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Ohio Pension Funds Sue Boeing and Former Chairman Over Plane Failures

NLPC

Why is former Boeing Chairman Larry Kellner – who led the company’s governance oversight during last year’s infamous Alaska Airlines door plug blowout – now head of the safety committee on ExxonMobil’s board of directors? That’s what a shareholder in both companies – National Legal and Policy Center (NLPC) – is asking. And now two pension funds for the State of Ohio are demanding answers from Boeing and its board members (both current and former) about the devaluation of their investment. Attorney General Dave Yost announced Tuesday that he is suing the board of directors for the Washington, DC-based jet manufacturer, “seeking accountability for a pattern of safety and compliance failures that have harmed the company and its investors.” Yost is representing the Ohio Public Employees Retirement System and the State Teachers Retirement System of Ohio in the litigation, and accuses Boeing board members of breaching their fiduciary duties by failing to properly oversee the company. The lawsuit alleges the members knew “about the ongoing unsafe practices but even today fail to address them, choosing instead to prioritize profits over safety and regulatory compliance.” Among the defendants singled out by Yost is former Boeing chairman Kellner, who departed from the company under a cloud earlier this year, following the Alaska Airlines incident and other safety failures, in what CNN described as “a complete decapitation” of leadership. Among the allegations pointed out in the Ohio lawsuit about Kellner was that he: served on the board’s Aerospace Safety Committee since 2019; solicited votes from shareholders with other directors who “issued materially false or misleading statements with knowledge of their falsity or reckless disregard for their truth” in both 2023 and 2024; with other directors, “knowingly or with reckless disregard made false or misleading statements of material fact and omitted material information concerning the safety of Boeing’s airplane manufacturing…”; was opposed by proxy advisor Glass Lewis for re-election to the board in 2021 and 2022, “given his role as Audit Committee Chair during the [737] MAX Crashes” in Indonesia and Ethiopia. Yost summarizes the lawsuit against Boeing directors, including Kellner, by alleging they issued “false or misleading” statements “with knowing intent to deceive, manipulate, or defraud.” Yet today Kellner enjoys a soft landing on the board of directors for ExxonMobil, where he chairs the oil giant’s Environment, Safety and Public Policy Committee, with millions of dollars in stock awards and remuneration. This is after Boeing on Wednesday reported a third-quarter loss of more than $6 billion in the wake of the financial, reputational and litigation disaster left behind in the wake of Kellner’s failed leadership. “In the part of his career and experience which is supposed to highlight the majority of his credentials to serve in his current role on ExxonMobil’s board, Larry Kellner has been an unmitigated disaster,” said Paul Chesser, director of NLPC’s Corporate Integrity Project, an investor in both Boeing and ExxonMobil. “Exxon is not without safety and environmental failures in its history that have cost lives, injuries and destruction. How can it say with a straight face that Mr. Kellner is the best person to oversee the company’s environment and safety policies and practices?” Earlier this year in advance of ExxonMobil’s annual meeting, NLPC filed a proxy memo with the Securities and Exchange Commission, detailing Kellner’s shortcomings for the director role and asking fellow shareholders to oppose his candidacy for the board. NLPC also released a short video in May that highlighted Boeing’s mishaps under Kellner’s leadership. ### For more information or to schedule an interview with Paul Chesser, contact Dan Rene at 202-329-8357 or drene@nlpc.org. Please visit http://www.nlpc.org. Founded in 1991, the National Legal and Policy Center promotes ethics in public life through research, investigation, education and legal action. Contact Details National Legal and Policy Center Dan Rene +1 202-329-8357 drene@nlpc.org Company Website http://www.nlpc.org

