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Ouster, Inc. has successfully completed its merger with Colonnade Acquisition Corp. (CLA), transitioning to public trading on NYSE under the ticker symbols 'OUST' and 'OUST WS'. The merger generated approximately $300 million in gross proceeds, with Ouster's existing shareholders holding about 78% of the new entity. The funds will accelerate the development of Ouster's advanced digital lidar sensors, supporting expansion across key markets. Ouster boasts a strong customer base, proven technology, and aims to enhance adoption in various industries.
Ouster has signed a multi-year strategic customer agreement with Outrider, a leader in autonomous yard operations. Ouster's high-resolution lidar sensors will enhance Outrider's autonomous yard trucks, aimed at improving efficiency and safety in logistics hubs. This partnership positions Ouster in a $9 billion industrial automation market over the next decade. Outrider plans to replace over 10,000 manual yard trucks with Ouster's autonomous systems, promoting zero-emission operations. The collaboration emphasizes the importance of lidar technology for achieving performance and cost advantages in autonomous logistics.
Ouster, Inc. has entered a multi-year supply agreement with Kässbohrer Geländefahrzeug AG to provide digital lidar sensors for the SNOWsat technology, enhancing snow depth measurement and ski slope maintenance. This collaboration highlights the versatility of Ouster's lidar technology across various sectors like industrial automation and robotics. Kässbohrer's SNOWsat system, utilized by 350 customers globally, underscores the growing demand for precision in ski slope management, reinforcing the market potential for Ouster's products.
Ouster, Inc. is scaling production of high-resolution lidar sensors through a partnership with Benchmark Electronics, increasing output significantly, with over 2,000 sensors shipped in 2020. Production has moved to Benchmark's Thailand facility, enhancing capacity by over 60% in Q4 2020. The facility meets major automotive quality standards, essential for Ouster's future goals. Additionally, Ouster entered a merger agreement with Colonnade Acquisition Corp. (CLA), aiming for NYSE listing under 'OUST', with a shareholder vote scheduled for March 9, 2021.
Ouster has announced the launch of QCraft's third fleet of robobuses equipped with Ouster's digital lidar sensors in Wuhan, China. These sensors enhance safety by eliminating blind spots. This deployment stems from a strategic agreement established in August 2020. QCraft aims to operate 100 autonomous buses in China by year-end, following previous successful launches in Suzhou and Shenzhen. The collaboration is poised to benefit both companies, with QCraft focusing on reducing costs and improving efficiency through advanced simulation technologies. Ouster is also preparing for its merger with Colonnade Acquisition Corp (CLA), set for March 9, 2021.
Ouster, Inc. has signed over 20 multi-year strategic customer agreements (SCAs) since August 2020, with a potential revenue opportunity exceeding $325 million through 2025. CEO Angus Pacala highlighted the diversification of Ouster's customer base across various industries. The SCAs, mainly signed in 2021, provide purchase frameworks and long-term purchasing visibility. The merger agreement with Colonnade Acquisition Corp. (CLA) is anticipated to finalize after shareholder approval on March 9, 2021, allowing Ouster to be listed on the NYSE under the symbol 'OUST'.
Ouster, a leader in high-resolution digital lidar sensors, will present at several investor conferences in March 2021 as part of its merger agreement with Colonnade Acquisition Corp (NYSE: CLA). The conferences include the Truist Securities Technology Conference on March 9 at 10:30 AM ET, Baird Vehicle Technology Conference on March 10 at 9:50 AM ET (no webcast), and Cowen Mobility Disruption Conference on March 11 at 2:30 PM ET. Ouster's merger with CLA aims to list the company on the NYSE, pending approval during the extraordinary general meeting on March 9, 2021.
Colonnade Acquisition Corp. (NYSE: CLA) will hold an extraordinary general meeting on March 9, 2021, at 10:00 a.m. ET to approve a business combination with Ouster, Inc., a leader in high-resolution digital lidar sensors. Shareholders of record as of February 8, 2021, will receive a definitive proxy statement/prospectus. If approved, the merger will rename the combined company to Ouster, Inc., maintaining the ticker symbol OUST. The deal is contingent on shareholder approval and other standard closing conditions.
Ouster has been chosen to supply four digital lidar sensors per vehicle for May Mobility's next-generation autonomous shuttles. May Mobility, a leader in shared-ride autonomous vehicles with over 270,000 rides, selected Ouster’s sensors for their high performance and reliability. The collaboration aims to enhance shuttle services in Arlington, Texas, and Higashi-Hiroshima, Japan, in 2021. Ouster is also set for a merger with Colonnade Acquisition Corp. (CLA), expected to finalize in the first half of 2021, potentially boosting its market presence.
