutting the number of trips made.
Agility operates an extensive fleet of trailers in Abu Dhabi. About 50 of those are now double-trailer trucks. Double trailers significantly reduce the number of trips required to haul cargo, decreasing overall wear and tear on tires and vehicles. In the first six months of operation, Agility’s fleet management data demonstrates that double trailers reduce fuel use by 26% per container, eliminating about 2,500 metric tons of CO2 emissions per year.
Houssam Mahmoud, Chief Executive Officer for Agility Abu Dhabi, said: “In addition to being environmentally friendly, the double trailers will positively impact productivity – and that’s good for both Agility and our customers. We are able to pass a lot of this benefits to our customer by providing greater flexibility and a significant reduction in the number of required trips.”
Acquiring the permit to operate double-trailer trucks took six months of proposals, trials, accident simulations, and safety demonstrations. Agility worked together with a local automotive distributor to develop the safest possible solution for the market, including Active Brake Assist 4, proximity control, and lane assist. Agility conducted a transport route survey to identify any routes that might be risky or challenging for drivers. Agility insisted on lane assist capability for the vehicles, and proposed it to the supplier after determining that drivers would need help to navigate sharp round-a-bouts.
In the United Arab Emirates, Agility has an industry-leading safety record, linking driver incentive pay to safety, rather than speed of operations, and has voluntarily provided extensive third-party training on double trailers to ensure it maintains its excellent record.