The leader in automotive ADAS chooses the
leader in lidar technology for level 4 autonomy solutions
Luminar Technologies, Inc. (“Luminar”), the global leader in
automotive lidar hardware and software technology, which is
currently in the process of becoming a public company through its
expected merger with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU,
GMHIW), a special purpose acquisition company, has struck a deal
with Mobileye, an Intel company, to supply Luminar lidar for the
company’s Autonomous Vehicle (AV) Series solution in its next phase
of driverless car development and testing.
As part of the agreement, Mobileye will collaborate with Luminar
to use its lidar for the first generation of its level 4
Mobility-as-a-Service (MaaS) pilot and driverless fleet in key
markets around the world, including Tel Aviv, Israel; Dubai, UAE;
Paris, France; and Daegu City, South Korea.
Luminar’s technology will be used to enable Mobileye’s TRUE
REDUNDANCY™ solution which is uniquely comprised of multiple
self-contained sensor systems to enable uncompromised safety and
validation for level 4 driving. By processing completely
independent streams of data from 360-surround view cameras, lidar,
and radar, the solution ensures significantly greater perception
accuracy and eliminates the impact of disruptions to an individual
sensor.
“Mobileye disrupted the auto industry to become the undisputed
king of ADAS, and with the right partner is uniquely positioned to
enable autonomy at an unprecedented scale,” said Austin Russell,
Founder and CEO of Luminar Technologies. “After collaborating with
Mobileye for over a year, we’re excited to formalize this deal and
work towards a shared vision of making autonomy safe and
ubiquitous.”
Luminar has secured a total of 50 commercial partners across
passenger vehicle, trucking, and robo-taxi verticals, representing
approximately 75% of major players in the targeted customer
ecosystem. Luminar’s accelerating commercial traction has resulted
in opportunities to convert 12 of its OEM programs and engagements
from development stage into production. Key 2020 achievements
across its three key verticals include:
- Passenger Vehicle – Luminar has secured the industry’s
first series production deal for consumer vehicles starting in
2022. Luminar remains on schedule with the first Iris sensors now
running live on vehicles. Luminar is partnered with seven of the
top 10 largest automakers at various development stages, with
timelines to series production landing between 2022-2025.
- Trucking – Luminar is partnered with the largest global
truck OEM to commercialize Level 4 autonomous trucks for long-haul
highway use cases; Luminar is now also powering all other major
autonomous trucking programs globally.
- Mobility-as-a-service – Luminar is now working with a
number of major next-generation autonomous robo-taxi programs, with
particular focus on those closer to series production, including
Mobileye’s internal Mobility-as-a-Service program.
ABOUT LUMINAR
Luminar is an autonomous vehicle sensor and software company
with the vision to make autonomy safe and ubiquitous by delivering
the only lidar and associated software that meets the industry’s
stringent performance, safety, and economic requirements. Luminar
has rapidly gained 50 industry partners, including 7 of the top 10
global automotive OEMs, and has received minority investments from
the world’s largest commercial vehicle manufacturer, Daimler Truck
AG and Volvo, a global leader in automotive safety, to bring
autonomous trucks and cars to highways, respectively. Founded in
2012, Luminar is a 350-person team with offices in Palo Alto,
Orlando, Colorado Springs, Detroit, and Munich. For more
information please visit www.luminartech.com.
In August, Luminar announced it entered into a definitive
agreement to merge with Gores Metropoulos, Inc. (Nasdaq: GMHI,
GMHIU and GMHIW), a special purpose acquisition company sponsored
by an affiliate of The Gores Group, LLC. The transaction is
expected to close in the fourth quarter of 2020, subject to
regulatory and stockholder approvals, and other customary closing
conditions. The combined company will retain the Luminar
Technologies, Inc. name and will remain listed on Nasdaq under the
new ticker symbol “LAZR.”
