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By Meg Flippin, Benzinga
Aeva Technologies Inc. (NYSE: AEVA), the LiDAR sensor company, may be making a name for itself in the self-driving vehicle market through deals with well-known brands like Daimler Truck AG, but that's not the only area it’s eyeing. The company wants to be a leader in supplying LiDAR sensors to the industrial automation sector, growing its nearer-term revenue potential while continuing to build its automotive momentum. Aeva is about to take one step closer to that goal thanks to its deal with Nikon Corp. (OTC: NINOY).
The global manufacturer and supplier of metrology and inspection equipment for the industrial automation and metrology markets contracted Aeva to produce sensors for Nikon’s industrial machines that are used by leading automotive and aerospace manufacturers such as BMW, Stellantis and others to help automate the manufacturing process and scan for defects during the assembly process, and shipments are planned to start this month according to the company. Aeva believes the deal with Nikon will be a springboard for more industrial automation wins.
“We successfully completed the final validation of our LiDAR-on-Chip module in Nikon's product and are now preparing for our deliveries to Nikon in Q4. In support of this we've also successfully scaled up our dedicated LiDAR chip manufacturing line at Fabrinet,” said Aeva’s CEO, Soroush Salehian. “This upcoming launch will mark pivotal milestones for Aeva as we progress from the in development stage to commercialization for the first time in industrial automation.”
Can Aeva’s Approach to FMCW Tech Enable New Near Term Opportunities?
Aeva says its LiDAR sensors are attractive to industrial automation players because the company’s sensors are powered by its Frequency Modulated Continuous Wave (FMCW) 4D LiDAR technology that can deliver micron-level accuracy, which is not achievable with traditional time-of-flight LiDARs and needed for industrial metrology and other high precision measurement applications. By using its same LiDAR-on-Chip module for automotive but with different algorithms, Aeva is able to offer micron-level accuracy in a faster, smaller and lower-cost solution than what is on the market today.
That ability, said Salehian, should open new opportunities for Aeva, especially as it transitions from the developmental stage to commercialization with Nikon. Industrial automation is a big market poised for more growth. According to one estimate, it is projected to reach $44.94 billion by 2032, growing at a CAGR of 6.2% from now until 2032. As factories embrace automation, sensors will play a big role thanks to their ability to maximize operational efficiency and effectiveness of the equipment and increase machine uptime.
“We continue to engage with industrial leaders on expanding into additional opportunities, where we can leverage the same Aeva LiDAR-on-Chip module and our perception platform software for industrial metrology and automation across a broad range of applications,” added Salehian.
SICK AG Deal Expansion
Indeed, earlier this month, Aeva announced the expansion of its strategic collaboration with SICK, a global provider of sensor-based solutions in industrial applications for factory, logistics and process automation technology. Aeva reports that the company has a high market presence globally.
SICK and Aeva are collaborating to incorporate Aeva’s FMCW technology into SICK’s portfolio of high-accuracy contactless sensors for industrial applications, including for distance and motion control for a variety of factory automation applications. Under the collaboration, Aeva plans to provide SICK with its FMCW sensor technology, including its Aeva CoreVision sensing module, along with digital signal processing algorithms tuned for micrometer-precision detection at long standoff distances, as well as micrometer-per-second velocity measurements. Using Aeva’s FMCW technology, Aeva says SICK sensors will provide precise contactless measurements on a variety of surfaces at flexible short to long stand-off distances – regardless of its material, texture or color – and can be used across a wide variety of lighting conditions.
“We have been working closely with Aeva for several years and are pleased to see their FMCW technology mature for industrial sensing applications,” said Dr. Simon Brugger, Senior Vice President Research & Development at SICK. “With its micron-accurate distance sensing at large stand-off distances and precise velocity detection capabilities, Aeva’s core technology provides great potential for opportunities to serve our customers in a variety of industrial applications where precision contactless sensing is core to their manufacturing automation and industrial processes.”
“Every day many of the world’s leading manufacturers and industrial companies rely on sensors from SICK to automate their factory production processes and ensure their products meet strict quality standards,” said Mina Rezk, Co-founder and CTO at Aeva. “This selection by SICK is a validation of the industry-leading capabilities, versatility, and the economies of scale for our FMCW technology. We are excited about the expansion of our collaboration and the potential for disrupting the multi-billion dollar precision sensing market together.”
Learn more about Aeva Technologies Inc. by checking out its investors deck here.
Featured photo by Crystal Kwok on Unsplash.
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