October 24, 2024 09:30 AM Eastern Daylight Time

The Reservoir Unveils the First On-Farm Robotics Incubators

Hawk Tower / The Reservoir

Today at FIRA USA 2024, the Reservoir announced the first-ever on-farm robotics incubators, Reservoir Farms, set to open in the Central and Salinas Valleys in early 2025. This pioneering initiative significantly shifts how agricultural technology innovates through real-world testing environments, world-class resources, and critical industry partnerships. California agriculture faces critical challenges, including labor availability and cost, import competition, increased regulation, water scarcity, and climate-related challenges, including extreme weather. These challenges have spurred significant advancements in agricultural precision, automation, mechanization, and robotics in recent years. Despite advancements, early-stage agtech projects lack critical ecosystem support, like connecting directly with growers, testing and validating their solutions, and accessing dedicated shop space and farmland. These gaps hinder capital efficiency and the development of critical solutions that meet the agricultural sector's needs. Initial projects at the incubators will focus on early-stage agricultural innovations in automation and robotics, including rovers and drones, that accelerate the development of breakthrough solutions to the opportunities and imperatives faced by California farms producing high-value specialty crops, such as labor shortages, profitability, and adopting climate-smart technologies. Western Growers Association, a key advocate for advancing agricultural innovation, will provide financial and operational support as an anchor partner. Anchor educational partners like UC ANR, Hartnell College, and Merced College will play a crucial role in innovation and workforce development, preparing the next generation of agricultural researchers, professionals, and innovators to drive the future of farming in California. HawkTower, a venture capital firm investing in early-stage startups developing breakthrough innovations for California’s environmental and industrial imperatives, is also an anchor partner. “The launch of Reservoir Farms is a critical step forward in ensuring the future resilience of California’s agriculture and across the Central Coast and Central Valley,” said Danny Bernstein, CEO of the Reservoir and Managing Partner of HawkTower. “By placing incubators directly on the farm, we enable innovators to test, iterate, and scale solutions in real-world conditions as a more immediate path to advance farming communities.” A New Model to Incubate AgTech Innovation The idea for Reservoir Farms emerged from extensive industry research and consultations with over 50 organizations in the specialty crop sector. Key insights uncovered critical gaps in startups' access to real-world testing environments, shop space, and direct relationships with growers—factors severely hindered capital efficiency and posed a formidable barrier to innovation. “Our goal is to eliminate the friction points that have historically slowed down the development of new agtech solutions,” said Walt Duflock, Senior Vice President of Innovation at Western Growers Association. “Reservoir Farms offers a new model, where startups can work side-by-side with growers to test their technologies, iterate in a low-stakes environment, and build scalable solutions to improve agriculture's operations.” Supports Thriving Agtech Ecosystem and Job Creation The Reservoir Farms initiative also reflects a broad-based collaboration between key educational institutions, industry players, and local communities to ensure the next generation of agricultural professionals is equipped with the skills needed to support the region’s growing agtech sector. Supporting partners include Central Coast Small Business Development Center (SBDC), Communities Organized for Relational Power in Action (COPA), Digital NEST, Farmhand Ventures, Merced County Farm Bureau, Milano Technical Group, Monterey Bay DART (Drone Automation & Robotics Technology), Monterey Bay Economic Partnership, Monterey County Farm Bureau, Tesserakt Ventures, and The Vine. “As robotics and automation become more integral to California agriculture, it’s essential to have facilities like Reservoir Farms embedded within the farming community,” said Gabriel Youtsey, Chief Innovation Officer at UC ANR. “By bridging the gap between lab-based research and real-world application and accelerating tech transfer, Reservoir Farms can help build the workforce and technology needed to address the critical challenges on the farm, from labor shortages to climate change.” A Focus on Specialized Services and Real-World Testing in California's Agricultural Heartland Reservoir Farms will open its first two locations in Salinas Valley and Merced in the first quarter of 2025. Participants can lease testing fields and shop space without the burden of multi-year leases, giving them the flexibility needed to scale. The incubators will offer fully equipped R&D workshops, secure storage for expensive equipment, and customized, pre-planted specialty crop fields for testing. These facilities will be complemented by Reservoir Farms’ co-working spaces, meeting rooms, and a robust demo day schedule designed to connect startups with growers, investors, and other key stakeholders. In addition, the Western Growers Association’s validation process will provide startups with a quantitative “scorecard” that offers crucial metrics on scalability, efficacy, and financial viability. This validation, combined with UC ANR’s field testing, will help startups refine their products and receive a critical stamp of approval that builds trust with growers and ensures a smoother path to commercialization. About the Reservoir: The Reservoir is a 501(c)(3) nonprofit building tech incubators for California’s future. Founded in 2024, the Reservoir creates spaces where startups, researchers, organizations, and corporations can develop and test innovations beyond Silicon Valley, focusing on rural areas like the Central and Salinas Valleys. The Reservoir drives economic growth, workforce development, and environmental resilience across California’s agricultural heartlands. Learn more at www.thersvr.org. Contact Details AgTech PR for The Reservoir Jennifer Goldston jennifer@agtechpr.com Company Website https://www.thersvr.org/

