Opsys Tech featured on Seeking Alpha Jan 5th 2022
Summary:
Israeli maker of solid-state LIDAR to supply auto parts company, SL Corp. of South Korea. Five-year-old startup touts product simplicity, low cost.
Full production of LIDAR units to begin in 2024-25, says company's chairman.
Pact represents primarily market penetration in Asia.
Opsys says pact is first of "several new major" supply agreements expected during the next three years.
Opsys Tech announced the SL Corp. agreement at the CES Show in Las Vegas. Eitan Gertel, chairman, said it is one of several the company has finalized -- all with Asia-based automotive suppliers -- to supply LiDAR systems for production vehicles within the next two to three years.
"This puts us on track to be a major supplier of LIDAR units to the global automotive industry," Gertel said at a press conference.
LIDAR, which employs beams of light to identify the speed and direction of distant objects, is one of several sensing systems -- along with radar, cameras and thermal identification -- that are being used in automated driving assistance systems (ADAS) and eventually are expected to be a key component of full self-driving vehicles. Dozens of LIDAR companies, using a variety of approaches, aim to penetrate the mobility market.
In a prepared statement, Opsys Tech said it "has created an entirely new and groundbreaking category of LiDAR: Pure Solid-State Scanning Microflash LiDAR with no moving parts. Opsys Tech’s patented Scanning Microflash technology combines the best of existing methods without trade-offs, while delivering superior reliability and performance in every critical category at the best value."
Opsys Tech maintains offices in Holon, Israel, and San Jose, California; it will open a new office in China during the first quarter of 2022. Opsys Tech plans to manufacture its units in Thailand beginning late in the first quarter of 2022. Opsys Tech also expects to announce additional supplier agreements in the first half of the year that will expand its market reach into Europe.
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