Business
Aeva Announces Strategic Collaboration and Investment with a Global Fortune 500 Company’s Technology Affiliate
Total Investment of up to ~$50 Million Including a ~6% Equity Stake in Aeva MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Aeva® (Nasdaq: AEVA), a leader in
About this update from Aeva Technologies, Inc.
[{"type":"text","content":"\nTotal Investment of up to ~$50 Million Including a ~6% Equity Stake in Aeva\n\n MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--\nAeva® (Nasdaq: AEVA), a leader in next-generation sensing and perception systems, today announced a strategic collaboration with the technology focused affiliate of a Global Fortune 500 company, which is a leading global technology solution provider, to collaborate on bringing Aeva’s next generation 4D LiDAR into new industrial and consumer markets. Aeva will also select this company as its Tier-2 manufacturing partner for the Top 10 passenger OEM program previously announced.\n\n“This collaboration marks a significant milestone for Aeva as we join forces with one of the world’s most respected technology and manufacturing companies,” said Soroush Salehian, Co-founder and CEO at Aeva. “Together, we are poised to accelerate the adoption of next-generation sensing technologies for new industrial and consumer markets as well as in automotive applications. We believe this partnership validates the strength of our unique technology and underscores the growing demand for high-performance, reliable perception solutions based on our unique FMCW technology.”\n\nAs part of the agreement, the global technology leader will invest up to approximately $50 million including Aeva common stock, new joint product development revenue and capital investments to bring production capacity online for Aeva's next generation perception sensing products across automotive, industrial and consumer applications. The company will take an approximately 6% equity stake in Aeva.\n\nThis marks the first step in a broader joint collaboration to expand Aeva’s reach into new end markets to deliver advanced sensing and perception products across multiple market segments including consumer electronics, industrial and automotive. The collaboration combines the partner’s world-class expertise in global manufacturing and electronics innovation with Aeva’s proprietary Frequency Modulated Continuous Wave (FMCW) technology.\n\n“Leveraging the technology leadership we have is a key element of our commercial strategy. We believe this can provide an opportunity to accelerate our product roadmap while accessing capital to help continue funding our growth plans to help expand into new end markets such as consumer and new industrial applications while aiming...