Sensata Technologies and Quanergy Systems Announce Strategic Partnership
FREMONT CA: In an announcement made, Quanergy Systems and Sensata Technologies Holding N.V., have reached an agreement on investments to take forward their ongoing development and commercialization of Quanergy’s LiDAR technology. The collaboration will enable both parties to hold Quanergy’s substantial cognitive property, current and future technology development to deliver LiDAR sensors that substantially offer a decreased cost method with an increased reliability, upgraded capability, and decreased power consumption in comparison to traditional mechanical LiDAR sensors.
From now on, Sensata has acquired one seat on Quanergy’s board of director and these two firms will provide component level solid state LiDAR sensors across the transportation market. “The strategic partnership with Quanergy underscores Sensata’s strategy to ‘win in Sensing’. 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,” said Martha Sullivan, Sensata Technologies President and Chief Executive Officer.
In the technological sphere, LiDAR sensing is deemed to be a critical component of advanced driver assistance systems and its reliability is must to build on autonomous driving. “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,” added Sullivan.
Also, the marketing and advertising team of Sensata will serve Quanergy with a vast access to the global transportation sphere. With the established contracts with paramount automotive OEMs and TIER 1’s by Sensata, the two firms will gain an ability to collaborate with the major automotive customers. “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.
Sensata’s global hold and market will be leveraged by this partnership to hasten the materialization of Quanergy’s technology. “We are confident that Quanergy’s technology will provide differentiated value for our customers enabling an accelerated adoption of advanced driver assistance applications,” added Berinhause.