Luminar Accelerates Commercial Momentum with Mobileye Design Win
The leader in automotive ADAS chooses the leader in lidar technology for level 4 autonomy solutions
PALO ALTO, CA. – Luminar Technologies, Inc. (“Luminar”), the global leader in automotive lidar hardware and software technology, which is currently in the process of becoming a public company through its expected merger with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU, GMHIW), a special purpose acquisition company, has struck a deal with Mobileye, an Intel company, to supply Luminar lidar for the company’s Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing.
As part of the agreement, Mobileye will collaborate with Luminar to use its lidar for the first generation of its level 4 Mobility-as-a-Service (MaaS) pilot and driverless fleet in key markets around the world, including Tel Aviv, Israel; Dubai, UAE; Paris, France; and Daegu City, South Korea.
Luminar’s technology will be used to enable Mobileye’s TRUE REDUNDANCY™ solution which is uniquely comprised of multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 driving. By processing completely independent streams of data from 360-surround view cameras, lidar, and radar, the solution ensures significantly greater perception accuracy and eliminates the impact of disruptions to an individual sensor.
“Mobileye disrupted the auto industry to become the undisputed king of ADAS, and with the right partner is uniquely positioned to enable autonomy at an unprecedented scale,” said Austin Russell, Founder and CEO of Luminar Technologies. “After collaborating with Mobileye for over a year, we’re excited to formalize this deal and work towards a shared vision of making autonomy safe and ubiquitous.”
Luminar has secured a total of 50 commercial partners across passenger vehicle, trucking, and robo-taxi verticals, representing approximately 75% of major players in the targeted customer ecosystem. Luminar’s accelerating commercial traction has resulted in opportunities to convert 12 of its OEM programs and engagements from development stage into production. Key 2020 achievements across its three key verticals include:
- Passenger Vehicle – Luminar has secured the industry’s first series production deal for consumer vehicles starting in 2022. Luminar remains on schedule with first Iris sensors now running live on vehicles. Luminar is partnered with seven of the top 10 largest automakers at various development stages, with timelines to series production landing between 2022-2025.
- Trucking – Luminar is partnered with the largest global truck OEM to commercialize Level 4 autonomous trucks for long-haul highway use cases; Luminar is now also powering all other major autonomous trucking programs globally.
- Mobility-as-a-Service – Luminar is now working with a number of major next-generation autonomous robo-taxi programs, with particular focus on those closer to series production, including Mobileye’s internal Mobility-as-a-Service program.
A Mobileye autonomous development vehicle with Luminar lidar sensors on display at Mobileye’s Investor Day in 2019 (Credit: Walden Kirsch/Intel Corporation)
Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Luminar has rapidly gained 50 industry partners, including 7 of the top 10 global automotive OEMs, and has received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG and Volvo, a global leader in automotive safety, to bring autonomous trucks and cars to highways, respectively. Founded in 2012, Luminar is a 350-person team with offices in Palo Alto, Orlando, Colorado Springs, Detroit, and Munich. For more information please visit www.luminartech.com.
In August, Luminar announced it entered into a definitive agreement to merge with Gores Metropoulos, Inc. (Nasdaq: GMHI, GMHIU and GMHIW), a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC. The transaction is expected to close in the fourth quarter of 2020, subject to regulatory and stockholder approvals, and other customary closing conditions. The combined company will retain the Luminar Technologies, Inc. name and will remain listed on Nasdaq under the new ticker symbol “LAZR.”
Additional Information about the Transactions and Where to Find It
Gores Metropoulos has filed with the SEC a registration statement on Form S-4 (the “Registration Statement”) and has mailed the definitive proxy statement/consent solicitation statement/prospectus contained therein and other relevant documents to its stockholders. The Registration Statement is now effective. The Registration Statement, including the proxy statement/consent solicitation statement/prospectus contained therein, contains important information about the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at a meeting of Gores Metropoulos’ stockholders to be held to approve the proposed transactions contemplated by the Merger Agreement and other matters (the “Special Meeting”) and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. Gores Metropoulos stockholders and other interested persons are advised to read the Registration Statement and the proxy statement/consent solicitation statement/prospectus, as well as any amendments or supplements thereto, because they contain important information about the proposed transactions. The definitive proxy statement/consent solicitation statement/prospectus has been mailed to Gores Metropoulos stockholders as of October 14, 2020, the record date established for voting by Gores Metropoulos stockholders on the proposed transactions contemplated by the Merger Agreement and the other matters to be voted upon at the Special Meeting. Gores Metropoulos stockholders will also be able to obtain copies of the definitive proxy statement/consent solicitation statement/prospectus, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Gores Metropoulos, Inc., 9800 Wilshire Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou (email: firstname.lastname@example.org).
Participants in Solicitation
Gores Metropoulos, Luminar and their respective directors and officers may be deemed participants in the solicitation of proxies of Gores Metropoulos stockholders in connection with the proposed transactions. Gores Metropoulos stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of Gores Metropoulos in Gores Metropoulos’ Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC on March 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to Gores Metropoulos stockholders in connection with the proposed transactions contemplated by the Merger Agreement and other matters to be voted upon at the Special Meeting is set forth in the definitive proxy statement/consent solicitation statement/prospectus for the proposed transactions. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transactions is included in the Registration Statement.
Forward Looking Statements
This communication may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning Gores Metropoulos’ or Luminar’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities OEM conversions, potential timelines, and the effects of regulation, including whether this transaction will generate returns for stockholders. These forward-looking statements are based on Gores Metropoulos’ or Luminar’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Gores Metropoulos’ or Luminar’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement and the proposed transactions contemplated thereby; (b) the inability to complete the transactions contemplated by the Merger Agreement due to the failure to obtain approval of the stockholders of Gores Metropoulos or other conditions to closing in the Merger Agreement; (c) the ability to meet Nasdaq’s listing standards following the consummation of the transactions contemplated by the Merger Agreement; (d) the risk that the proposed transactions disrupt current plans and operations of Luminar or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (e) the ability to recognize the anticipated benefits of the proposed transactions, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (f) costs related to the proposed transactions; (g) changes in applicable laws or regulations; (h) the possibility that Luminar may be adversely affected by other economic, business and/or competitive factors; and (i) other risks and uncertainties indicated from time to time in the final prospectus of Gores Metropoulos, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Gores Metropoulos. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Forward-looking statements included in this communication speak only as of the date of this communication. Except as required by law, neither Gores Metropoulos nor Luminar undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. Additional risks and uncertainties are identified and discussed in Gores Metropoulos’ reports filed with the SEC and available at the SEC’s website at www.sec.gov.
This communication is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transactions or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.
John Christiansen/Cassandra Bujarski
Sard Verbinnen & Co
For inquiries regarding The Gores Group and affiliates, please contact:
Jennifer Kwon Chou
The Gores Group