Quanergy Helps Secure Over 100 Critical Infrastructure Sites Globally

Rhea-AI Summary

Quanergy Systems (OTC:QNGY) announced that its 3D LiDAR solutions have been adopted by over 30 companies worldwide to secure more than 100 critical infrastructure sites. These solutions significantly reduce false alarms, eliminating the need for guard services, thus saving millions annually. Key features include a 95% reduction in false alarms, accurate object detection, and extensive coverage per sensor. Quanergy aims to enhance security for vital infrastructure with advanced technology, while also navigating challenges related to its Chapter 11 bankruptcy filing.

Positive

• Over 30 companies globally have chosen Quanergy’s LiDAR solutions.
• Over 100 critical infrastructure sites are now protected.
• 95% reduction in false alarms helps save millions in operating costs.
• High object detection and tracking accuracy of 95%.
• Ability to integrate with existing camera-based systems.

Negative

• Navigating challenges from Chapter 11 bankruptcy.
• Increased legal costs associated with reorganization.

Quanergy’s 3D security solutions are deployed by major data centers, airports, utilities, prisons, and transportation authorities to increase security, reduce false alarms and slash operating costs

SUNNYVALE, Calif.--(BUSINESS WIRE)-- Quanergy Systems, Inc., (OTC:QNGY) a leading provider of LiDAR sensors and smart 3D solutions, today announced that more than 30 companies around the world have chosen Quanergy’s 3D LiDAR solutions to protect over 100 critical infrastructure sites.

Quanergy’s LiDAR-based portfolio has been selected to protect critical infrastructure assets thanks to its ability to combat alarm fatigue by dramatically reducing costly false alarms. Quanergy’s solutions bring the operators’ attention to what really matters most by focusing on real threats and providing actionable insights with hyper accuracy. After deploying Quanergy’s solutions, critical infrastructure sites such as data centers, utilities, and transportation agencies no longer need to hire expensive guard services in order to deal with thousands of false alarms generated by their legacy perimeter intrusion detection (PID) systems, helping save millions of dollars each year.

Quanergy’s solutions allow customers to keep leveraging existing investments by augmenting their camera-based PID systems, enabling them to locate with unprecedented level accuracy the exact location of a potential intruder.

Quanergy’s 3D LiDAR sensors and perception software address all major mission-critical security use cases including perimeter intrusion detection, server rack and cabinet security, mobile security towers, man trap/vestibule access controls, and rooftop security through the following core competencies:

• A rich portfolio of seamlessly integrated hardware and software solutions
• Products for all use cases, be it detecting really small objects or continuously tracking objects throughout a large perimeter
• Over 95% reduction in false alarms
• 95% object (people or vehicle) detection, tracking and classification accuracy
• 360° 3D coverage
• Up to 15,000 square meters of coverage per single sensor
• No privacy concerns or recording of Personal Identifiable Information (PII)
• Ability to create a mesh network of sensors/servers and continuously track an object as they move across the entire site, virtually for an unlimited range
• Broad ecosystem with over 20 integrations with leading VMS, PSIM and camera vendors

Michela Menting, research director, ABI Research, said: "LiDAR solutions are ideally suited for critical infrastructure applications to provide enhanced perimeter defense with a much lower Total Cost of Ownership (TCO) compared to standard cameras. The implementation of far fewer LiDAR sensors can achieve a highly sophisticated and reliable perimeter defense, which can also provide a host of additional benefits by synergizing with existing Video Management Systems (VMSs). Quanergy is a leading LiDAR provider of advanced security solutions for critical infrastructure. Their large number of commercial deployments is a testament to the impact of their offering and to the strong momentum that is building in this industry."

Enzo Signore, chief marketing officer, Quanergy Systems, Inc., said: “The importance of critical infrastructure security can’t be underestimated. Security breaches in this sector aren’t just a nuisance; they can pose risks to economic security and public health and safety. Cutting corners isn’t an option. With LiDAR-based sensors, we’re helping our partners and their customers ensure that vital infrastructure stays fully protected with increased accuracy and visibility that goes beyond what was previously possible.”

For more information, visit www.quanergy.com.

About Quanergy Systems, Inc.

Quanergy’s (OTC: QNGY) mission is to create powerful, affordable smart LiDAR solutions for IoT and automotive applications to enhance people’s experiences and safety. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces and much more. Quanergy solutions are deployed by nearly 400 customers across the globe. For more information, please visit us at www.quanergy.com.

Forward-Looking Statements

This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “project,” “will likely result” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, are forward-looking statements, including statements regarding the use of our LiDAR sensors in industrial segments and port automation systems and the ability of our sensors to reduce false alarm rates. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside Quanergy’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: risks and uncertainties relating to Quanergy’s voluntary petition (Case No. 22-11305) for relief under Chapter 11 of the Bankruptcy Code (the “Case”), including but not limited to, Quanergy’s ability to negotiate, develop, confirm and consummate a plan of reorganization, Quanergy’s ability to obtain Bankruptcy Court approval with respect to motions in the Case, the effects of the Case, including increased legal and other professional costs necessary to execute Quanergy’s reorganization, on Quanergy’s liquidity (including the availability of operating capital during the pendency of the Case), the effects of the Case on Quanergy and on the interests of various constituents, Bankruptcy Court rulings in the Case and the outcome of the Case in general, the duration of the Case and risks associated with third-party motions in the Case; trading price and volatility of Quanergy’s common stock and warrants; the risk that the Case may be converted to a case under Chapter 7 of the Bankruptcy Code; changes in domestic and foreign business, market, financial, political and legal conditions; the overall level of consumer demand for Quanergy’s products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of Quanergy’s customers; Quanergy’s ability to implement its business strategy; changes in governmental regulation, Quanergy’s exposure to litigation claims and other loss contingencies; disruptions and other impacts to Quanergy’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of Quanergy’s suppliers and the impact of supply chain constraints, as well as consumer demand for its products; the impact that global climate change trends may have on Quanergy and its suppliers and customers; Quanergy’s ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, Quanergy’s information systems; fluctuations in the price, availability and quality of electricity and other raw materials and contracted products as well as foreign currency fluctuations; Quanergy’s ability to utilize potential net operating loss carryforwards; changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks; and other risks and uncertainties indicated in Quanergy’s filings with the U.S. Securities and Exchange Commission (“SEC”), including under the “Risk Factors” heading of Quanergy’s quarterly report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 14, 2022. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts of future events and views only as of the date of this press release. Quanergy anticipates that subsequent events and developments will cause its assessments to change. However, while Quanergy may elect to update these forward-looking statements at some point in the future, Quanergy specifically disclaims any obligation to do so, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221221005403/en/

Investors and Media

Quanergy@fticonsulting.com

Source: Quanergy Systems, Inc.

FAQ

What are Quanergy's recent achievements with its 3D LiDAR solutions?

Quanergy has secured over 30 companies globally and protected over 100 critical infrastructure sites with its 3D LiDAR solutions.

How much can companies save by using Quanergy's systems?

Companies can save millions annually by reducing false alarms and eliminating the need for expensive guard services.

What is the detection accuracy of Quanergy’s LiDAR solutions?

Quanergy’s LiDAR solutions have a detection and tracking accuracy of 95%.

What is the significance of the press release for QNGY shareholders?

The press release highlights key contracts and technological advancements, which may positively influence QNGY’s market perception despite ongoing bankruptcy proceedings.

What challenges is Quanergy currently facing?

Quanergy is navigating challenges related to its Chapter 11 bankruptcy, including increased legal costs.