October 23, 2024 09:00 AM Pacific Daylight Time

Agtonomy Closes $32.8M Series A to Accelerate AI-Driven Automation in Agriculture and Expand into Autonomous Industrial Equipment

Agtonomy

Agtonomy, the pioneer in AI-enabled automation software for agriculture and land maintenance, has raised an additional $10M to close its Series A round, bringing total funding to $32.8M. This significant investment, combined with Agtonomy’s commercial offerings and scalable business model, positions the company for accelerated growth and market expansion over the next few years. Autotech Ventures, the leading mobility venture fund, led the round. New investors include Rethink Food, Allison Transmission, and Black Forest Ventures. Existing backers Toyota Ventures, Flybridge, and Cavallo Partners continued their support. This funding marks a pivotal moment in Agtonomy's mission to address labor and climate change challenges through advanced automation for industrial equipment fleet management. “Agtonomy's innovative approach aligns with our mission to revolutionize mobility and automation across various sectors, starting with off-road autonomy. Their unique business model, which combines software expertise with established OEM partnerships, positions them to lead the transformation to autonomous fleet management. We look forward to supporting Agtonomy's experienced team as they address critical labor shortages and sustainability challenges in these industries,” said Alexei Andreev, founding partner of Autotech Ventures. Agtonomy’s immediate growth plans include scaling its West Coast technical team into new markets, expanding its 2025 paid pilot program for permanent crops by 500 percent, and developing technology solutions for other industrial markets that seek world-class automation to improve margins. “The impact Autotech has already had on our business is expansive. We could not have had a better lead investor in this round than this talented group who have focused on the world of mobility since their inception,” said Tim Bucher, CEO and Co-Founder of Agtonomy. Powerhouse Board Validates Agtonomy’s Market Potential Sterling Anderson, a Silicon Valley icon who led the team that created the original Tesla Autopilot and co-founded the leading independent developer of on-road autonomy, will join Agtonomy’s diverse Board of Directors. “Agriculture is a vast and essential element of the human experience. Autonomy can make it better. I’ve been impressed with Agtonomy’s approach, focus, and execution to date and look forward to advising them on this important journey.,” said Sterling Anderson, Co-Founder and Chief Product Officer of Aurora. In May, Agtonomy announced that Jorge Heraud, formerly John Deere’s vice president of automation & autonomy, joined the Board, which includes both co-founders Tim Bucher and Valerie Syme, and Board Chair Jim Meyer, former SiriusXM CEO and current Vice Chair. “By bringing together some of the most impactful technology leaders, our Board is enabling additional firepower in corporate strategy and governance to bring Agtonomy to its full potential,” said Valerie Syme, co-founder and COO of Agtonomy. About Agtonomy: Agtonomy is a California-based, farmer-founded software, services and technology company enabling autonomy to solve agriculture’s most immediate and pressing problems including labor scarcity, climate change and shrinking profit margins. Partnering within the equipment value chain for rapid commercialization, Agtonomy embeds their ‘smarts’ into brand-name tractors and implements, digitally transforming machinery into a remote-operated, task-driven ecosystem for safe, equitable, profitable and climate-smart agriculture. For more information, visit https://www.agtonomy.com/. Contact Details AgTech PR for Agtonomy Sara Winters sara@agtechpr.com Company Website https://www.agtonomy.com/

