South Carolina to serve as the hub for electrification and automation expansion
MENLO PARK, Calif., Sept. 28, 2023 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN), a pioneer in AI-powered autonomous driving solutions for industrial settings, and Arauco, a leading global provider of sustainable forestry products, pulp, and engineered wood for the furniture and construction sectors, announced the continuation of their partnership with a paid pre-order agreement and plans to deploy at Arauco's facility in Bennettsville, South Carolina.
On August 8, Cyngn announced that Arauco made a commitment to purchase 100 DriveMod Forklifts, a testament to Arauco's dedication to automating their material handling processes within wood and pulp manufacturing facilities. On August 23, the companies announced the site in Bennettsville, South Carolina, where the DriveMod Forklifts will first be deployed. The delivery of the vehicles to Arauco is scheduled to begin in 2024. Collaboratively, Cyngn and Arauco intend to scale the DriveMod autonomous fleet to encompass Arauco's 40+ global locations.
"As we embark on this partnership with Arauco, we are excited at the opportunity to deliver the performance and versatility that is essential to Arauco's operations with our DriveMod Forklifts," said Lior Tal, CEO of Cyngn. "The selection of Arauco's South Carolina facility emphasizes the need to adopt autonomous vehicle technology in high-cost industries, particularly across North America. We look forward to the continued collaboration with Arauco and working together to advance sustainability objectives."
The pre-order represents a fraction of Arauco's existing fleet and a significant opportunity for additional orders. The partnership with Arauco addresses the challenge of automating the handling of heavy loads with non-standard pallet pockets. Arauco anticipates substantial benefits from the DriveMod Forklifts, boasting a remarkable autonomous lift capacity of over 10,000 pounds.
The DriveMod Forklift's novel capabilities stem from Cyngn's development of proprietary computer vision algorithms for pallet attribute detection. The DriveMod technology also enhances the overall safety of forklift operations, safeguarding the equipment, people, and obstacles by expanding the field of view of the sensors beyond what a human forklift driver can typically see.
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).
Empresas COPEC SA is a Chile-based holding company engaged, through its subsidiaries, in the energy and natural resources sectors. The Company's operations are structured into four business sectors: the Forestry Business, Fuels Business, Fishing Business, and Other Investments. The Company operates in the forestry business through its affiliate Arauco, which produces wood pulp, panel and sawn lumber.
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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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