Autonomous technology developer Aurora says it now has enough money to commercially launch its holistic system of self-driving products next year, thanks to a fresh round of public and private funding totaling $820 million. Following the news, Aurora CEO Chris Urmson posted a blog detailing why Wall Street believes in the company and how it intends to use that cash to deliver.
Aurora is an autonomous vehicle and adjacent technology company we have watched evolve over the years with a lot of excitement. Several notable automakers have invested and collaborated with the company over that span, including the likes of Toyota, Peterbilt, and Uber Freight.
In 2019, Aurora acquired LiDAR company called Blackmore, enabling it to begin developing a sensing suite finally capable of safely operating large trucks autonomously at high speeds. Since 2020, Aurora has been deploying Class 8 trucks integrated with its Aurora Driver technology containing the proprietary LiDAR. This led to a reunion with former partner Volvo, who has integrated the Aurora driver into its own trucks.
Last we spoke of Aurora, it was demonstrating the capabilities of its Driver technology, including how safe and intuitive it is, even in inclement weather conditions.
As the company looks to launch self-driving trucks as a service called “Aurora Horizon” in 2024, it has now secured the massive funding needed to get it there… and beyond.
Aurora funded through 2025 to develop autonomous tech
After an upsized public offering of common stock earlier this week, Aurora Tweeted that its public and private equity funding round successfully garnered $820 million. The company shared a coinciding blog post written by CEO Chris Urmson, who was able to share more details regarding the capital raise. Per the post:
We are fortunate to have incredible partners in the capital markets. Throughout Aurora’s history and in this most recent fundraise, we have had incredibly strong support from top-tier institutional investors, both existing and new, as well as strategic partners. The backing of these investors is a testament to our progress and potential.
We’re all living through an uncertain time in the financial markets. Despite some thaw, investors continue to be very cautious with their clients’ money, wanting an extra degree of conviction to make a big bet. It’s part of why we’re proud to be able to raise the better part of a billion dollars to continue our mission. Investors see what we see – an incredible and unique opportunity to do something important and valuable in the world.
From where I sit, there are several things that make Aurora special and I suspect these are some of the things that have resonated with our investors.
Urmson cites a relentless focus on the company mission, depth and breadth of talent, and a series of strategic business decisions and investments as the reason for Aurora’s growth to date as well as potential evidence why investors may not be as weary to open their wallets in a nascent but indefinite segment in autonomous driving.
Last year, Aurora shared the roadmap seen above, detailing each milestone it’s planning to ensure it can deliver safe autonomous technology to market efficiently and has so far hit every target. Urmson relayed that the fresh funding gives the company plenty of runway to reach its planned commercial launch of Aurora Driver next year and well into 2025. Per the CEO:
We hit our most significant benchmark – Feature Complete– at the end of Q1 2023 and are now charging toward our Aurora Driver Readymilestone at the end of this year. When we achieve Aurora Driver Ready, we’ll have confidence that the Aurora Driver could safely haul freight between Dallas and Houston without a human behind the wheel, setting us up for our commercial launch next year.
Sharing a transparent, concrete timeline and executing against it, builds our confidence internally, and with our investors and other stakeholders.
This is definitely a company to watch, so trust that we will keep you in the loop as it continues to check off milestones on its (driverless) roadmap.
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After years of waiting and many falsestarts, Formula E is finally going to debut its mid-race charging system, which will give cars a quick boost of energy charging at a rate much faster than current road cars can.
For years now, we’ve been hearing about FIA plans to introduce charging stops to electric racing.
In gas car racing, some series allow mid-race fueling and some don’t. The World Endurance Championship, which runs the 24 Hours of Le Mans, obviously needs to fill up several times during the race. But Formula 1, which hosts shorter races, eliminated mid-race fueling in 2010.
But the FIA already had one electric racing series, Formula E, which had debuted in 2014. At the time, each driver had two cars, and would swap mid-race to a fresh car with new batteries.
Battery-swapping had been considered, but it would be too complicated to set up at temporary race facilities in city downtown areas, as many Formula E tracks are.
Then, in 2018, Formula E debuted a new “Gen 2” car which had a big enough battery not to need a charge mid-race, and later a “Gen 3” car in 2022, which had much stronger regenerative braking, capable of 600kW of braking power. Gen 3 also has an “Attack Mode” feature that lets cars unlock additional power for a short period each race, adding to strategy and mixing up the race order.