October 16, 2024 08:30 AM Pacific Daylight Time

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Canoo Builds Modular EV Solutions For Commercial And Government Clients

Benzinga

By Johnny Rice, Benzinga Greg Ethridge, CFO of Canoo (NASDAQ: GOEV), was recently a guest on Benzinga’s All-Access. Canoo Inc. is an automotive tech company that manufactures electric cargo vehicles for large commercial and government fleet customers globally. The company has developed design-forward electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Ethridge told Benzinga that his company stands out for providing clients with full, long-term solutions rather than just the EV product. Canoo’s production facility in Oklahoma will be the first automotive foreign-trade zone in the state. Watch the full interview here: Featured photo by Hyundai Motor Group on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

October 16, 2024 08:35 AM Eastern Daylight Time

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NAFA Launches New eLearning Courses for Advanced Fleet Management

NAFA Fleet Management Association

NAFA Fleet Management Association (NAFA), the vehicle fleet industry’s largest membership association, is excited to announce the launch of the first two courses in its new eLearning series. These self-paced, virtual courses are designed to provide fleet professionals with a comprehensive understanding of core fleet competencies and best practices across a wide range of fleet management areas. By the end of 2024, a total of nine eLearning courses will be available, covering key topics across the industry. The first two courses—Asset Management and Sustainable Fleet—are live now, with additional courses to be released over the coming months. "The launch of NAFA’s eLearning Courses represents a significant step in providing flexible, accessible education for fleet professionals," said Bill Schankel, CAE, CEO of NAFA. "These courses allow fleet managers to gain critical skills and knowledge at their convenience, empowering them to implement best practices and drive their organizations forward." With the fleet industry advancing rapidly, NAFA’s eLearning platform offers interactive, up-to-date training that reflects the latest industry trends, technologies and practices. Fleet professionals across all sectors can access specialized learning modules, with the flexibility to complete the training at their own pace. Courses include interactive exercises, quizzes, checkpoints, and explainer animations to enhance the learning experience, with ongoing access to course materials for continuous review. First eLearning Courses Released: Asset Management eLearning: Covers the full spectrum of asset management activities including vehicle selection, procurement, commissioning and remarketing. Fleet managers skilled in asset management play a key role in boosting an organization’s profitability and operational efficiency. Sustainable Fleet eLearning: Focuses on integrating sustainability into fleet operations, from vehicle acquisition through remarketing. Topics include sustainable fleet planning, fuel use, life cycle cost analysis and leadership strategies for driving sustainability goals within fleet operations. These eLearning courses serve as a gateway to advanced fleet management learning, providing the tools and knowledge fleet professionals need to stay ahead in a rapidly evolving industry. This is only the beginning, as NAFA will continue to roll out more courses, covering essential topics like Risk Management and Vehicle Fuel Management, ensuring professionals have the resources to thrive in modern fleet management. For more information on NAFA’s eLearning Courses and to register, visit https://www.nafa.org/elearning-courses/. NAFA Fleet Management Association is the membership organization for professionals who manage the mobility requirements of vehicle fleets that include commercial, public safety, trucks, and buses of all types and sizes, and a wide range of military and off-road equipment for corporations, governments, universities, utility fleets, and law enforcement in North America and across the globe. NAFA’s members are responsible for the specification, acquisition, maintenance, repair, fueling, risk management, and remarketing of more than 4.8 million vehicles that drive an estimated 84 billion miles each year. NAFA’s members control assets and services well above $122 billion each year. For more information, please visit www.nafa.org, and communicate with NAFA on LinkedIn, Facebook, and X. Contact Details Keaveny Hewitt +1 919-622-5276 khewitt@onwrdupwrd.com Company Website https://www.nafa.org/

