MENLO PARK, Calif. Cyngn (or the “Company”) (Nasdaq: CYN), a developer of innovative autonomous driving solutions for industrial applications, has announced it has been awarded a multi-phase contract to implement autonomous vehicle technology by a global, large-cap company in the heavy machinery industry.
Lior Tal, Cyngn’s CEO, said, “As the urgent need for autonomous industrial vehicles continues to increase, we are excited to have yet another opportunity to deliver our self-driving industrial vehicle technology to a major organization. This contract kicks off an opportunity to bring DriveMod’s differentiated autonomous vehicle technology to additional vehicle form factors that span multiple operational design domains, helping the organization continue to build on the benefits of industrial automation that they offer to their end customers — such as increased throughput, efficiency, and safety.”
The customer, whose name is being withheld for competitive reasons, is a Global 1000 company that operates in more than 100 countries across multiple industries. Cyngn has already successfully achieved initial milestones in the multi-phase agreement that is geared toward the mining industry and includes the focused advancement of modules within Cyngn’s DriveMod AV stack. Cyngn expects to recognize revenue associated with the contract as it meets future deployment targets. The collaboration spearheads the introduction of leading-edge AV and artificial intelligence solutions into the client’s industrial vehicles, including the opportunity to address vehicles already in commercial use.
In the longer-term, development that stems from this effort is expected to yield advancements to the fundamental technologies of Cyngn’s Enterprise Autonomy Suite (EAS) that will benefit the Company’s already commercially available autonomous stockchasers, autonomous forklifts (in development under a separate customer contract), and all future autonomous vehicles powered by DriveMod.
Cyngn’s traction in the mining sector reflects DriveMod’s capability to address multiple vehicles and applications, stemming from the similarities between mining and material handling — such as low-speed vehicles that move goods on closed routes.
According to the US Bureau of Labor Statistics, mining is one of the most hazardous industries, with workers facing a higher risk of injury and illness than that of workers in other industries. By leveraging the latest in autonomous industrial vehicle technology, mining companies can ensure the safety of their workers while increasing productivity and efficiency.
