Aeva Technologies Inks Multi-Year Deal With The Indoor Lab, Growing Its Commercial Momentum And Increasing Revenue Potential
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October 29, 2024 09:00 AM Eastern Daylight Time
By Meg Flippin, Benzinga
In what is further evidence of the growing adoption of Aeva Technologies Inc.'s (NYSE: AEVA) differentiated technology, the maker of advanced FMCW 4D LiDAR sensors inked a multi-year sensor supply deal with The Indoor Lab, a LiDAR perception and analytics solutions company. Indoor Lab operates a LiDAR analytics platform used to improve safety, security and operational efficiency for major U.S. airports, mass transit railways, agriculture, smart infrastructure at theme parks and other large venues across the U.S. and for cities at a broader level, as well.
The multi-year agreement marks the first industrial customer production win for Atlas, Aeva’s next-generation 4D LiDAR. Notably, sensor shipments are beginning this month and planned to ramp up in 2025 to support multiple projects at scale , the companies reported. Importantly, this deal can provide increasing near-term revenue opportunity for Aeva ahead of its production launch with Daimler Truck, as well as complement its other production programs such as the one with Nikon and May Mobility.
Initially, The Indoor Lab will integrate Aeva’s 4D LiDAR at some of the nation’s largest and most heavy-traffic airports including John F. Kennedy International Airport’s New Terminal One and San Francisco International Airport. The Indoor Lab also plans to use Aeva’s sensors for yet to be disclosed integrations in agriculture and in smart infrastructure at theme parks, cities and other large venues across the U.S.
“We have evaluated nearly all time-of-flight 3D LiDAR technologies on the market today and selected Aeva because we see significant advantages in its 4D LiDAR technology,” said Patrick Blattner, founder and CEO of The Indoor Lab.
Why Is Aeva Winning In The Market?
Aeva’s advanced LiDAR technology uses a low-power continuous laser beam to measure range and velocity at the same time, which it says unlocks new levels of perception by instantaneously discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. The company’s LiDAR technology integrates all key LiDAR components onto a silicon photonics chip in a compact module, which enables a small and scalable solution that the company says opens the door for a variety of automation applications.
Under the terms of the deal, Aeva 4D LiDAR will be integrated into The Indoor Lab’s Overwatch Perception Platform, a component of its Enterprise Analytics Suite for Critical Infrastructure. That platform provides data for round-the-clock AI-powered analytics to monitor and manage indoor and outdoor environments.
“Aeva is the first to commercialize 4D LiDAR for production at scale and its technology brings crucial advantages to our analytics platform including the addition of instant velocity data and the inherent immunity to sunlight interference,” said Patrick Blattner, founder and CEO of The Indoor Lab. “By selecting Aeva, we have future-proofed our perception analytics platform for critical infrastructure throughout the U.S. and will be able to provide the most comprehensive and advanced solutions for our customers at scale.”
Going Beyond The Automotive Market
The deal with The Indoor Lab builds on Aeva’s expansion into the industrial and security markets. In late July, Aeva was selected by a top U.S. National Security Organization to help protect critical energy infrastructure sites across the United States. Aeva’s sensors are expected to be the primary detection sensors to protect sensitive locations in various facilities from intrusions, such as water entries and exits and perimeter fences. Aeva says this national defense security organization selected Aeva 4D LiDAR after evaluating multiple sensing technologies, including 3D time-of-flight LiDAR.
“Aeva is seeing significant momentum in the market following recent wins in automotive and industrial including our recent selection by a top national defense security organization,” said James Byun, managing director of business development at Aeva. “This key production win with The Indoor Lab solidifies Aeva’s position in the industrial market as the go-to lidar supplier of choice when performance and scalability matter.”
It looks like the momentum isn’t ending there for the company. Aeva is also working towards an upcoming launch by the end of 2024 for its industrial metrology and manufacturing automation program with Nikon – the global manufacturer and supplier of metrology and inspection equipment for the industrial automation and metrology markets. Aeva is producing sensors for Nikon industrial machines to inspect objects on manufacturing assembly lines for microscopic defects that can be smaller than the width of a human hair.
From protecting the nation’s critical infrastructure to helping large-scale organizations improve manufacturing, safety and efficiency, Aeva is showing how its unique technology is applicable across a diverse range of markets, including automotive, industrial automation, manufacturing and security. With the LiDAR market poised to grow at a CAGR of 19.3% between now and 2030, the company is working hard, making deals and delivering its products to position itself in a leading role in that market growth starting now and through the coming years. Learn more about Aeva Technologies Inc. by checking out its investors deck here.
Featured photo by Rocker Sta on Unsplash.
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