Cepton (NASDAQ: CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions, has been awarded a multimillion sales contract from one of the leading U.S. highway tolling systems in the country. The company announced that its exclusive, state-of-the-art lidar solution will be deployed nationwide; the contract is designed to improve and enable accurate and intelligent tolling applications. According to the announcement, the large-scale contract calls for CPTN’s Sora series lidar sensors to be positioned on several major tollways located in the Tri-State area and Northern California in what is projected to be the largest commercial lidar deployment in the tolling sector to date. The company noted that the partnership has potential for future projects, perhaps even outside of the United States. “We’re proud to announce our new contract win with one of the largest tolling system operators in the U.S. and contribute to the infrastructure rebuilding initiative,” said Cepton cofounder and CEO Dr. Jun Pei in the press release.
“In addition to superior performance, our Sora lidars were designed using the same auto-grade building blocks that have been validated by OEMs through our flagship automotive lidar program, and are reliable, embeddable, scalable and energy efficient, which are key advantages for tolling applications. . . . Lidar has tremendous potential to transform the tolling industry, and I am very proud that Cepton has become a pioneer in commercializing lidar with real-world, large-scale deployments. Our multimillion-dollar contract with the customer is a testament to the high quality and scalability of our lidar solutions, as well as to our commitment to improving everyone’s mobility experience across automotive and smart infrastructure applications. I look forward to seeing our lidar solutions serving millions of drivers this year. I am also confident this win, and subsequent deployments, will advance the use of lidar across multiple smart infrastructure sectors.”
To view the full press release, visit https://ibn.fm/hYIWF
About Cepton Inc.
Cepton is a Silicon Valley innovator of lidar-based solutions for automotive (“ADAS/AV”), smart cities, smart spaces and smart industrial applications. With its patented lidar technology, Cepton aims to take lidar mainstream and achieve a balanced approach to performance, cost and reliability, while enabling scalable and intelligent 3D-perception solutions across industries. Cepton has been awarded a significant ADAS lidar series production award with Koito on the General Motors business. Cepton is also engaged with all top 10 global OEMs. Founded in 2016 and led by industry veterans with decades of collective experience across a wide range of advanced lidar and imaging technologies, Cepton is focused on the mass market commercialization of high-performance, high-quality lidar solutions. Cepton is headquartered in San Jose, California, and has a center of excellence facility in Troy, Michigan, to provide local support to automotive customers in the metro Detroit area. Cepton also has a presence in Germany, Canada, Japan, India and China to serve a fast-growing global customer base. For more information about this company, please visit www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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