October 15, 2024 09:38 AM Eastern Daylight Time

The Bermuda Business Development Agency (BDA) Leads Economic Growth as EIRC Initiative Surpasses $500 Million Milestone

Bermuda Business Development Agency

October 10, 2024 – The Bermuda Business Development Agency (BDA) is pleased to announce that the Economic Investment Residential Certificate (EIRC) initiative has surpassed $500 million in investments. This milestone reinforces Bermuda’s position as a premier destination for global investors, showcasing the EIRC’s pivotal role in driving sustained economic growth while enhancing the island’s appeal to high-net-worth individuals seeking both exceptional investments and an unmatched island lifestyle. Since its launch in 2021, The BDA has successfully provided concierge services for all EIRC applicants, guiding them through each phase of the process and ensuring a smooth, seamless experience. This tailored approach has been instrumental in driving economic growth, attracting affluent investors from around the world, including the U.S., U.K., Canada, and Spain. With a minimum investment of $2.5 million, participants gain permanent residency in Bermuda and the flexibility to invest in real estate, new and existing local businesses, Government bonds (previously offered), or social causes. To date, 58 approved applications have driven substantial capital into local enterprises and the property market. The EIRC does however offer more than financial benefits; many certificate holders are drawn to Bermuda because of personal connections, whether through birth, marriage, or long-standing relationships with the island. As a result, these stakeholders are not solely investing capital—they have become part of Bermuda’s community. Data shows that nearly half of a country’s economic growth typically originates from individuals already embedded in the community, and Bermuda is no different. By becoming part of the island’s fabric, these stakeholders unlock even greater opportunities for investment and growth, driving Bermuda’s continued economic success. The Honourable Jason Hayward, Minister of Economy and Labour, commented on the programme's success: "The EIRC initiative has proven to be a vital tool for stimulating economic development in Bermuda. By attracting high-net-worth individuals who are not only investing but also establishing Bermuda as their home, we are creating long-term opportunities for the island. Surpassing the $500 million mark is a significant achievement, and we are confident that the BDA and EIRC programme will continue to contribute positively to Bermuda’s economic growth." Kyle Rogers, Research and Intelligence Manager at the BDA, is also responsible for overseeing the concierge service that supports applicants throughout the entire EIRC process. He ensures seamless management of the certificates, providing crucial guidance from initial inquiry, through comprehensive candidate evaluation, to final approval. He stated, "Reaching $500 million is a testament to Bermuda’s unique offering as both a business hub and an exceptional place to live. The EIRC initiative continues to generate significant value by attracting capital and new residents who are committed to the island’s long-term success. We are excited about the programme’s growth and the bright future ahead." Of the total $500 million investment, $212 million has been directed towards new businesses, $231 million into real estate, $49 million into existing local enterprises, $2.6 million into Government bonds, and $6 million into social ventures deemed beneficial to Bermuda and subject to the Minister’s approval. Jonathan Halata, a developer, investor, and successful EIRC applicant, shared his experience: "As Canadians and Brits, my family has been connected to Bermuda since the 1970s. The EIRC wasn’t just about investing money; it was about building a life for my husband and daughter, and contributing to the community my family has become part of." "My investment in Bermuda extends far beyond financial returns—it's about contributing to the development of premier assets like hotels and tourism infrastructure. Island Realty projects like Azura and Nautilus have brought something unique to Bermuda and created dozens of jobs, which are vital for both airlift and the livelihoods of Bermudians. "I see a direct link between the EIRC programme and Bermuda’s future growth. It’s not just about selling homes—it’s about creating lasting opportunities. Multiplying our experience by 10, 50, or 100 could generate significant new jobs for Bermudians." "The EIRC certificate process was much easier than I expected, especially knowing the complexities with immigration and work permits. The BDA’s white-glove service, with Kyle’s personal attention to detail, made a tremendous difference. They delivered exactly what was promised, with a ribbon on top." For more information on the Economic Investment Residential Certificate and how to apply, visit bda.bm. Media Contact: Simone Gibbons Head of Marketing, Communications & Events D. +1 441 297 7774 | M. +1 441 707 0038 | E: simone@bda.bm The Bermuda Business Development Agency (BDA) encourages direct investment and helps companies start up, re-locate, or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Contact Details Bermuda’s Business Development Agency (BDA) +1 441-707-0038 info@bda.bm Company Website https://bda.bm

