- Achieved industry-first 200 meter OPA range milestone
- Exceeded 2021 revenue guidance; 32% sequential revenue growth
from Q3 ’21
- Increased customer count to nearly 400 and global partners to
over 50
- Units shipped increased >50% from Q3 to Q4 ‘21
- Average deal size expanded: 8 deals >$150k in Q4 ‘21
- Expanded traction in industrial automation; initial customer
wins in 2021
- Headcount up >35% in 2021
Quanergy Systems, Inc. (“Quanergy” or the “Company”), a leading
provider of OPA-based solid state LiDAR sensors and smart 3D
solutions for automotive and IoT, today provided an update on the
significant progress in its technological advancements and customer
solutions since the announcement of its intended business
combination with CITIC Capital Acquisition Corp. (NYSE: CCAC) in
June 2021. 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 first quarter
of 2022, subject to satisfaction of customary closing
conditions.
Today Quanergy has nearly 400 customers, 50 partnerships and
over 130 employees worldwide.
Quanergy made considerable progress on its business and
technology advancements including:
- On June 29, 2021, the Company announced a strategic
collaboration with Sensata Technologies (NYSE: ST), to focus on
bringing affordable, smart LiDAR and 3D perception technologies to
market, with Sensata Technologies providing insights to Quanergy on
manufacturability, cost reduction, sourcing, and go-to-market
strategies.
- On July 13, 2021, the Company was selected by PARIFEX, a
leading solution provider in project management for speed
enforcement and smart cities, to deploy Quanergy’s M-Series
3D-LiDAR sensors for highway speed monitoring and enforcement with
the French Ministry of the Interior.
- On July 20, 2021, the Company announced that its MQ-8 LiDAR
sensor and proprietary perception software QORTEX DTC had been
selected to support the first V2X Smart City development in South
Korea.
- On July 27, 2021, the Company announced a new smart LiDAR
deployment automating waste plant operations for Puxiang Bioenergy,
in partnership with Hunan University and Bridge Health Intelligent
Technology.
- On August 3, 2021, the Company announced the successful driving
demonstration of its S3 Series LiDAR, a true solid-state LiDAR
sensor using an industry-first Optical Phased Array (OPA)
technology and a scalable CMOS silicon manufacturing process for
cost-effective, mass-market production, from a close proximity to a
distance of 100 meters in bright sunlight.
- On September 28, 2021, the Company appointed Karen Francis
DeGolia to its Board as an independent director. Ms. DeGolia is an
experienced CEO, director and strategic advisor with a deep
knowledge of corporate governance and a strong track record of
successfully building companies and businesses across multiple
industries, with experience serving on the Board of companies such
as Vontier, TuSimple, Nauto, and Wind River.
- On October 28, 2021, the Company announced the release of
QORTEX DTC 2.2, the latest version of its 3D perception software,
designed for advanced smart city and security applications.
- On November 16, 2021, the Company announced the debut of its
new M1 Edge 2D LiDAR sensors, which pair with Quanergy’s QORTEX
AWARE perception software. The M1 Edge offers 3x price/performance
advantage vs incumbent solutions.
- On December 14, 2021, the Company announced a partnership with
Securitas France to provide the security industry’s first remote
mobile surveillance solution with 3D LiDAR integration. The
solution will utilize Quanergy’s M-Series LiDAR sensors to secure
temporary and remote sites like construction sites, storage areas,
parking areas, and more.
- On January 5, 2022, the Company announced the successful
demonstration of its OPA-based solid-state LiDAR technology out to
a range of 200 meters.
- On January 13, 2022, Quanergy was selected as the winner of the
“Smart City Innovation of the Year” from IoT Breakthrough awards
program.
- On January 19, 2022, Quaunergy named Kevin Amiri Senior Vice
President Operations to Maximize Long Term Growth.
- Quanergy exits 2021 with strong momentum: with strong business
growth:
- Sensors units shipped increased by more than 50% from Q3 to Q4
2021;
- Average deal size continued to expand; in Q4 2021 the company
secured 8 deals larger than $150k;
- Traction in Industrial Automation market continued to expand,
with initial customer wins in 2021; and
- Talent continued to grow, with the Company’s headcount growing
by more than 35% since the year prior.