The issues involved building the charging system in temporary facilities and ensuring safety of the system (and of pit stops in general, which is always a concern when cars are driving rapidly near people). But after winter testing prior to this season, Formula E now says the system is ready to go.
So, once again, Formula E is ready to announce that mid-race charging is definitely, totally, positively, 100% certain at the upcoming Jeddah E-Prix, on February 14-15 in Jeddah, Saudi Arabia.
Formula E thinks that proving this high-power charging technology could help road cars to charge more quickly, which could have myriad benefits for electric cars in general.
The series is calling the system “Pit Boost,” and it will consist of a 34-second pit stop that provides around 10% additional charge to the cars (about 4kWh). While 10% isn’t a lot, 34 seconds is also not a lot of time. For comparison, one of the fastest-charging cars out there, the Ioniq 5, can charge from 10-80% in 18 minutes, which means 10% charge takes 2.5 minutes – five times as long as Formula E cars will manage the feat.
The stop will be mandatory for all drivers to take at some point in the race, and will mean new strategy options for drivers. Taking the stop means getting more energy, which means that your car won’t have to do as much energy saving to get to the end of the race – but it also means giving up your position on track, which can be hard to get back if you do it late in the race.
However, we’ve never seen it happen before, so it will be interesting to see what kind of strategic options develop.
If you’re interested in seeing how it turns out, tune in to the Jeddah E-Prix on February 14-15 to see what happens. It’s a doubleheader race weekend, with night races both on Saturday and Sunday, February 14-15, at 5pm UTC, 9am PST, 12pm EST, and 8pm local time. You can check out how to watch the race in your area by going to Formula E’s “Ways to Watch” section. In the US, Roku should be the most reliable way to watch.
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JackRabbit, the maker of pint-sized electric microbikes, is back with a new product designed to quickly recharge their batteries from pure, uncut photons mainlined into an e-bike directly from the sun. In true independent charging form, the Solar Charging Kit from JackRabbit keeps riders rolling even when there’s not a convenient AC outlet in sight.
Unveiled this week, the Solar Charging Kit consists of a single folding solar panel and a tiny voltage converter that is configured to output 42.0V, which is the exact voltage required by JackRabbit’s little e-bike batteries. There’s also an added USB-A and a USB-C charging port for powering other devices in addition to charging JackRabbit batteries.
“This Solar Charging Kit plugs directly into your bike,” explained the company, “letting you recharge without needing an outlet, but with a speed comparable to the charger that comes with the OG/OG2 (42V, 2A).”
That would mean the panel outputs around 80W of solar power, which the company says can recharge its batteries in just three hours. That fairly quick recharging speed is helped by the fact that JackRabbit’s batteries are a mere 151 Wh, or around a third of the size of most e-bike batteries.
If that sounds small, then you’re right – it is. But JackRabbit is all about going micro, offering barely 25 lb rideables that are easy to store and bring on adventures, even when they aren’t actually being ridden.
With small batteries that fit under the 160Wh limit for many airlines in the US, the batteries can be quickly charged and taken to the widest number of locations. And for riders that want to go further than a single 10-mile (16-km) battery will allow, extra batteries are small enough to fit a pants pocket. The company also offers much larger Rangebuster batteries, though they won’t pass by TSA and make it onto an airplane in your personal item.
It sounds like the Solar Chargking Kit should be able to charge up JackRabbit’s large RangeBuster batteries, though likely in more than three hours.
The $349 Solar Charging Kit is a bit pricier than building something similar yourself, but it’s also safer and more convenient than hacking together your own battery charger since it’s designed to work with JackRabbit’s batteries right out of the box.
Technically it’s only inteded for JackRabbit’s micro e-bikes (themselves technically seated scooters, even if they look and feel more like a typical bike), but it’d probably work for just about any 36V e-bike that requires 42.0V to charge.
This isn’t the first time we’ve seen solar charging kits for electric bikes, and it’s a trend that is certainly appreciated by outdoors and camping enthusiasts, festival goers, or anyone who finds themself and their bike spending extended periods in the great, sunny outdoors.
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On today’s episode of Quick Charge, Polestar hopes to steal customers from Tesla now that Elon is involved in politics, CATL revenue dips for the first time ever, and a whole new way to feed the orcas drops down under.
As above, Polestar is hoping Elon’s descent into politics spells opportunity for the struggling Swedish/Chinese performance brand, CATL has big news in Europe, and Scooter Doll shows off a new electric submarine that’s so expensive, they won’t even tell us the price.
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