Followups - May 2019
- April 29, 2019
German truck manufacturer buys stake in Torc Robotics
Daimler Trucks and Buses Holding Inc., one of the world’s largest truck manufacturers, has signed an agreement to acquire a majority stake in Blacksburg-based Torc Robotics for an undisclosed sum. Completion of the deal is subject to approval from the U.S. government.
The truck company is a subsidiary of the Germany-based Daimler Group.
Formed in 2005, Torc specializes in developing self-driving software. Earlier this year, Torc partnered with Transdev, a public transportation firm, to develop fully autonomous electric shuttles. The company also has developed technology for self-driving cars.
Under its agreement with Daimler, Torc, which has more than 100 employees, will keep its brand and remain a separate entity in Blacksburg.
Torc CEO Michael Fleming says it has been exploring opportunities to commercialize self-driving technology for trucks. Torc started working with Daimler last year.
Virginia Business looked at Torc’s involvement in the development of self-driving vehicles in last year’s April cover story.
Cancer center to open
Inova Health System plans to open its Inova Schar Cancer Institute in Fairfax on May 13.
The new facility will be a hub for Inova’s clinical, research and technological expertise and also will serve the health system’s existing locations for cancer treatment across Northern Virginia.
The new building will include more than 438,000 square feet on the Inova Center for Personalized Health campus.
The facility was made possible by a $50 million donation from developer Dwight Schar and his wife, Martha.
Virginia Business discussed the Schars’ gift and plans for the cancer center in the June 2016 philanthropy issue.