MENLO PARK, Calif., Sept. 28, 2023 – Cyngn Inc. (the “Company” or “Cyngn”) (Nasdaq: CYN), a pioneer in AI-powered autonomous driving solutions for industrial settings, and Arauco, a leading global provider of sustainable forestry products, pulp, and engineered wood for the furniture and construction sectors, announced the continuation of their partnership with a paid pre-order agreement and plans to deploy at Arauco's facility in Bennettsville, South Carolina.
On August 8, Cyngn announced that Arauco made a commitment to purchase 100 DriveMod Forklifts, a testament to Arauco's dedication to automating their material handling processes within wood and pulp manufacturing facilities. On August 23, the companies announced the site in Bennettsville, South Carolina, where the DriveMod Forklifts will first be deployed. The delivery of the vehicles to Arauco is scheduled to begin in 2024. Collaboratively, Cyngn and Arauco intend to scale the DriveMod autonomous fleet to encompass Arauco's 40+ global locations.
"As we embark on this partnership with Arauco, we are excited at the opportunity to deliver the performance and versatility that is essential to Arauco’s operations with our DriveMod Forklifts,” said Lior Tal, CEO of Cyngn. “The selection of Arauco’s South Carolina facility emphasizes the need to adopt autonomous vehicle technology in high-cost industries, particularly across North America. We look forward to the continued collaboration with Arauco and working together to advance sustainability objectives.”
The pre-order represents a fraction of Arauco’s existing fleet and a significant opportunity for additional orders. The partnership with Arauco addresses the challenge of automating the handling of heavy loads with non-standard pallet pockets. Arauco anticipates substantial benefits from the DriveMod Forklifts, boasting a remarkable autonomous lift capacity of over 10,000 pounds.
The DriveMod Forklift’s novel capabilities stem from Cyngn’s development of proprietary computer vision algorithms for pallet attribute detection. The DriveMod technology also enhances the overall safety of forklift operations, safeguarding the equipment, people, and obstacles by expanding the field of view of the sensors beyond what a human forklift driver can typically see.
About Arauco
Empresas COPEC SA is a Chile-based holding company engaged, through its subsidiaries, in the energy and natural resources sectors. The Company’s operations are structured into four business sectors: the Forestry Business, Fuels Business, Fishing Business, and Other Investments. The Company operates in the forestry business through its affiliate Arauco, which produces wood pulp, panel and sawn lumber.