Velodyne Lidar Announces Multi-Year Sales Agreement with Renu Robotics

Rhea-AI Summary

Velodyne Lidar, Inc. (NASDAQ: VLDR, VLDRW) has entered a multi-year agreement with Renu Robotics to supply Puck™ lidar sensors for its autonomous vegetation management systems. The partnership aims to enhance efficiency and sustainability for solar energy facilities by utilizing Renubot, a fully electric mower that employs AI and machine learning for precise navigation. Renu Robotics chose Velodyne for its superior product performance, contributing to reduced costs and carbon emissions while maintaining optimal facility operations.

Positive

• Multi-year agreement with Renu Robotics enhances market reach for Velodyne.
• Puck sensors improve efficiency and sustainability in vegetation management.
• Renubot's use of AI and machine learning could lead to broader adoption in various industries.

Negative

• None.

Using Velodyne Puck™ Sensors, Renu Robotics Revolutionizing Vegetation Management for Solar Energy Facilities

SAN JOSE, Calif.--(BUSINESS WIRE)-- Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced a multi-year agreement to provide its Puck™ lidar sensors to Renu Robotics, an industry leader in autonomous vegetation management systems. Renu Robotics’ Renubot, a fully autonomous, all-electric mower, helps solar and energy facilities cut costs, time and carbon emissions, while maintaining the grounds for maximum performance of the facility.

Renu Robotics’ Renubot is a fully autonomous, all-electric mower equipped with Velodyne Lidar’s Puck™ sensors. (Photo: Renu Robotics)

Renu Robotics selected the Puck after a competitive product review. The company found that Velodyne’s Puck offered superior quality, reliability and performance, including significantly less system interference for optimal positional accuracy. Velodyne’s sensors are highly efficient in power consumption, which extends the range of Renubot and advances its sustainability features.

The Renubot is equipped with Puck sensors for safe, efficient high-precision navigation and to avoid obstacles when conducting utility-scale vegetation management. The mower uses the lidar to navigate the site, along with real-time kinematic (RTK) GPS correction which enables vehicle positional accuracy within 2 cm. Renubot leverages artificial intelligence (AI) and machine learning for autonomous command and control, and to learn and assess the topography as it conducts highly precise mowing and grooming of facility grounds.

“Velodyne’s Puck sensors provide an essential ingredient for our robotic autonomy and navigation,” said Michael Blanton, Renu’s Chief Technical Officer. “The power-efficient sensors enable the Renubot to deliver an automated vegetation management system that is repetitive and reliable to keep facilities operating at peak performance, while controlling costs.”

“With its sophisticated, sustainable-to-operate autonomous mower, Renu Robotics is revolutionizing the way solar and energy companies conduct vegetation management,” said Laura Wrisley, VP of North America Sales, Velodyne Lidar. “The innovative Renubot demonstrates how Puck sensors power precision and safety in autonomous vehicles, operating without human intervention. Renu Robotics is a prime example of Velodyne delivering on its mission to improve safety and sustainability in communities worldwide.”

Velodyne Puck sensors provide rich 3D computer perception data that allows real-time localization, mapping, object detection, classification and tracking to support safe navigation and reliable operation. The Puck is a small, compact lidar sensor that delivers 100-meter range. Its reliability, power-efficiency and surround view make it an ideal solution for affordable low speed autonomy applications.

About Renu Robotics

Renu Robotics is developing new innovations in autonomous technology. The Renubot is its first all-electric fully autonomous vehicle in the field with several others planned. Renu Robotics continues to develop innovations in artificial intelligence, situational awareness via sensors and other technology. While currently serving the renewable energy industry, Renu Robotics expects to be performing in a spectrum of other industries in the future. For more information, visit www.renubot.com.

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," “can,” "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne's and its customers' businesses; Velodyne's ability to manage growth; Velodyne's ability to execute its business plan; uncertainties related to the ability of Velodyne's customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne's products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne's current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne's intellectual property; and general economic and market conditions impacting demand for Velodyne's products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210825005018/en/

Velodyne Investor Relations

InvestorRelations@velodyne.com

Velodyne Media

Codeword

Liv Allen

velodyne@codewordagency.com

Renu Robotics

Steve Arters

media@renubot.com

Source: Velodyne Lidar, Inc.

FAQ

What is the significance of the agreement between Velodyne and Renu Robotics?

The agreement allows Renu Robotics to use Velodyne's Puck sensors, enhancing the efficiency and sustainability of solar energy facility management.

How do Velodyne's Puck sensors benefit solar energy facilities?

Puck sensors provide precise navigation and help reduce costs and carbon emissions for vegetation management in solar energy facilities.

What technology does Renubot use for autonomous navigation?

Renubot uses Velodyne's Puck sensors along with real-time kinematic GPS for high-precision navigation.

What industries does Renu Robotics plan to expand into with its technology?

While currently focused on the renewable energy sector, Renu Robotics is exploring applications in various other industries in the future.