Agility Robotics goes public with Churchill Capital SPAC merger

Agility Robotics announced a merger statement with Churchill Capital Corp XI connected Wednesday that values the humanoid robotics institution astatine $2.5 cardinal and is expected to instrumentality it nationalist connected a large North American speech nether the ticker awesome AGLT.

The woody is structured arsenic a SPAC merger with Churchill Capital Corp XI, whose sponsor Michael Klein built a estimation arsenic 1 of the astir progressive blank-check dealmakers by bringing companies including nuclear-power startup Oklo and electrical conveyance shaper Lucid to marketplace done the aforesaid vehicle, according to the Wall Street Journal. Foxconn, the Taiwan-based electronics declaration shaper that already holds a involvement successful Agility, is starring a PIPE that unneurotic with the $420 cardinal sitting successful Churchill XI's spot relationship — assuming nary redemptions — is expected to bring full gross proceeds to much than $620 million.

All existing Agility shareholders volition rotation their equity into the combined institution and volition beryllium taxable to a 180-day lockup astatine close, the institution said. The transaction is expected to adjacent successful 2026, taxable to shareholder approval, SEC review, and different customary conditions.

Agility's flagship product, Digit, is simply a general-purpose humanoid robot that operates successful manufacturing, distribution, and logistics environments. The institution said it has accumulated much than 65,000 hours of cognition crossed 9 lawsuit facilities, with progressive deployments astatine Schaeffler, GXO, Toyota Motor Manufacturing Canada, and Mercado Libre. Backers see Amazon, Nvidia, SoftBank Vision Fund 2, Foxconn, and DCVC.

The institution said it has secured much than $300 cardinal successful multi-year orders for Digit v5, a next-generation exemplary designed to enactment alongside radical successful shared environments alternatively than successful segregated spaces. Agility said it plans to usage transaction proceeds to fulfill existing orders, grow deployments, and standard accumulation astatine its Salem, Oregon manufacturing facility, which is designed to nutrient up to 10,000 units annually.

Nvidia announced a information strategy for robots called Halos for Robotics earlier this week, selecting Agility arsenic the archetypal institution to incorporated elements of the strategy into Digit.

CEO Peggy Johnson — a erstwhile Microsoft enforcement — argued that reaching nationalist markets up of rival standalone humanoid robotics firms positions Agility to seizure request from retail investors who person been anxious for a mode to put straight successful the sector. Agility was founded successful 2015 by Dr. Jonathan Hurst, Dr. Damion Shelton, and Mikhail Jones retired of Oregon State University's Dynamic Robotics Laboratory, the institution said.