October 10, 2024 02:35 PM Eastern Daylight Time

RevUpX: Innovative Zero-Fee Credit Card Processing Firm Takes Off

RevUpX

RevUp Transactions (RevUpX), a dynamic new player in the merchant services industry, has been shifting into high gear since its summer launch. The company specializes in delivering tailored credit card processing solutions designed to meet the unique needs of underserved auto dealerships. Founded by industry veteran Joe Doyle, RevUpX offers compliant Zero-Fee Credit Card Processing, enabling dealerships and other merchants to save big on processing fees while providing greater payment flexibility to their customers. “Auto dealerships have been missing out on significant savings due to a lack of awareness or understanding of zero-fee processing programs," said Doyle. "We created RevUpX to bridge this gap, offering a simple, compliant solution that allows businesses to retain more revenue while providing a seamless customer experience." As a Direct Partner of CardConnect and Fiserv Inc., RevUpX leverages the strength of these industry heavyweights in payment processing, bringing unmatched scale and innovation to RevUpX’s offerings. Doyle, a prominent figure in the merchant services industry with more than 25 years of experience, is the driving force behind RevUpX. After overseeing the acquisition of his previous company, MerchantPro Express, by CardConnect, Doyle founded RevUpX to deliver customized, high-value solutions to the automotive industry. To bring his vision to life, Doyle assembled a team of seasoned industry veterans who share his passion for innovation and commitment to exceptional client service. “In a complex industry like ours, a proven team is essential,” Doyle explained. His trusted roster includes longtime collaborators with decades of experience and a strong track record of success. With RevUpX, auto dealerships now have a powerful opportunity to transform their payment systems while significantly cutting costs. It’s a game-changing approach that helps position dealerships to stay competitive in an evolving market, driving long-term growth and success. For more information or to schedule a meeting visit RevUpX.com or contact Joe Doyle directly at or 516-721-2705 or jdoyle@revupx.com. RevUp Transactions LLC (RevUpX) is a leading-edge merchant services provider dedicated to eliminating credit card processing fees for auto dealerships through innovative approaches. RevUpX is a registered partner of CardConnect Merchant Service and Fiserv, Inc. Contact Details RevUp Transactions Joe Doyle +1 516-721-2705 jdoyle@revupx.com

October 10, 2024 10:05 AM Eastern Daylight Time

U Power And Velo Labs Team Up To Create Battery Bank Trading And Funding Platform

