- Collaboration Strengthens TuSimple’s Self-Driving Capabilities
on Path to Production
- Aeva 4D LiDAR is the first sensing solution to provide velocity
measurement combined with high range performance at silicon chip
scale
- Aeva remains on track to complete its business combination with
InterPrivate Acquisition Corp. (NYSE: IPV) in the first quarter of
2021.
Aeva, Inc. (“Aeva” or the “Company”), a leader in next
generation sensing and perception systems, today announced a
partnership with TuSimple, a global self-driving technology
company, to deploy Aeva 4D LiDAR on TuSimple’s self-driving trucks.
TuSimple is in a global partnership with VW’s TRATON Group to
develop an autonomous system for heavy-duty trucks and is
co-developing Level 4 self-driving trucks with Navistar, targeting
production in 2024. TuSimple and Aeva have been working together
using Aeva 4D LiDAR on the roads since 2019.
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Aeva 4D LiDAR is the leading Frequency Modulated Continuous Wave
(FMCW) technology to enable automated driving for series
production. With its unique ability to measure instantaneous
velocity for each pixel, long range performance at high
resolutions, while being free from LiDAR or sunlight interference,
Aeva’s 4D LiDAR is built from the ground up at silicon scale for
mass market applications.
“TuSimple is a leader in automated trucking, and tapping Aeva 4D
LiDAR is a vote of confidence in the unique capabilities and
scalability of our solutions, which are crucial to commercializing
self-driving trucks on the roads,” said Soroush Salehian,
Co-Founder and CEO at Aeva. “We look forward to working alongside
TuSimple as we bring our products to series production for trucking
applications.”
“Aeva’s 4D LiDAR solution provides a unique ability to measure
instant velocity along with distance, and at longer ranges, which
when combined with the other sensors in our technology stack,
provides complementary capabilities to our autonomous system,” said
Chuck Price, Chief Product Officer at TuSimple. “Aeva shares our
strict standards for safety and reliability, making them a great
partner for our LiDAR solutions.”
Aeva is engaged with 30 of the top OEM and automotive industry
players in the advanced driver assistance and autonomous driving
industries, has received strategic investments from Porsche SE, the
majority shareholder of VW Group, and has relationships with some
of the largest Tier 1 automotive suppliers, including the German
Tier 1 ZF, and the Japanese Tier 1 Denso.
Aeva remains on track to complete its previously announced
business combination agreement with InterPrivate Acquisition Corp
(NYSE: IPV), a publicly traded special purpose acquisition company,
in the first quarter of 2021. The business combination is expected
to provide up to $563M in gross proceeds. The combined company is
expected to be listed on the New York Stock Exchange under the
ticker symbol, “AEVA”.
About Aeva
Founded in 2017 by former Apple engineers Soroush Salehian and
Mina Rezk, and led by a multidisciplinary team of engineers and
operators, Aeva is building the next-generation of sensing and
perception for autonomous vehicles and beyond. Aeva is backed by
Adage Capital, Porsche SE, Lux Capital and Canaan Partners, amongst
others. For more information, visit www.aeva.com.
About InterPrivate Acquisition Corp.
InterPrivate is a blank check company organized for the purpose
of effecting a merger, share exchange, asset acquisition, stock
purchase, recapitalization, reorganization, or other similar
business combination with one or more businesses or entities.