Additional Information about the Transactions and Where to
Find It
Gores Metropoulos has filed with the SEC a registration
statement on Form S-4 (the “Registration
Statement”) and has mailed the definitive proxy
statement/consent solicitation statement/prospectus contained
therein and other relevant documents to its stockholders. The
Registration Statement is now effective. The Registration
Statement, including the proxy statement/consent solicitation
statement/prospectus contained therein, contains important
information about the proposed transactions contemplated by the
Merger Agreement and the other matters to be voted upon at a
meeting of Gores Metropoulos’ stockholders to be held to approve
the proposed transactions contemplated by the Merger Agreement and
other matters (the “Special Meeting”)
and is not intended to provide the basis for any investment
decision or any other decision in respect of such matters. Gores
Metropoulos stockholders and other interested persons are advised
to read the Registration Statement and the proxy statement/consent
solicitation statement/prospectus, as well as any amendments or
supplements thereto, because they contain important information
about the proposed transactions. The definitive proxy
statement/consent solicitation statement/prospectus has been mailed
to Gores Metropoulos stockholders as of October 14, 2020, the
record date established for voting by Gores Metropoulos
stockholders on the proposed transactions contemplated by the
Merger Agreement and the other matters to be voted upon at the
Special Meeting. Gores Metropoulos stockholders will also be able
to obtain copies of the definitive proxy statement/consent
solicitation statement/prospectus, without charge, at the SEC’s
website at www.sec.gov or by directing
a request to: Gores Metropoulos, Inc., 9800 Wilshire Boulevard,
Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (email:
jchou@gores.com).
Participants in Solicitation
Gores Metropoulos, Luminar and their respective directors and
officers may be deemed participants in the solicitation of proxies
of Gores Metropoulos stockholders in connection with the proposed
transactions. Gores Metropoulos stockholders and other
interested persons may obtain, without charge, more detailed
information regarding the directors and officers of Gores
Metropoulos in Gores Metropoulos’ Annual Report on Form 10-K for
the fiscal year ended December 31, 2019, which was filed with the
SEC on March 13, 2020. Information regarding the persons who may,
under SEC rules, be deemed participants in the solicitation of
proxies to Gores Metropoulos stockholders in connection with the
proposed transactions contemplated by the Merger Agreement and
other matters to be voted upon at the Special Meeting is set forth
in the definitive proxy statement/consent solicitation
statement/prospectus for the proposed transactions. Additional
information regarding the interests of participants in the
solicitation of proxies in connection with the proposed
transactions is included in the Registration Statement.
Forward Looking Statements
This communication may contain a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include information
concerning Gores Metropoulos’ or Luminar’s possible or assumed
future results of operations, business strategies, debt levels,
competitive position, industry environment, potential growth
opportunities OEM conversions, potential timelines, and the effects
of regulation, including whether this transaction will generate
returns for stockholders. These forward-looking statements are
based on Gores Metropoulos’ or Luminar’s management’s current
expectations, estimates, projections and beliefs, as well as a
number of assumptions concerning future events. When used in this
press release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “should,” “future,” “propose” and
variations of these words or similar expressions (or the negative
versions of such words or expressions) are intended to identify
forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Gores Metropoulos’ or Luminar’s
management’s control, that could cause actual results to differ
materially from the results discussed in the forward-looking
statements. These risks, uncertainties, assumptions and other
important factors include, but are not limited to: (a) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the Merger Agreement and the
proposed transactions contemplated thereby; (b) the inability to
complete the transactions contemplated by the Merger Agreement due
to the failure to obtain approval of the stockholders of Gores
Metropoulos or other conditions to closing in the Merger Agreement;
(c) the ability to meet Nasdaq’s listing standards following the
consummation of the transactions contemplated by the Merger
Agreement; (d) the risk that the proposed transactions disrupt
current plans and operations of Luminar or its subsidiaries as a
result of the announcement and consummation of the transactions
described herein; (e) the ability to recognize the anticipated
benefits of the proposed transactions, which may be affected by,
among other things, competition, the ability of the combined
company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (f) costs related to the proposed
transactions; (g) changes in applicable laws or regulations; (h)
the possibility that Luminar may be adversely affected by other
economic, business and/or competitive factors; and (i) other risks
and uncertainties indicated from time to time in the final
prospectus of Gores Metropoulos, including those under “Risk
Factors” therein, and other documents filed or to be filed with the
SEC by Gores Metropoulos. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made.
Forward-looking statements included in this communication speak
only as of the date of this communication. Except as required by
law, neither Gores Metropoulos nor Luminar undertakes any
obligation to update or revise its forward-looking statements to
reflect events or circumstances after the date of this release.
Additional risks and uncertainties are identified and discussed in
Gores Metropoulos’ reports filed with the SEC and available at the
SEC’s website at www.sec.gov.
Disclaimer
This communication is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the proposed transactions or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201120005432/en/
Media Nicole Phelan press@luminartech.com
John Christiansen/Cassandra Bujarski Sard Verbinnen & Co
Luminar-SVC@sardverb.com
Investors Michael Beer michaelbeer@luminartech.com
For inquiries regarding The Gores Group and affiliates,
please contact: Jennifer Kwon Chou The Gores Group
jchou@gores.com
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