- M1 Edge smart solution offers 3x price/performance advantage vs
incumbent solutions
- Ideal for collision avoidance and smart navigation for mobile
robots, port automation and warehouse logistics applications
Quanergy Systems, Inc., a leading provider of OPA-based
solid-state LiDAR sensors and smart 3D solutions for automotive and
IoT, today announced the new M1 Edge™ 2D LiDAR sensors paired with
Quanergy’s QORTEX Aware™ perception software. The M1 Edge is an
integrated software and hardware solution designed to automatically
collect, analyze, and interpret LiDAR point cloud data for a wide
variety of industrial applications without additional
programming.
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Quanergy Unveils New Smart LiDAR Solution
for Industrial Automation (Photo: Business Wire)
In June, Quanergy entered into a definitive merger agreement
with CITIC Capital Acquisition Corp. (NYSE: CCAC) (“CCAC”). Upon
closing of the transaction, the combined company will be named
Quanergy Systems, Inc. and is expected to be listed on the New York
Stock Exchange (NYSE) under the ticker symbol “QNGY.” The
transaction is expected to close in the fourth quarter of 2021,
subject to satisfaction of customary closing conditions.
The M1 Edge smart solution includes compact, lightweight LiDAR
sensors with extremely accurate sensing capabilities up to 200
meters, broad 360° coverage, and an industry-leading angular
resolution of 0.033° for best-in-class measurement. These robust
sensors are rated up to IP67 for harsh environments and perform
reliably in any lighting or weather condition, providing up to
60,000 hours mean time between failure (MTBF) and delivering a
lower total cost of ownership (TCO) than competing solutions.
M1 Edge integrates the sensor with on-board QORTEX Aware smart
perception software to monitor user-defined detection zones and
trigger an alarm on the sensor’s digital output if there is any
activity within the zones. Users can create up to eight
pre-configured evaluation fields, each with up to three detection
zones, where the evaluation field is selected via the sensor’s
digital output.
“After evaluating Quanergy’s latest product M1 Edge, we are
excited to deploy this low cost, 2D industrial sensor. It solves
real world industrial sensing applications by combining simple to
use software vision tools with a high resolution LiDAR array. We
know of no other outdoor rated sensor that has both the range and
resolution of the M1 Edge,” said Neil Jacques, President of
In-Position Technologies.
M1 Edge enables reliable collision avoidance and smart
navigation for mobile equipment. When mounted on an AGV or AMR, the
sensor monitors the surrounding area, flagging potential dangers
and obstacles in the vehicle’s path. The detection zones being
monitored can dynamically change based on the vehicle’s
movement.
Furthermore, M1 Edge provides accurate detection and measurement
for stationary and dynamic applications that require simple
alerting when an object enters a monitored area. For example, in
industrial applications, M1 Edge enables reliable monitoring for
level and height sensing applications, including tank level
monitoring, object stacking, fill level detection and more.
“LiDAR has become instrumental in increasing efficiency by
solving tough sensing challenges faced by industrial
customers—thanks to unmatched reliability and accuracy,” said Tony
Rigoni, Director of Industrial Markets, “It's quick to setup,
delivers unmatched performance and competitively priced makes the
M1 Edge LiDAR solution deployable to even a broader range of
industrial applications.”
To watch M1 Edge ™ Product video, please click here.
To learn more, visit www.quanergy.com
About Quanergy Systems,
Inc.
Quanergy Systems, Inc. was founded in 2012 and builds on decades
of experience of its team in the areas of optics, photonics,
optoelectronics, artificial intelligence software, and control
systems. Headquartered in Sunnyvale, California, in the heart of
Silicon Valley, Quanergy offers a high-performance AI-powered LiDAR
platform designed to accelerate the automation of key business
processes to increase productivity, efficiency, and safety of our
3D world. By providing actionable insights to organizations across
major industries including, mapping, security, smart cities, and
smart spaces, industrial automation and transportation, Quanergy is
enabling its partners and their end-users to deploy innovative
solutions to drive their business growth and ultimately, improve
the quality of life for people around the world. For more
information, visit www.quanergy.com.
