Quanergy Announces New Strategic Collaboration With Sensata Technologies
New collaboration focused on a broad range of areas such as manufacturability, cost reduction, sourcing, and go-to-market strategies.
Strategic collaboration agreement to support accelerated time to market of Quanergy LiDAR products
Sensata has committed to invest in a private placement of shares (the “PIPE”) as part of Quanergy’s business combination with CITIC Capital Acquisition Corp. (NYSE: CCAC)
Quanergy, a leading provider of next-generation OPA-based solid state LiDAR sensors, and Sensata Technologies leading industrial technology company and provider of sensor-rich solutions that create insight for customers, announced today a new strategic collaboration to focus on helping Quanergy bring affordable, smart LiDAR and 3D perception technologies to market. The collaboration will include Sensata providing insights to Quanergy on manufacturability, cost reduction, sourcing and go-to-market strategies.
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“Sensata Technologies is an undisputed global sensing technology leader with a rich and long standing history of innovation,“ said Dr. Kevin J. Kennedy, Quanergy Chairman of the Board and Chief Executive Officer. “Automating processes in transportation and other industry verticals poses complex engineering and manufacturing challenges requiring smart sensor-rich solutions. Quanergy is excited to collaborate with Sensata to capitalize on its unique engineering and manufacturing expertise.”
In connection with the new collaboration, Sensata has also committed to invest in a private placement of shares (the “PIPE”) as part of Quanergy’s proposed business combination, announced on June 22, 2021, with CITIC Capital Acquisition Corp. (NYSE: CCAC), a special purpose acquisition company.