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Quanergy Systems officially begins trading on the NYSE under the ticker symbol QNGY starting February 9, 2022. The company closes a business combination with CITIC Capital Acquisition Corp (CCAC), gaining access to
Quanergy Systems has reported significant advancements since its merger announcement with CITIC Capital Acquisition Corp (CCAC) in June 2021. The company achieved an industry-first 200-meter OPA range milestone and exceeded revenue guidance for 2021 with a 32% sequential growth from Q3. Customer count grew to nearly 400, and units shipped increased by more than 50% from Q3 to Q4. The average deal size also expanded, with eight deals exceeding $150k in Q4. Overall, Quanergy is poised for growth as it expands its smart LiDAR solutions.
Quanergy Systems announced the appointment of Kevin Amiri as Senior Vice President of Operations, bringing over 20 years of operational experience. Based in Sunnyvale, California, Amiri aims to enhance the company's operational efficiency and support its growth strategy in the LiDAR market. He previously held a VP role at Crocus Technology and will report to CEO Kevin Kennedy. This leadership change comes as Quanergy prepares for a merger with CITIC Capital Acquisition Corp (CCAC), expected to finalize in Q1 2022, transitioning to the NYSE under the ticker QNGY.
Quanergy Systems reported preliminary 2021 Q4 revenue of $1.503 million, a 114% year-over-year increase. For the full year, revenue reached $3.928 million, up 30%, exceeding the expected $3.6 million. The growth was driven by demand in smart city and security applications as well as industrial market contributions. However, cash and cash equivalents decreased to $26.2 million from $34.2 million in Q3. CITIC Capital Acquisition Corp. (NYSE: CCAC) announced an extraordinary meeting set for January 31, 2022 to approve the proposed business combination with Quanergy.
CITIC Capital Acquisition Corp. (NYSE: CCAC) has announced the effectiveness of its Form S-4 registration statement regarding its proposed business combination with Quanergy Systems, Inc. The SEC approved the registration on January 6, 2022. An extraordinary general meeting is scheduled for January 31, 2022, to vote on the business combination. If approved, CCAC will merge with Quanergy and subsequently be listed on the NYSE as 'QNGY.' CCAC encourages shareholders to participate in the vote, with details available through the SEC and their proxy solicitor.
Quanergy Systems announced a breakthrough in its Optical Phased Array (OPA) technology, achieving a detection range of 200 meters—doubling its previous capabilities. This advancement positions Quanergy’s OPA as a competitive force in both the automotive and industrial markets, offering high reliability, low cost, and scalability. CEO Tianyue Yu highlighted the technology's adaptability for various applications, enhancing operational efficiency. The company is set to merge with CITIC Capital Acquisition Corp. (NYSE: CCAC), expecting completion in Q1 2022, subsequently listing as Quanergy Systems, Inc.
CITIC Capital Acquisition Corp. (CCAC) has secured a $125 million capital commitment from Global Emerging Markets Group (GEM) to support its planned merger with Quanergy Systems. This commitment will provide a flexible funding source for Quanergy over a 36-month term following the merger's completion, expected in Q1 2022. GEM will also receive warrants for 2.5% of the common stock at an exercise price of $10.00 per share. The funds will be used for working capital, aiding Quanergy's growth in the lidar sensor market.
Quanergy Systems has partnered with Securitas France to launch the first mobile surveillance solution featuring integrated 3D LiDAR technology. This innovative system offers a cost-effective security solution for remote sites with limited infrastructure, delivering over 95% accuracy and significantly reducing false alarms. The Mobile Cam 3D combines Quanergy’s M-Series LiDAR sensors with security cameras for effective intrusion detection and perimeter protection. The collaboration aims to enhance security efficiency in various locations, including construction and storage areas.
Quanergy Systems has unveiled its new M1 Edge™ 2D LiDAR sensors, which are integrated with QORTEX Aware™ perception software. Offering a 3x price/performance advantage over competitors, the M1 Edge is designed for applications in collision avoidance and smart navigation for mobile robots, port automation, and warehouse logistics. The sensor features a range of up to 200 meters, IP67 rating for harsh environments, and an industry-leading angular resolution of 0.033°. In June, Quanergy announced a merger with CITIC Capital Acquisition Corp. (CCAC) expected to close in Q4 2021.
Quanergy Systems reported a preliminary revenue of $1.137 million for Q3 2021, a 20% increase year-over-year, driven by strong demand for flow management solutions. The company expects full-year revenue of $3.6 million. Additionally, it achieved a 160-meter detection range for its OPA-based solid-state LiDAR technology, enhancing its automotive applications. A merger with CITIC Capital Acquisition Corp. (NYSE: CCAC) is set to finalize in Q4 2021, positioning the newly combined entity for growth under the ticker “QNGY” on the NYSE.
