Luminar Collaborates With Caterpillar on Industrial Autonomous Solution
Luminar (NASDAQ:LAZR), a leading global automotive technology company, announced a collaboration with Caterpillar Inc. to integrate LiDAR technology into Caterpillar's next generation autonomous solution.
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The Cat® off-highway truck will feature two Iris LiDARs.
LiDAR, which stands for Light Detection and Ranging, is critical for navigation and obstacle detection in autonomous machines. LiDAR uses light in the form of a pulsed laser to continuously scan the surrounding environment and provide high-precision measurement of the shape and size of objects nearby.
The Luminar LiDAR technology will be introduced with Cat® Command for hauling, initially targeted for quarry and aggregate operations. The Cat® off-highway truck will feature two Iris LiDAR with a unique integration system designed exclusively for Caterpillar. Caterpillar has long been recognized as an industry leader in autonomy, with autonomous trucks on three continents having traveled more than 334 million kilometers and autonomously moving more than 9.3 billion tonnes.
"We are proud to collaborate with Luminar on our next generation autonomous solution. We've invested in autonomy and automation for more than 30 years, and we've seen how it adds value for our customers in terms of safety, productivity and efficiency," said Jaime Mineart, Chief Technology Officer and Senior Vice President of Integrated Components and Solutions for Caterpillar Inc.
"This new partnership with Caterpillar, the global leader in industrial equipment, has the opportunity to be a spearhead for next industrial revolution of automation," said Austin Russell, Founder and CEO of Luminar. "Now that Luminar has successfully executed for automotive series production, we're able to branch out to adjacent markets with a shared mission. Together, we look forward to saving lives and enhancing profitability for CAT customers around the world with industry-leading capabilities."
About Caterpillar
With 2024 sales and revenues of $64.8 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels at caterpillar.com/en/news/social-media.html.
About Luminar:
Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software/AI platform to enable its various partners, ranging from Volvo Cars and Mercedes-Benz to NVIDIA and Mobileye, to develop and deploy the world's most advanced passenger vehicles. Following the launch of the Volvo EX90 as the first global production vehicle to standardize its technology, Luminar is poised to lead the industry in enabling next-generation safety and autonomous capabilities for global production vehicles. For more information, please visit www.luminartech.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "aims," "believe," "may," "will," "estimate," "set," "continue," "towards," "anticipate," "intend," "expect," "should," "would," "forward," and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements include statements relating to expectations regarding opportunities to advance automation, to save lives and to enhance profitability. Forward-looking statements are based on expectations and assumptions by our management and involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including that next-generation sensors and software will be developed successfully, and that these systems will perform as intended and achieve meaningful safety or efficiency improvement. More information on these risks and other potential factors that could affect the Company's business is included in the Company's periodic filings with the SEC, including in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's most reports on Form 10-K and Form 10-Q. The Company assumes no obligation to update any forward-looking statements, which speak only as of the date they are made.
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Luminar Contacts:
Media Relations:
Milin Mehta
[email protected]
Investor Relations:
Aileen Smith
[email protected]