Silicon Valley-Based Lidar Developer Quanergy to Launch IPO in Merger with Blank Check Company CITIC Capital Acquisition Corp –

author: FutureCar Staff

Last year has turned out to be a hot year for companies that launched their IPOs by merging with Special Purpose Acquisition Companies (SPACs), but the trend continues into 2021.

Silicon Valley-based lidar company Quanergy, developer of next-generation solid-state LiDAR sensors, announced plans to go public this year as part of a merger with blank check company CITIC Capital Acquisition Corp . (NYSE: CCAC).

Upon closing of the transaction, the combined company will be named Quanergy Systems, Inc. and is expected to be listed on the New York Stock Exchange (NYSE) under the symbol “QNGY”.

Planned pro forma net cash of approximately $ 278 million will be used to fully fund and accelerate Quanergy’s growth strategy, based on approximately $ 276 million of cash currently held in trust, as well as proceeds from Quanergy. a fully committed private placement of $ 40 million of shares in Quanergie.

The transaction is expected to further strengthen Quanergy’s position as a leading LiDAR supplier, fully funding and accelerating the company’s growth strategy.

Quanergy is a developer of next-generation Optical Semiconductor Array (“OPA”) lidar technology focused on the automotive and Internet of Things (IoT) markets.

“Since its inception in 2012, Quanergy has developed revolutionary LiDAR technology and perception software that we believe are positioned for significant growth,” said Fanglu Wang, CEO of CCAC. “We are delighted to collaborate with Quanergy as the company has revolutionary technology for the automotive industry and is the only major LiDAR supplier to harness the potential of OPA technology. “

In 2014, Quanergy reached a valuation of $ 1.5 billion after announcing a partnership with German automaker Mercedes-Benz to use its lidar sensors to test autonomous driving technology. The agreement established a lidar partnership with one of the world’s most respected automotive nameplates.

In January 2015, the two companies presented a Mercedes Benz E350 sedan equipped with Quanergy lidar at the annual Consumer Electronics Show (CES) in Las Vegas.

Quanergy combines its lidar sensors with very precise 3D perception software to offer the best performance in its category. Quanergy’s solid-state lidar is designed to deliver performance, reliability and cost to the automotive market.

The resolution can be increased or decreased using software. Quanergy’s OPA-based solid-state sensor can automatically zoom in and zoom out to focus on obstacles and better meet the specific needs of each application. Lidar also supports active scanning, such as electronic beam steering for horizontal and vertical scanning.

The company claims to have more than 350 customers and 40 lidar partnerships around the world.

“To democratize the LiDAR industry, vendors need both semiconductor ladder and software intelligence,” said Dr. Kevin J. Kennedy, President and CEO of Quanergy.

Lidar sensors work by emitting pulses of invisible laser light that are reflected from objects, such as buildings, cars, and pedestrians. The reflected light is used to create a 3D image of the environment around a vehicle.

Lidar is emerging as an essential sensor for autonomous driving and advanced driver assistance systems (ADAS), including automated highway driving capabilities. The technology is an essential sensor for most autonomous vehicle developers, acting as an extra pair of eyes on the road. Using multiple lidar sensors provides full 360 degree perception coverage for safe navigation.

The automotive LiDAR market is expected to exceed $ 10 billion by 2030, as more vehicles with autonomous driving capabilities are introduced. Automakers are partnering with lidar developers, including Quanergy’s competitors, Velodyne Lidar Inc and Luminar, to supply the sensors at scale.

Luminar, for example, recently partnered with Volvo Cars to provide lidar for future models. Luminar also launched its IPO last year as part of a similar SPAC deal following Velodyne’s IPO in September 2020.

“The data-rich 3D perception market enabled by LiDAR has reached an inflection point of growth and scale. Over the past 12 months, a vibrant LiDAR public sector has been established. With this proposed transaction, Quanergy will benefit from growing investor interest in the LiDAR sector, while also providing additional growth capital to further expand our R&D investments to serve several new markets with better performing and more profitable products ” said Dr Kennedy.

Quanergy’s solid-state lidar has no moving parts and is therefore more reliable for use in the automotive industry. It is designed to operate for over 100,000 hours on average. All of the OPA elements are integrated into a single silicon module using low-cost CMOS process technology, the company said. Lidar sensors can be produced at low cost for mass market deployment in the automotive industry and for IoT deployments.

To accelerate market traction in the IoT segment, Quanergy launched 10 new products in 2020 covering the security, smart spaces and industrial automation segments.

The business combination of Quanergy with CCAC is expected to be finalized in the second half of 2021. The transaction is subject to customary closing conditions.


Source link

About Dwaine Pinson

Check Also

Adam Rosendorff, former director of the Theranos laboratory, testifies on the “pressure”

Elizabeth Holmes, founder of Theranos Inc., left, arrives at federal court in San Jose, Calif., …

Leave a Reply

Your email address will not be published. Required fields are marked *