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Cepton Secures Multi-Million Dollar Lidar Contract from Leading US Highway Tolling System Operator
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
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Rhea-AI Summary
Cepton, Inc. (NASDAQ: CPTN) has secured a multi-million dollar sales contract with a major U.S. highway tolling operator. This contract involves deploying Cepton's Sora series lidar sensors across several major tollways in the Tri-State area and Northern California, marking it as the largest commercial lidar deployment in tolling to date. The Sora lidars promise enhanced accuracy for electronic toll collection, reducing traffic congestion and potential revenue loss due to inaccuracies. Cepton aims to advance the use of lidar in smart infrastructure sectors, contributing to the broader infrastructure rebuilding initiative.
Positive
Secured multi-million dollar sales contract with a major tolling system operator.
Deployment of Sora series lidar sensors represents the largest commercial lidar project in tolling.
Sora lidars improve accuracy in electronic toll collection, reducing revenue loss from inaccuracies.
Potential for scaling lidar deployment beyond the U.S. for future projects.
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None.
State-of-the-art lidar solution to be deployed nationwide, helping to improve America’s infrastructure by enabling accurate and intelligent tolling applications
Lidar can significantly increase the accuracy of gantry-based electronic tolling systems, which have been widely deployed in the U.S. to enable free-flow toll collection.
Under the terms of the large-scale contract, Cepton’s Sora series lidar sensors will be deployed in the U.S. by the Customer on several major tollways located in the Tri-State area and Northern California. This partnership is expected to be the largest commercial lidar deployment in the tolling sector to date, with potential to scale outside of the U.S. for future projects.
“We’re proud to announce our new contract win with one of the largest tolling system operators in the U.S. and contribute to the infrastructure rebuilding initiative,” said Dr. Jun Pei, Co-founder and CEO of Cepton. “In addition to superior performance, our Sora lidars were designed using the same auto-grade building blocks that have been validated by OEMs through our flagship automotive lidar program, and are reliable, embeddable, scalable, and energy efficient, which are key advantages for tolling applications.”
Cepton’s Sora lidars feature industry-leading scanning speed and data rate, enabling very detailed and accurate 3D profiling of vehicles passing at highway speeds. They have been used to modernize tolling infrastructure worldwide by facilitating free-flow, electronic toll collection, significantly reducing traffic congestion and toll leakage.
With tens of millions of vehicles using tollways per year, inaccuracies can result in significant revenue loss, administrative costs and customer dissatisfaction. Compared with ground loops that have been traditionally used to identify vehicle types, gantry-based systems powered by lidar intelligence are much more accurate due to their 3D precision and real-time vehicle classification capabilities. In addition, lidar enables smart analytics to ensure tollways are operating efficiently and error-free. Lidar-enabled gantry-based systems have also become a preferred solution by tolling authorities in recent years because they can be installed and maintained without disrupting lane usage.
Dr. Jun Pei added: “Lidar has tremendous potential to transform the tolling industry, and I am very proud that Cepton has become a pioneer in commercializing lidar with real-world, large-scale deployments. Our multi-million-dollar contract with the Customer is a testament to the high quality and scalability of our lidar solutions, as well as to our commitment to improving everyone’s mobility experience across automotive and smart infrastructure applications. I look forward to seeing our lidar solutions serving millions of drivers this year. I am also confident this win, and subsequent deployments, will advance the use of lidar across multiple smart infrastructure sectors.”
About Cepton
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (ADAS/AV), smart cities, smart spaces, and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D perception solutions across industries.
Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all Top 10 global OEMs.
Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high performance, high quality lidar solutions. Cepton is headquartered in San Jose, CA and has a center of excellence facility in Troy, MI to provide local support to automotive customers in the Metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information, visit www.cepton.com and follow Cepton on Twitter and LinkedIn.
