Aeva Technologies Inc. (NYSE: AEVA), a leading manufacturer of advanced FMCW 4D LiDAR sensors, has announced a multi-year sensor supply agreement with The Indoor Lab, a company specializing in LiDAR perception and analytics solutions. This deal represents a major milestone for Aeva, as it marks the first industrial customer production win for their next-generation 4D LiDAR sensor, Atlas.
The agreement outlines plans for sensor shipments to begin immediately, with a significant ramp-up expected in 2025 to support multiple large-scale projects. Initially, The Indoor Lab will integrate Aeva's 4D LiDAR technology at some of the busiest airports in the United States, including John F. Kennedy International Airport's New Terminal One and San Francisco International Airport. Future applications are also planned in agriculture and smart infrastructure for theme parks, cities, and other large venues across the country.
This partnership is particularly significant as it demonstrates the growing adoption of Aeva's technology beyond the automotive sector. The Indoor Lab's selection of Aeva's 4D LiDAR over other available technologies underscores the unique advantages of Aeva's approach, which uses a low-power continuous laser beam to simultaneously measure range and velocity. This capability allows for instant discrimination between moving and stationary objects and precise velocity measurements of objects in motion.
The deal with The Indoor Lab follows Aeva's recent selection by a top U.S. National Security Organization to help protect critical energy infrastructure sites across the United States. These developments indicate Aeva's expanding presence in the industrial and security markets, complementing its existing partnerships in the automotive sector with companies like Daimler Truck.
For Aeva, this agreement represents an opportunity for increasing near-term revenue ahead of its planned production launch with Daimler Truck. It also complements other production programs, such as those with Nikon and May Mobility. The company is working towards launching its industrial metrology and manufacturing automation program with Nikon by the end of 2024, further diversifying its market applications.
The broader implications of this deal extend to the LiDAR market as a whole, which is projected to grow at a compound annual growth rate (CAGR) of 19.3% between now and 2030. Aeva's success in securing partnerships across diverse sectors positions the company to potentially capture a significant portion of this growing market.
For industries relying on advanced sensing technologies, Aeva's 4D LiDAR offers new possibilities in safety, security, and operational efficiency. The technology's ability to provide instant velocity data and its immunity to sunlight interference make it particularly valuable for applications in critical infrastructure, manufacturing, and security.
As Aeva continues to expand its commercial reach and demonstrate the versatility of its technology, it may inspire further innovation and competition in the LiDAR industry. This could lead to accelerated development of sensing technologies and their applications across various sectors, potentially transforming how businesses and organizations approach automation, safety, and data analytics.
