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Aeva Technologies – Spearheading Innovation in LiDAR

25 Mar Aeva Technologies – Spearheading Innovation in LiDAR

Aeva Technologies, Inc. (NYSE: AEVA) a developer of cutting-edge optical-based sensors for autonomous vehicles, debuted on the US stock market on March 15, 2021, through its merger with SPAC InterPrivate Acquisition Corp. The Company raised close to $560 million in gross proceeds from the deal, funds that will be used to further advance its frequency-modulated continuous-wave (FMCW) technology that provides numerous advantages over conventional LiDAR models such as pulsed time-of-flight lidar or multi-beam flash LiDAR.

Soroush Salehian, Co-Founder and CEO of Aeva, commented,

“We founded Aeva with the vision to bring a new wave of perception across all devices, and through this transaction, look forward to becoming a public company and accelerating our ability to bring our unique 4D LiDAR on chip technology to not just automotive, but consumer, industrial and beyond.”

In January 2021, the Company entered into a collaboration with DENSO to bring Aeva’s 4D LiDAR technology to the mass vehicle market as it is the only Frequency Modulated Continuous Wave (FMCW) technology that facilitates automated driving for series production and delivers superior performance with scalability.

Furthermore, Aeva has entered into a partnership with ZF, a global automotive Tier-1 supplier, to leverage Aeva’s expertise in FMCW LiDAR technology for developing autonomous driving applications.

Aeva Technologies, Inc. (NYSE: AEVA)
Market Cap: $2.6B; Current Share Price: 12.32 USChart
Data by YCharts

, which stands for light detection and ranging, is a remote sensing method used for determining geospatial measurements. The American Geosciences Institute defines LiDAR as “remote sensing method that uses light in the form of a pulsed laser to measure ranges (variable distances) to the Earth. These light pulses—combined with other data recorded by the airborne system— generate precise, three-dimensional information about the shape of the Earth and its surface characteristics. The technology can be further categorized as Topographic that uses near-infrared laser and Bathymetric that uses water-penetrating green light to calculate elevations.

The technology was primarily used in aircrafts and helicopters and came to the limelight after the introduction of GPS. The system consists of a specialized GPS receiver that is aided by a laser and a scanner. LiDAR has multiple applications and use cases such as measuring riverbed elevations, seafloor mapping; land management activities like urban planning, agriculture, mining and forestry and emergency and hazard management such as monitoring and mapping tsunamis, floods, landslides or volcanic eruptions.

Frequency – Modulated Continuous-Wave Radar (FMCW Radar) emits continuous transmission power like a continuous wave radar (CW-R), however unlike the CW-R, it can modulate the transmission frequency thereby enabling runtime measurements. The technology has several advantages such as greater measurement accuracy, ability to calculate very small ranges and measure target range and relative velocity simultaneously.

The Global LiDAR market is estimated to grow at a CAGR of 24.50% from 2019-2026 to reach USD 9.479 million by 2026, according to a report by Data Bridge Market Research. The growth in the market will be driven by technological advancements and increasing demand in a host of sectors. FMCW Radar is best suited to meet the demands of autonomous vehicles, Military and Defense applications, aerospace and agriculture industry to name a few. However, the lack of industry standards of operations, high costs and non-interoperability of technologies may hamper the growth in the industry.

The Company
Aeva is focused on providing breakthrough perception sensing technology using Frequency Modulated Continuous Wave (FMCW) that offers higher sensitivity and instantaneous velocity per pixel devoid of any interference. The Company is the pioneer of the world’s first 4D LiDAR-on-chip technology that has a wide array of applications ranging from automotive, consumer electronics, healthcare, industrial automation, robotics and security.

Image Source: Company

The 4D LiDAR-on-chip brings together silicon photonics technology, precise instant velocity measurements, long range and low power consumption at affordable costs that enable mass production across a wide gamut of industries and applications. The Company offers the only integrated LiDAR solution for consumer applications and offers unparalleled resolution, silicon chip form factor and micrometer velocity sensing. The aim is to create new perception categories across devices to include AR/VR on Mobile devices, wearable smart glasses and high-definition mapping.

The Company’s 4D LiDAR chip facilitates the application of Augmented Reality and Virtual Reality in open spaces as it offers 6x longer range, superior resolution for high-definition 3D mapping, zero interference due to sunlight degradation and most importantly provides cost-efficiency for mass- market adoption and large volume scalability.

Key Takeaways
Aeva has strategic partnerships and collaborations with leading automotive Tier -1 OEM’s such as Audi, Volkswagen, Porsche SE, Denso, Adage, tu simple and ZF. The Company has over 30 customers and four strategic manufacturing partners that translate into a projected cumulative revenue of nearly $1.3 billion.

The Company believes that it is well-poised to meet the requirements of the growing demand for innovative LiDAR technology in the automotive industry that offers a total addressable market of over $100 Bn in 2025 according to estimates. Aeva is actively pursuing opportunities for expansion into the consumer electronics consumer health and industrial robotics and security market as well, which presents a combined TAM of over $18 Bn as per estimates.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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