Aeva Is Now the Latest Lidar Manufacturer on the Cusp of Going Public as Shareholders of the SPAC InterPrivate Acquisition Corp. (IPV) Approve the Proposed Merger
Aeva, a company that is building next-gen sensing and perception technology for autonomous vehicles, is now all set to go public by merging with the SPAC InterPrivate Acquisition Corp. (NYSE:IPV).
As per the press statement released by Aeva and InterPrivate Acquisition on the 16th of February 2021, the SPAC’s shareholders were scheduled to vote on the proposed business combination agreement on the 11th of March. Accordingly, the pertinent meeting was convened a short while back in which the SPAC’s shareholders approved the merger with Aeva, paving the way for the shares of the combined company to start trading on the New York Stock Exchange under the ticker symbol AEVA.
As a refresher, Aeva retails Frequency Modulated Continuous Wave (FMCW) lidar sensors that measure velocity as well as depth, reflectivity, and inertial motion. In order to do this, the sensor emits a continuous, low-power laser beam that measures changes in the frequency of waves that are reflected from intermittent objects. Accordingly, these lidar sensors retain a major edge over other comparable time-of-flight lidar products – that measure the time taken for a laser beam to reflect off a surface. Aeva utilizes silicon photonics to build its “4D LiDAR-on-Chip” systems that combine instant velocity measurements with long-range performance and a small form factor, thereby offering a potent perception sensing product at an affordable cost. The chip caters to AR/VR applications, micrometer precision 3D mapping, as well as health monitoring on the basis of its micrometer per second instant velocity measurements. Additionally, the company’s Aries lidar sensors for vehicles offer a range of over 300 meters, a 120°x30° field of view, and the ability to measure instant velocity in cm/s.
Porche SE, the majority owner of the Volkswagen Group, is a major investor in Aeva. The company is currently engaged with VW Group on the development of next-gen lidar for vehicles and is targeting a 2024 production timeline. As far as the company’s financials are concerned, Aeva expects its annual revenue to reach $880 million by 2025, as opposed to just $11 million in 2021. This corresponds to revenue growth of 7,900 percent between 2021 and 2025! Moreover, from 2024 onward, the company expects to start generating positive free cash flow.
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