- Arauco's first innovative deployment site identified in Bennettsville, SC for Cyngn's DriveMod Forklifts to initiate global multi-factory rollout
- Cyngn's autonomous DriveMod Forklifts aim to enhance Arauco's operational efficiency and safety
MENLO PARK, Calif., Aug. 23, 2023 /PRNewswire/ -- Cyngn Inc. (Nasdaq: CYN), a developer of AI-powered autonomous driving solutions for industrial applications, and Arauco, a global sustainable forestry products, pulp, and engineered wood supplier to the furniture and construction industries, today announced the plan to deploy Cyngn's first DriveMod Forklifts to Arauco's Bennettsville, South Carolina facility.
On August 8, Cyngn announced that Arauco had signed an agreement for a paid pre-order of 100 DriveMod Forklifts to help them automate their material handling workflows at wood and pulp manufacturing facilities. The companies plan the initial delivery of DriveMod Forklifts to Arauco starting in mid 2024 in Bennettsville, South Carolina. Cyngn and Arauco plan to work together to expand the DriveMod autonomous fleet across Arauco's 40+ global sites.
Arauco is a well-known and established wood products supplier with over $7 billion in revenue in 2022. Arauco supplies high-quality wood products to global customers and is committed to sustainability and carbon neutrality. With the intention of electrifying their fleet of forklifts and integrating autonomous capabilities, Arauco expects to support its environmental goals, while maximizing operational productivity, efficiency, and safety.
"Arauco's decision to deploy its first autonomous vehicles in an American facility underscores the urgency with which these technologies need to be deployed in costly markets like those in North America. In the United States, it can be particularly difficult to hire and retain skilled employees. We are excited at the opportunity to be Arauco's vehicle automation partner and to work in support of their admirable efforts to continue striving for ESG excellence," said Lior Tal, Chief Executive Officer of Cyngn.
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.
Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.
Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).
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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 17, 2023. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
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