Benzinga | Dec 16, 2020 06:17AM EST

Luminar PR Clarifies Terms Of Deal Announced On Nov. 20, 2020, Confirms Co.'s Technology Will Be Integrated Into Mobileye's Autonomous Vehicle Series Solution

Luminar's technology is integrated into Mobileye's Autonomous Vehicle (AV) Series Solution

Luminar Technologies, Inc. (NASDAQ:LAZR), the global leader in automotive lidar hardware and software technology,Luminar's technology is integrated into Mobileye's Autonomous Vehicle (AV) Series Solution

Luminar Technologies, Inc. (NASDAQ:LAZR), the global leader in automotive lidar hardware and software technology, and Mobileye, an Intel company and the global leader in assisted driving technology, clarified details of the deal they announced on November 20, 2020 following nearly two years of working together at the development stage.

* Luminar is providing its technology to Mobileye for its Autonomous Vehicle (AV) Series solution.

* Luminar's technology will be used to enable Mobileye's TRUE REDUNDANCY(tm) capability, with multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 autonomous driving.

* Luminar and Mobileye have been working together at the development stage for nearly two years, and on November 20, 2020, Luminar signed a contract with Mobileye to provide its lidar in production volumes at sub-$1,000 cost.

"Luminar is the first and only company that meets the stringent performance, safety, and economic requirements for autonomous production vehicles, and is proud to count Mobileye as a cornerstone launch program for Luminar," said Austin Russell, Luminar Founder and CEO. "It takes intense dedication on all sides to see such a significant and bold program through, and the collaboration is only accelerating as we begin our work on the production solution and get closer to launch."

"High performance lidar is an important part of our autonomous vehicle solution and we have worked closely with Luminar for our next phase of driverless car development," said Prof. Amnon Shashua, Mobileye CEO and Intel Senior Vice President. "In tandem, Mobileye has independently been working on silicon photonics based lidar that could be part of our future solutions. This has been public for some time and does not change our plans to use Luminar."