Benzinga

By Meg Flippin, Benzinga U Power Limited (NASDAQ: UCAR), the Chinese EV power solution company that offers a proprietary battery-swapping technology, is setting out to further electrify the market via a deal with Velo Labs Technology Ltd., a global fintech company. The two have entered into a memorandum of understanding to establish a battery infrastructure investment ecosystem in Thailand. The idea is to create a battery bank asset and fund trading platform based on Velo's blockchain technology. Through the platform U Power and Velo Labs hope to attract external funding to promote the large-scale development of the battery bank industry. A battery bank is a collection of batteries that are connected and store energy together. For EVs, the idea of the industry is to create battery bank stations around the country where drivers quickly swap out dead batteries for new ones. The trading platform would integrate battery assets from various "UOTTA" battery bank scenarios, including batteries for four-wheel and two-wheel electric vehicles, batteries from various battery swap stations and batteries used in energy storage projects. "Our partnership with Velo Labs demonstrates that as electric vehicles and other green applications develop on a large scale, battery banks will become increasingly important,” said Jia Li, Chairman and CEO of U Power, when announcing the deal. “Once the value system and trading model for battery assets are established, more investors will be attracted to enter this vast market in the future. Our UOTTA battery swap business serves as an ideal carrier for this model and will generate consistent returns for our shareholders." U Power’s Edge With U Power’s advanced technology, consumers and fleet operators can replace dead EV batteries with fully charged ones in under five minutes. That removes the time challenges, and with swapping stations eventually located throughout China, it eliminates the fear of running out of battery life. As of March 2023, U Power had a vehicle sourcing network of about 100 wholesalers and 30 dealers across China’s lower-tier cities. Last year, it sold and delivered six battery-swapping stations to four customers. All told, it has already sold eleven battery-swapping stations. As part of the collaboration between U Power and Velo Labs, the two will manage the entire lifecycle of battery assets, including battery cascade utilization, dismantling and environmentally friendly disposal and comprehensively improving battery utilization rates and residual value, U Power says. Velo Labs is a fintech based in the British Virgin Islands. It was co-founded in 2018 by Chatchaval Jiaravanon, a member of the Charoen Pokphand Group, which is Thailand's largest conglomerate. Velo Labs aims to create a trustless financial infrastructure that supports cryptocurrency payments and smart contracts, making financial transactions cheaper, faster and more accessible. Battery Swapping Trending U Power and Velo Labs collaboration comes at a time when battery swapping could be set to grow in China as the country embraces EVs as a way to fight global warming. The market size for battery swapping and electric commercial vehicles is projected to reach RMB 176,615.1 million in 2026, growing at a CAGR of 68.1% from now until then, according to a report by Frost & Sullivan cited by U Power. U Power is aiming to capitalize on it by forging partnerships and innovating in the market. In addition to its deal with Velo Labs, U Power counts Dutch electric vehicle company UNEX as well as Cornerstone Technologies Holdings Limited as partners. The EV market seems to be poised for growth as the world looks for greener alternatives, and trading the energy being collected and stored could emerge as a key trend. U Power and Velo Labs are banking on that with this collaboration. Featured photo by israel palacio on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

October 10, 2024 08:30 AM Eastern Daylight Time

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Aeva Enables Customers To Go Where They Have Never Gone Before – Looking Into Automated Vehicles And Network Effects From An Expanding List Of Customers

