PG&E (NYSE: PCG) Doubles Knightscope Order (Nasdaq: KSCP)

Rhea-AI Summary

Knightscope, Inc. (NASDAQ:KSCP) has expanded its partnership with Pacific Gas and Electric Company (NYSE:PCG), adding five more K5 Autonomous Security Robots (ASRs) to their contract, bringing the total to ten. This follows a successful pilot test in 2021 that demonstrated cost reductions and enhanced security operations. Knightscope's robots operate continuously and are positioned as a cost-effective solution amidst challenges in filling traditional security roles. The company aims to enhance safety across PG&E's numerous locations.

Positive

• Pacific Gas and Electric has doubled its order of K5 Autonomous Security Robots to ten, indicating strong client confidence.
• Successful pilot test in 2021 showed cost reduction and a positive return on investment for PG&E.
• Knightscope's robots provide 24/7 operational capacity at a lower cost than traditional security services.

Negative

• None.

Public Safety Innovator Continues Market Expansion with Existing and New Clients

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Knightscope, Inc. [Nasdaq:KSCP], a developer of advanced physical security technologies focused on enhancing U.S. security operations, today announced that the Pacific Gas and Electric Company (PG&E), the leading subsidiary of the holding company PG&E Corporation (NYSE:PCG), has added another five K5 Autonomous Security Robots (ASRs) to its contract. This brings the current ASR total to ten machines under contract with this one client.

PG&E (NYSE: PCG) Doubles Knightscope Order (Nasdaq: KSCP)

PG&E signed its first contract in 2021 to test whether or not Knightscope’s would provide the levels of safety and overwatch necessary to secure certain properties. During that successful pilot, Knightscope was able to reduce costs, prove value with a positive return on investment, and build the client’s confidence that the service would meet their exacting demands.

Collaborations like the one being forged between Knightscope and PG&E are essential to prevent, remediate, or mitigate risks resulting from various asset vulnerabilities. New technologies such as those offered by Knightscope are quickly becoming a key component to augmenting guard services at a time when the growth of remote working is challenging the need to fill roles in guarding personnel.

“Knightscope’s Autonomous Security Robots work 24/7/365 with greater detecting and data recall capabilities at a fraction of the cost of traditional physical security protection,” stated William Santana Li, chairman and CEO, Knightscope, Inc. “We are honored that PG&E has entrusted us to help protect their properties, assets and employees, and we look forward to further assessing opportunities across hundreds of their locations.”

About Knightscope

Knightscope is an advanced security technology company based in Silicon Valley that builds fully autonomous security robots that deter, detect and report. Knightscope’s long-term ambition is to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com. Follow Knightscope on Facebook, Twitter, LinkedIn and Instagram.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

Forward Looking Statements

This press release may contain ”forward-looking statements” about Knightscope’s future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as ”should,” ”may,” ”intends,” ”anticipates,” ”believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” ”proposes” and similar expressions. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220803005398/en/

Donna Loughlin Michaels, LMGPR, (408) 393-5575

Source: Knightscope, Inc.

FAQ

What is Knightscope's latest contract with Pacific Gas and Electric?

Knightscope has added five more K5 Autonomous Security Robots to its existing contract with Pacific Gas and Electric, bringing the total to ten.

When did Pacific Gas and Electric first contract Knightscope?

Pacific Gas and Electric signed its first contract with Knightscope in 2021.

How do Knightscope's robots improve security for PG&E?

Knightscope's Autonomous Security Robots enhance safety and operational efficiency, providing 24/7 surveillance at a lower cost.

What are the stock symbols for Knightscope and Pacific Gas and Electric?

Knightscope is traded under NASDAQ:KSCP, and Pacific Gas and Electric is under NYSE:PCG and AMEX:PCG.PRA.