Velodyne Lidar Signs New Multi-Year Agreement with Visimind

Rhea-AI Summary

Velodyne Lidar (NASDAQ: VLDR, VLDRW) announced a multi-year agreement with Visimind Group to deliver integrated solutions for mapping and vegetation management in the EMEIA region. The collaboration underscores the long-term partnership between the two companies, enhancing Visimind's offerings with Velodyne’s advanced lidars, such as Puck and Ultra Puck sensors. The agreement aims to improve public safety and operational efficiency for energy distributors by utilizing high-precision technology for better management of power lines and vegetation.

Positive

• New multi-year agreement with Visimind Group to enhance mapping and vegetation management solutions in the EMEIA region.
• Strengthens existing partnership with Visimind, indicating trust and reliability.
• Utilization of high-performance Velodyne sensors like Puck and Ultra Puck for improved precision in energy distribution.

Negative

• None.

Lidar-Powered Mapping and Vegetation Management for Safety and Sustainability

SAN JOSE, Calif.--(BUSINESS WIRE)-- Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced a new multi-year agreement with Swedish company Visimind Group to provide customers in the EMEIA region with integrated solutions, including mapping and vegetation management, powered by Velodyne’s lidar technology. This agreement further strengthens the long-standing partnership between Visimind and Velodyne Lidar, including a 3-year supply agreement for Puck and Ultra Puck lidar sensors. Shipping has already begun.

Visimind's E Cutter, a pruning machine that provides the operator efficient, precise, real-time control under power lines, using Velodyne Lidar's Ultra Puck sensor. Photo credit: Visimind Group

Visimind is an expert and leading provider in airborne mapping of power lines and portable solutions for major European energy distribution. Visimind offers a line of products that enable better control of infringements, proper vegetation maintenance and complete mapping of power lines. Visimind’s solutions, powered by high-precision inertial measurement units (IMUs) from OxTS and sensors from Velodyne, including Puck, Ultra Puck and Alpha Prime, contribute to increased public safety by securing precise information to energy distribution companies.

Velodyne Lidar sensors chosen for high performance

Visimind’s selection of Velodyne was driven by the high performance, ease of integration and lower power usage of their sensors, enabling long operation time and portability. “We have been in the mapping business for more than 20 years, with our first lidar integration in 2007,” said Daniel Öhman, CTO of Visimind. “After testing many sensors available on the market, we were most impressed with Velodyne’s performance and outstanding quality, especially in challenging weather conditions and environments. In addition to technical requirements, we chose Velodyne due to their strong reputation and customer support. As the inventor of 3D lidar, we are proud to be working with an innovative leader whose technology has helped us develop and sell our solutions over the years.”

“Visimind is transforming airborne mapping for the energy industry with its lidar-powered solutions,” said Laura Wrisley, Senior Vice President, Worldwide Sales, Velodyne Lidar. “Equipped with Velodyne’s lidar sensors and IMUs by OxTS, Visimind’s products provide energy distributors the precision needed to manage their power lines and vegetation, which increases overall public safety as well as sustainability and efficiency for those companies.”

Multiple Visimind solutions use Velodyne Lidar

Visimind is successfully using Velodyne’s lidar technology in several types of applications, for example in their products PLCT, E Cutter and mDAM. PLCT is a tool for real-time control of vegetation infringement. In a recent customer integration in France, PLCT is being used in the field to detect places where vegetation is in dangerous proximity to power lines. Lidar data from the Puck combined with Visimind’s software enables this tracking in real-time. Utilizing the Ultra Puck, E Cutter is a pruning machine that provides the operator efficient, precise, real-time control under power lines. The mDAM mapping system uses both Ultra Puck and Alpha Prime sensors mounted on a drone, car, helicopter or similar vehicle to create detailed surface maps of accessible and less accessible terrain. Visimind’s integrative solutions in mapping for the energy industry are enabling increased public safety in that sector.

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, a 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 robotics, industrial, intelligent infrastructure, autonomous vehicles and advanced driver assistance systems (ADAS). Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all.

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/20221018005471/en/

Investor Relations

Darrow Associates, Inc.

InvestorRelations@velodyne.com

Media

Jane Maynard

Velodyne Lidar

PR@velodyne.com

Source: Velodyne Lidar, Inc.

FAQ

What is the new agreement announced by Velodyne Lidar?

Velodyne Lidar announced a multi-year agreement with Visimind Group to provide integrated mapping and vegetation management solutions in the EMEIA region.

How does the agreement with Visimind Group benefit Velodyne Lidar?

The agreement enhances Velodyne's market presence in the EMEIA region and strengthens its partnership with Visimind, providing advanced lidar technology for energy distributors.

What lidar products are included in the agreement with Visimind?

The agreement includes Velodyne's Puck and Ultra Puck lidar sensors for improved mapping and vegetation management.

What is the stock symbol for Velodyne Lidar?

The stock symbol for Velodyne Lidar is VLDR and VLDRW.

When did Velodyne Lidar announce the partnership with Visimind Group?

The partnership announcement was made on October 18, 2022.