Benzinga

By Meg Flippin, Benzinga Keep a look out for more Aeva Technologies Inc. announcements here. From self-driving trucks that can safely achieve highway speeds to autonomous vehicles that can easily navigate cities, Aeva Technologies Inc.’s (NYSE: AEVA) Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology is breaking barriers, enabling its growing customer base to go where they have never gone before. Aeva’s advanced LiDAR technology uses a low-power continuous laser beam to measure range and velocity simultaneously, which it says unlocks new levels of safety and automation by instantaneously discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. Instant velocity data gives real-time insight into how an object’s position changes, giving the vehicle’s computer a more accurate picture to help plan its next move. These sensors can also achieve highway speeds and do it safely. It’s something that’s eluded the industry so far, with many vehicles with automated driving functionality only achieving top speeds of 35 to 45 MPH, which is sub-optimal for highway driving. For the automotive industry to move to autonomous vehicles, it must sustain tackling city streets and importantly highway speeds safely. Reimaging Self-Driving Trucks for Safety At Scale It’s the reason Daimler Truck AG and Torc Robotics, an independent subsidiary of Daimler Truck, tapped Aeva to power its self-driving trucks of the future and enable a highway driving operational design domain (ODD). The world's largest commercial vehicle manufacturer recently inked a multi-year OEM deal with Aeva with an estimated order book of $1 billion in which Daimler is using Aeva’s sensors in its Class 8 Freightliner Cascadia autonomous truck platform. These are heavy-duty trucks that spend most of their time on interstates hauling cargo to and from major logistics hubs. The industry sees heavy-duty trucking as an area rife for autonomous vehicles given the severe shortages of drivers in that segment of the market. “There’s a strong need for something that drives on interstates at high speeds of 65 miles per hour,” says Peter Vaughan Schmidt, CEO of Torc. “That’s the problem Torc is trying to solve and found a solution with Aeva.” For self-driving heavy-duty trucks to become a reality, Schmidt says they have to be ultra-precise in understanding their environment so they can react and plan ahead, and that’s what he said Aeva’s sensors enable. That, Aeva says, is achieved through things like Ultra Resolution, a real-time camera-level image that provides up to twenty times the resolution of legacy LiDAR sensors. Another key feature of Aeva’s technology is its small road hazard detection at highway speeds. Aeva says it can detect hazards twice the distance of what is possible today. All told its sensors can see 500 meters away. On top of all that, Aeva’s FMCW technology is resistant to interference from sunlight and other LiDAR sensors, including Aeva sensors, ensuring performance across a wider set of lighting conditions and when used near other LiDAR-equipped vehicles. “We are designing to scale by year 2027 and it doesn’t mean prototype trucks, it means you can go to a Freightliner dealer and buy a Cascadia Truck,” says Schmidt. Navigating City Streets Safely But Daimler Truck and Torc aren’t the only ones that are tapping Aeva’s LiDAR sensors to take their autonomous driving platforms to the next level. May Mobility, the Ann Arbor, Michigan, company which makes self-driving cars for cities around the world, is also turning to Aeva to realize its safe self-driving plans. What May Mobility says sets it apart is its focus on creating self-driving technology that can safely handle the unexpected and plan for what may happen next on a city street. That enables the vehicles to drive safely in any situation no matter how unique. To make it a reality, May Mobility, which counts Toyota Motor Corp. (NYSE: TM) as a customer, selected Aeva to be the exclusive supplier of long-range LiDAR sensors for May Mobility’s autonomous vehicles globally. The multi-year supply agreement provides five-year volume commitments through 2028, with deliveries already begun last year and production ramping in 2025. “Aeva’s long-range 4D LiDAR technology provides unique and exciting new capabilities for our autonomous stack and aligns well with our technology and commercialization roadmap,” Edwin Olson, co-founder and CEO at May Mobility, said when announcing the deal. “We’re thrilled to partner with Aeva on our mission to reimagine transportation by developing and deploying autonomous vehicles that get people where they need to go safely and easily.” More To Come For Passenger Vehicles? Earlier this week, Aeva announced that a major European Passenger OEM selected Aeva’s 4D LiDAR for its automated vehicle validation program. The OEM will leverage Aeva’s FMCW technology, with its instant velocity data, to gather real-world data, to benchmark and validate its next-generation vehicle automation and assisted driving systems. In addition, Aeva has said it is engaged and progressing on multiple ongoing production program RFQs with global top-10 passenger OEMs, suggesting more vehicle manufacturers are looking to leverage Aeva’s FMCW LiDAR for their production vehicle programs to enable new capabilities for advanced driver assistance and autonomous systems. The company has said that some of these OEMs are expected to make award decisions in the coming months. A new major passenger vehicle manufacturer adopting Aeva’s technology in its production vehicles can be a potential massive boost for the company and cement the shift in the industry to its FMCW-based perception technology that the company has been talking about. From heavy-duty trucks to robotaxis, and increasingly passenger vehicles at mass scale, Aeva is helping its customers go beyond what they imagined before, thanks to its advanced 4D LiDAR and perception software technology. Learn more about Aeva Technologies Inc. by checking out its investors deck here. Featured photo by Emmanuel Acua on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

October 10, 2024 08:20 AM Eastern Daylight Time

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