Sensata Technologies Holding N.V., a leading manufacturer of sensing, electrical protection, control and power management solutions, and Quanergy Systems, Inc., the leading provider of solid state LiDAR sensors and smart sensing solutions, announced today that they have reached strategic partnership and investment agreements to advance the ongoing development and commercialization of Quanergy’s LiDAR technology.
Sensata and Quanergy will be exclusive partners for component level solid state LiDAR sensors in the transportation market. In connection with the partnership and investment, Sensata will gain one seat on Quanergy’s board of directors.
“The strategic partnership with Quanergy underscores Sensata’s strategy to Win in Sensing,” said Martha Sullivan, Sensata Technologies President and Chief Executive Officer. “This partnership is a pragmatic way to extend our sensing capabilities into advanced driver assistance applications, one of the fastest-growing areas of transportation sensing. According to industry experts, the LiDAR market is expected to develop into a billion dollar market opportunity by 2020, and we are optimistic that our long track record of bringing new sensing parameters into Sensata and implementing successful global roll-outs will enable us to capitalize on this important opportunity.”
LiDAR sensing is expected to be a mission-critical component of future advanced driver assistance systems including autonomous driving. Together, Sensata and Quanergy will leverage Quanergy’s substantial intellectual property and current and future technology development to deliver LiDAR sensors that have substantially lower costs, higher reliability, improved capability, and lower power consumption when compared to traditional mechanical LiDAR sensors.
“We are thrilled to be partnering with this entrepreneurial and highly capable team that has successfully developed the only compact and lower cost solid state LiDAR solution currently on the market,” said Steve Beringhause, Sensata Technologies Chief Technology Officer. “We are confident that Quanergy’s technology will provide differentiated value for our customers enabling an accelerated adoption of advanced driver assistance applications.”
“Innovation is at the heart of everything that we do at Quanergy,” said Dr. Louay Eldada, Quanergy Chief Executive Officer. “But true success comes by coupling innovation with execution. We know that by teaming up with Sensata we’ll stand to benefit from Sensata’s new product launch and manufacturing expertise, deep customer relationships and global presence as the leading independent sensor supplier. Together, we are well positioned to become the leading provider of LiDAR sensors to the transportation markets.”
This partnership will leverage Sensata’s world class global organization to drive the rapid commercialization of Quanergy’s technology. As the leading independent sensor supplier, Sensata’s sales and marketing team provides broad access to the entire transportation market globally. Sensata’s strong relationships with all automotive OEMs and Tier 1’s immediately provides the access and ability for the Sensata-Quanergy solution to win with major automotive customers. Sensata has a proven track record of delivering and exceeding demanding automotive requirements in both product development and global manufacturing. These will be critical enablers for Quanergy’s first of its kind solid state LiDAR technology, which will serve critical safety functions in harsh automotive environments.