Forward-Looking Statements
This press release includes certain statements that are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” “project,” “anticipate,” “will
likely result” and similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. All statements, other than statements of present or
historical fact included in this press release, including the
potential industrial applications and adoptions of the M1 Edge
LiDAR solution, CCAC’s ability to consummate the proposed business
combination, anticipated timing of the proposed business
combination, and the combined company’s future products are
forward-looking statements. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of the respective management of CCAC
and Quanergy and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of CCAC or Quanergy. Potential risks and uncertainties that
could cause the actual results to differ materially from those
expressed or implied by forward-looking statements include, but are
not limited to, changes in domestic and foreign business, market,
financial, political and legal conditions; the inability of the
parties to successfully or timely consummate the proposed business
combination, including the risk that any regulatory approvals are
not obtained, are delayed or are subject to unanticipated
conditions that could adversely affect the combined company or the
expected benefits of the proposed business combination or that the
approval of the shareholders of CCAC or Quanergy is not obtained;
the inability to complete the PIPE offering in connection with the
business combination; failure to realize the anticipated benefits
of the proposed business combination; risk relating to the
uncertainty of the projected financial information with respect to
Quanergy; the amount of redemption requests made by CCAC’s
shareholders; the overall level of consumer demand for Quanergy’s
products; general economic conditions and other factors affecting
consumer confidence, preferences, and behavior; disruption and
volatility in the global currency, capital, and credit markets; the
ability to maintain the listing of Quanergy’s securities on the New
York Stock Exchange; the financial strength of Quanergy’s
customers; Quanergy’s ability to implement its business strategy;
changes in governmental regulation, Quanergy’s exposure to
litigation claims and other loss contingencies; disruptions and
other impacts to Quanergy’s business, as a result of the COVID-19
global pandemic and government actions and restrictive measures
implemented in response; stability of Quanergy’s suppliers, as well
as consumer demand for its products, in light of disease epidemics
and health-related concerns such as the COVID-19 global pandemic;
the impact that global climate change trends may have on Quanergy
and its suppliers and customers; Quanergy’s ability to protect
patents, trademarks and other intellectual property rights; any
breaches of, or interruptions in, Quanergy’s information systems;
fluctuations in the price, availability and quality of electricity
and other raw materials and contracted products as well as foreign
currency fluctuations; Quanergy’s ability to utilize potential net
operating loss carryforwards; changes in tax laws and liabilities,
tariffs, legal, regulatory, political and economic risks. The
foregoing list of potential risks and uncertainties is not
exhaustive. More information on potential factors that could affect
CCAC’s or Quanergy’s financial results is included from time to
time in CCAC’s public reports filed with the SEC, including its
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and
Current Reports on Form 8-K as well as the other documents CCAC has
filed, or will file, with the SEC, including the final amended
registration statement on Form S-4 that will include proxy
statements/prospectus that CCAC will file with the SEC in
connection with CCAC’s solicitation of proxies for the meeting of
shareholders to be held to approve, among other things, the
proposed business combination. If any of these risks materialize or
CCAC’s or Quanergy’s assumptions prove incorrect, actual results
could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither CCAC nor Quanergy presently know, or that CCAC and Quanergy
currently believe are immaterial, that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect CCAC’s
and Quanergy’s expectations, plans or forecasts of future events
and views as of the date of this press release. Neither CCAC nor
Quanergy gives assurance that either CCAC or Quanergy, or the
combined company, will achieve its expectations. CCAC and Quanergy
anticipate that subsequent events and developments will cause their
assessments to change. However, while CCAC and Quanergy may elect
to update these forward-looking statements at some point in the
future, CCAC and Quanergy specifically disclaim any obligation to
do so, except as required by law. These forward-looking statements
should not be relied upon as representing CCAC’s or Quanergy’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.
Important Information about the Business Combination and
Where to Find It
CCAC has filed a registration statement on Form S-4, which
contains a proxy statement/prospectus and other relevant materials,
and plans to file with the SEC an amendment to the registration
statement as well as other documents regarding the proposed
transaction with Quanergy. CCAC urges its investors,
shareholders and other interested persons to read, when
available, the proxy statement/prospectus filed with the SEC and
documents incorporated by reference therein because these documents
will contain important information about CCAC, Quanergy and the
proposed business combination. After the registration statement
is declared effective by the SEC, the definitive proxy
statement/prospectus and other relevant documents will be mailed to
the shareholders of CCAC as of the record date established for
voting on the proposed business combination and will contain
important information about the proposed business combination and
related matters. Shareholders of CCAC and other interested persons
are advised to read, when available, these materials (including any
amendments or supplements thereto) and any other relevant documents
in connection with CCAC’s solicitation of proxies for the meeting
of shareholders to be held to approve, among other things, the
proposed business combination because they will contain important
information about CCAC, Quanergy and the proposed business
combination. Shareholders will also be able to obtain copies of the
preliminary proxy statement/prospectus, the definitive proxy
statement/prospectus and other relevant materials in connection
with the transaction without charge, once available, at the SEC’s
website at www.sec.gov or by directing a request to: CITIC Capital
Acquisition Corp., 28/F CITIC Tower, 1 Tim Mei Avenue, Central,
Hong Kong, Attention: Fanglu Wang, telephone: +852 3710 6888. The
information contained on, or that may be accessed through, the
websites referenced in this press release is not incorporated by
reference into, and is not a part of, this press release.
Participants in the Solicitation
CCAC, Quanergy and their respective directors and executive
officers may be deemed participants in the solicitation of proxies
from CCAC’s shareholders in connection with the proposed business
combination. CCAC’s shareholders and other interested persons may
obtain, without charge, more detailed information regarding the
directors and officers of CCAC in CCAC’s final prospectus filed
with the SEC on February 12, 2020 in connection with CCAC’s initial
public offering. Information regarding the persons who may, under
SEC rules, be deemed participants in the solicitation of proxies to
CCAC’s shareholders in connection with the proposed business
combination will be set forth in the proxy statement/prospectus for
the proposed business combination when available. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the proposed business
combination will be included in the proxy statement/prospectus that
CCAC intends to file with the SEC. You may obtain free copies of
these documents as described in the preceding paragraph.
No Offer or Solicitation
This press release is not a proxy statement or solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the potential transaction and shall not constitute an
offer to sell or a solicitation of an offer to buy the securities
of CCAC or Quanergy, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a prospectus meeting the requirements of Section 10 of the
Securities Act.
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version on businesswire.com: https://www.businesswire.com/news/home/20211116005481/en/
Media Contact Neal Stein Media@quanergy.com
Investor Relations QuanergyIR@icrinc.com
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