“We have diligently executed on our business plan,” said Dr.
Kevin J. Kennedy, CEO at Quanergy. “We are poised for growth in the
coming years as we commit to the further expansion of our portfolio
of smart LiDAR solutions for the IoT and Automotive markets.”
For more information, visit www.quanergy.com
About Quanergy Systems, Inc.
Quanergy Systems’ mission is to create powerful, affordable
smart LiDAR solutions for automotive and IoT applications to
enhance people’s experiences and safety. Quanergy has developed the
only true 100% solid-state CMOS LiDAR sensor built on optical
phased array (OPA) technology to enable the mass production of
low-cost, highly reliable 3D LiDAR solutions. Through Quanergy’s
smart LiDAR solutions, businesses can now leverage real-time,
advanced 3D insights to transform their operations in a variety of
industries including industrial automation, physical security,
smart cities, smart spaces and much more. Quanergy solutions are
deployed by nearly 400 customers across the globe. For more
information, please visit us at www.quanergy.com.
Important Information about the Business Combination and
Where to Find It
In connection with the proposed transaction (the “Business
Combination”), CCAC filed with the U.S. Securities and Exchange
Commission (the "SEC") a definitive proxy statement/prospectus and
other relevant materials, and plans to file with the SEC other
documents regarding the Business Combination with Quanergy. CCAC
urges its investors, shareholders and other interested persons to
read the definitive 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. CCAC has also commenced
mailing the definitive proxy statement/prospectus and a proxy card
to each shareholder 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 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
can also obtain copies of the definitive proxy statement/prospectus
and other relevant materials in connection with the transaction
without charge 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, including their ownership of CCAC’s
securities in the definitive proxy statement/prospectus for the
Business Combination, which was filed with the SEC on January 6,
2022. 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
are set forth in the proxy statement/prospectus for the Business
Combination. Additional information regarding the interests of
participants in the solicitation of proxies in connection with the
proposed Business Combination are included in the proxy
statement/prospectus for the Business Combination. 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.
Unaudited preliminary revenue and cash
The estimates of Quanergy’s 2021 revenue and end-of-year cash
and cash equivalents is preliminary and subject to completion,
including the completion of audit procedures as of and for the year
ended December 31, 2021. As a result, the unaudited preliminary
revenue and cash and cash equivalents set forth herein reflects
Quanergy’s preliminary estimate with respect to such information,
based on information currently available to management, and may
vary from its actual financial position as of December 31, 2021.
Further, this preliminary estimate is not a comprehensive statement
or estimate of Quanergy’s financial results or financial condition
as of and for the year ended December 31, 2021. The unaudited
preliminary revenue and cash and cash equivalents amounts included
herein have been prepared by, and are the responsibility of,
Quanergy’s management. Grant Thornton, Quanergy’s independent
registered public accounting firm, has not audited, reviewed,
compiled or performed any procedures with respect to the unaudited
preliminary revenue or cash and cash equivalents. It is possible
that Quanergy or Grant Thornton may identify items that require
Quanergy to make adjustments to the financial information set forth
herein. This preliminary estimate should not be viewed as a
substitute for financial statements prepared in accordance with
accounting principles generally accepted in the United States and
they are not necessarily indicative of the results to be achieved
in any future period. Accordingly, you should not draw any
conclusions based on the foregoing preliminary estimate and should
not place undue reliance on this preliminary estimate. Quanergy
assumes no duty to update this preliminary estimate except as
required by law. Quanergy expects to complete its audited financial
statements for the year ended December 31, 2021 subsequent to the
closing of the Business Combination.
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 those
regarding our expectations for full year 2021 revenue, our
expectations for growth in the coming years including the expansion
of our portfolio of smart LiDAR solutions, our anticipated market
acceptance of our products, including LiDAR technology and
perception software, CCAC’s ability to consummate the proposed
Business Combination, anticipated timing of the proposed Business
Combination, and the combined company’s future products and growth
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220125005606/en/
Media Contact Neal Stein Media@quanergy.com
Investor Contact: QuanergyIR@ICRinc.com
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