InterPrivate is controlled by affiliates of Ahmed M. Fattouh,
Chairman and Chief Executive Officer, and InterPrivate LLC, a
private investment firm founded by Mr. Fattouh that invests on
behalf of a consortium of family offices in partnership with
independent sponsors from the private equity and venture capital
industries. InterPrivate focused its efforts on evaluating business
combination targets by leveraging InterPrivate’s network of
independent sponsors, family offices and private equity and venture
capital firms. InterPrivate is an emerging growth company as
defined in the Jumpstart Our Business Startups Act of 2012.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws with respect to
the proposed transaction between Aeva and InterPrivate, including
statements regarding the benefits of the transaction, the
anticipated timing of the transaction, the services offered by Aeva
and the markets in which it operates, and Aeva’s projected future
results. These forward-looking statements generally are identified
by the words “believe,” “project,” “expect,” “anticipate,”
“estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,”
“may,” “should,” “will,” “would,” “will be,” “will continue,” “will
likely result,” and similar expressions. Forward-looking statements
are predictions, projections and other statements about future
events that are based on current expectations and assumptions and,
as a result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this press release, including, but
not limited to: (i) the risk that the transaction may not be
completed in a timely manner or at all, which may adversely affect
the price of InterPrivate’s securities, (ii) the risk that the
transaction may not be completed by InterPrivate’s business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by
InterPrivate, (iii) the failure to satisfy the conditions to the
consummation of the transaction, including the adoption of the
business combination agreement by the stockholders of InterPrivate
and Aeva, the satisfaction of the minimum trust account amount
following redemptions by InterPrivate’s public stockholders and the
receipt of certain governmental and regulatory approvals, (iv) the
lack of a third party valuation in determining whether or not to
pursue the proposed transaction, (v) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the business combination agreement, (vi) the effect
of the announcement or pendency of the transaction on Aeva’s
business relationships, performance, and business generally, (vii)
risks that the proposed transaction disrupts current plans of Aeva
and potential difficulties in Aeva employee retention as a result
of the proposed transaction, (viii) the outcome of legal
proceedings instituted against Aeva or against InterPrivate related
to the business combination agreement or the proposed transaction,
(ix) the ability to maintain the listing of InterPrivate’s
securities on the New York Stock Exchange, (x) the price of
InterPrivate’s securities may be volatile due to a variety of
factors, including changes in the competitive and highly regulated
industries in which Aeva plans to operate, variations in
performance across competitors, changes in laws and regulations
affecting Aeva’s business and changes in the combined capital
structure, (xi) the ability to implement business plans, forecasts,
and other expectations after the completion of the proposed
transaction, and identify and realize additional opportunities,
(xii) the risk of downturns and the possibility of rapid change in
the highly competitive industry in which Aeva operates, (xiii) the
risk that Aeva and its current and future collaborators are unable
to successfully develop and commercialize Aeva’s products or
services, or experience significant delays in doing so, (xiv) the
risk that Aeva may never achieve or sustain profitability; (xv) the
risk that Aeva will need to raise additional capital to execute its
business plan, which many not be available on acceptable terms or
at all; (xvi) the risk that the post-combination company
experiences difficulties in managing its growth and expanding
operations, (xvii) the risk that third-parties suppliers and
manufacturers are not able to fully and timely meet their
obligations, (xviii) the risk of product liability or regulatory
lawsuits or proceedings relating to Aeva’s products and services,
(xix) the risk that Aeva is unable to secure or protect its
intellectual property and (xx) the risk that the post-combination
company’s securities will not be approved for listing on the New
York Stock Exchange or if approved, maintain the listing. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the "Risk Factors" section of
InterPrivate’s Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, the registration statement on Form S-4 and proxy
statement/consent solicitation statement/prospectus discussed below
and other documents filed by InterPrivate from time to time with
the SEC. These filings identify and address other important risks
and uncertainties that could cause actual events and results to
differ materially from those contained in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Readers are cautioned not to put undue reliance on
forward-looking statements, and Aeva and InterPrivate assume no
obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Aeva nor InterPrivate gives
any assurance that either Aeva or InterPrivate will achieve its
expectations.
Additional Information and Where to Find It
This press release relates to a proposed transaction between
Aeva and InterPrivate. This press release does not constitute an
offer to sell or exchange, or the solicitation of an offer to buy
or exchange, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer, sale or
exchange would be unlawful prior to registration or qualification
under the securities laws of any such jurisdiction. InterPrivate
filed a registration statement on Form S-4 with the SEC on December
3, 2020, which included a proxy statement of InterPrivate, a
consent solicitation statement of Aeva and a prospectus of
InterPrivate. The proxy statement/consent solicitation
statement/prospectus will be sent to all InterPrivate and Aeva
stockholders. InterPrivate also will file other documents regarding
the proposed transaction with the SEC. Before making any voting
decision, investors and security holders of InterPrivate and Aeva
are urged to read the registration statement, the proxy
statement/consent solicitation statement/prospectus and all other
relevant documents filed or that will be filed with the SEC in
connection with the proposed transaction as they become available
because they will contain important information about the proposed
transaction.
Investors and security holders may obtain free copies of the
proxy statement/consent solicitation statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
by InterPrivate through the website maintained by the SEC at
www.sec.gov. In addition, the documents filed by InterPrivate may
be obtained free of charge from InterPrivate’s website at
https://ipvspac.com/ or by written request to InterPrivate at
InterPrivate Acquisition Corp., 1350 Avenue of the Americas, New
York, NY 10019.
Participants in the Solicitation
InterPrivate and Aeva and their respective directors and
officers may be deemed to be participants in the solicitation of
proxies from InterPrivate’s stockholders in connection with the
proposed transaction. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the proposed transaction may be obtained by reading
the proxy statement/consent solicitation statement/prospectus
regarding the proposed transaction. You may obtain free copies of
these documents as described in the preceding paragraph.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210126005402/en/
Investors: Andrew Fung investors@aeva.ai
Media: Michelle Chang press@aeva.ai
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