This year seems to be a continuation of the year that made lidar famous - at least when it comes to lidar makers making big news. This week, lidar-maker Quanergy has become the latest to announce their public trading debut via SPAC. The deal with CITIC Capital Acquisition Corp (CCAC), which will net Quanergy $278 million, will be used to fund and accelerate Quanergy’s growth.
Quanergy is best known for its CMS silicon solid-state technology, that is designed specifically for automotive industry applications at a low cost to automotive manufacturers.
Quanergy is a leading provider of optical phased array (OPA) technology focused on the automotive and Internet of Things (IoT) markets. In their disclosures, it is reported that Quanergy has over 350 customers and 40 partnerships worldwide, and has established a market leading position “due to its integrated solution portfolio” that matches best-in-class lidar sensors with highly accurate 3D perception software.
Quanergy also meets CCAC’s stringent investment criteria, which focuses on energy efficiency and other sustainability-themed investments.
Dr. Kevin J. Kennedy, Quanergy Chairman and Chief Executive Officer says that the market for lidar-enabled 3D perception technology has reached an inflection point.
“In the last 12 months, a vibrant public lidar sector has been established. With this proposed transaction, Quanergy will benefit from expanding investor interest in the LiDAR sector, while also providing additional growth capital to further scale our R&D investments to serve multiple new markets with more capable and cost-efficient products.”
“Quanergy is excited to take the next step in our evolution as a public company to enable accelerating technological, product and commercial momentum. To democratize the LiDAR industry, providers need both semiconductor scale and software intelligence. Quanergy’s 100% CMOS OPA solid state technology and 3D perception software are poised to transform the automotive and IoT industries by driving down the cost of solutions while enabling powerful levels of automation and insights.”
Optical Phase Array technology is pulling ahead
OPA is the optical analog of phased array radar, is a technology that has already achieved low-cost, large scale deployment in the automotive market. With no moving parts, it is ideal for placement in vehicles as it is not sensitive to vibration or other mechanical wear. The elements of the optical phase array are integrated on a single chip, which also keeps manufacturing costs low, which is something desirable for automakers.
The automotive LiDAR market is expected to reach $10.6B by 2030, fueled by the pursuit of L3/L4 level autonomy. To meet stringent automotive OEM requirements, lidar sensors need to be low cost, achieve at least 200 meters of range and meet strict reliability requirements. Quanergy’s CMOS silicon solid-state lidar based on OPA technology is designed to meet these requirements for the automotive market, adds Kennedy.
“To democratize the lidar industry, providers need both semiconductor scale and software intelligence. Quanergy’s 100% CMOS OPA solid state technology and 3D perception software are poised to transform the automotive and IoT industries by driving down the cost of solutions while enabling powerful levels of automation and insights.”