Key development contract to jump-start
execution of new OEM program
Cepton, Inc. (“Cepton” or the “Company”) (Nasdaq: CPTN), a
Silicon Valley innovator and leader in high-performance lidar
solutions for automotive and smart infrastructure applications, has
announced today that it has signed a significant Engineering
Services Agreement (the “Agreement”) with its long-term automotive
Tier 1 partner and current shareholder, KOITO MANUFACTURING CO.,
LTD. (“Koito”) (TSE: 7276) on May 9, 2024.
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The contract will fuel Cepton’s
customer-specific product development and program execution efforts
for its near-range lidar. © Cepton, Inc.
Under the terms of the Agreement, Koito will provide Cepton with
a total of $10 million in engineering services fee for the quarter
ended June 30, 2024, to support a major global OEM program that
Cepton and Koito have recently secured.
The Agreement will fuel Cepton’s customer-specific product
development and program execution efforts for its near-range lidar,
which is planned to be deployed in the above-mentioned OEM program
as well as by multiple other OEM customers to enable Level 4
autonomous driving capabilities, for both on-road and off-road use
cases.
“This engagement with Koito comes at a crucial juncture as
Cepton prepares to fulfill our new OEM program,” said Dr. Jun Pei,
CEO and Co-founder of Cepton. “We are thrilled to deepen our
partnership with Koito to advance scalable lidar adoption for
safety-critical automotive use cases. This exemplifies Cepton and
Koito’s shared vision of paving the way to safely deployed
autonomy.”
Mr. Michiaki Kato, President of Koito, says: “The Agreement not
only reaffirms Koito’s confidence in Cepton’s innovative lidar
solutions but also underscores Koito's unwavering commitment to
industrializing cutting-edge technologies that are poised to
reshape the future of mobility, aligning with our vision of
‘lighting the way for our sustainable future’."
For future announcements from Cepton, visit
www.cepton.com/learn/announcements.
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “objective,” “plan,” “project,” “forecast,” “intend,”
“will,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“milestone,” “designed to,” “proposed” or other similar expressions
that predict or imply future events, trends, terms and/or
conditions or that are not statements of historical matters. Cepton
cautions readers of this press release that these forward-looking
statements are subject to risks and uncertainties, most of which
are difficult to predict and many of which are beyond Cepton’s
control, that could cause the actual results to differ materially
from the expected results. These forward-looking statements
include, but are not limited to, statements regarding the final
terms of Cepton’s arrangement with Koito and, in turn, Koito’s
contract with the global OEM differing from Cepton’s expectations,
including with respect to volume and timing, or that the
arrangement can be terminated or may not materialize into a
long-term contract partnership arrangement, Cepton’s expectations
regarding its ability to achieve, and the timing thereof,
applicable milestones, the amount of engineering services fees that
will be generated by the workstreams relating to the global OEM
program, and Cepton’s expectation that these workstreams will not
be cancelled by Koito prior to satisfaction of all applicable
milestones. These forward-looking statements should not be relied
upon as representing Cepton’s assessments as of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements. Cepton
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
About Cepton
Cepton is a Silicon Valley innovator of lidar-based solutions
for automotive (ADAS/AV), smart cities, smart spaces and smart
industrial applications. With its patented lidar technology, Cepton
aims to take lidar mainstream and achieve a balanced approach to
performance, cost and reliability, while enabling scalable and
intelligent 3D perception solutions across industries.
Founded in 2016 and led by industry veterans with decades of
collective experience across a wide range of advanced lidar and
imaging technologies, Cepton is focused on the mass market
commercialization of high performance, high quality lidar
solutions. Cepton is headquartered in San Jose, CA and has a center
of excellence facility in Troy, MI to provide local support to
automotive customers in the Metro Detroit area. Cepton also has a
presence in Germany to serve European customers. For more
information, visit www.cepton.com and follow Cepton on Twitter and
LinkedIn.
About Koito
Under the corporate message, “Lighting for Your Safety”, KOITO
MANUFACTURING CO., LTD. (Koito) has been marking a history of
leadership in automotive lighting since its establishment in 1915.
Today, the Koito Group consists of 30 companies located in 13
countries worldwide and provides products and services to customers
all over the world, through the global network led by five major
regions (Japan, Americas, Europe, China, and Asia). Its products,
recognized for its high quality and advanced technology, are widely
used by automotive makers worldwide. The company is responding to
the future transformation of mobility through the development of
next-generation lighting technologies and related equipment,
control systems, and environmentally friendly products, materials,
and production methods. For more information, please visit
www.koito.co.jp/english.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240513780038/en/
Cepton, Inc. Investors: InvestorRelations@cepton.com Media:
Faithy Li, media@cepton.com Koito Manufacturing Co., Ltd. Public
Relations Department, kouhou@koito.co.jp
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