Aeva sells 6% stake and inks manufacturing deal, shares rise
FILE PHOTO: A view shows an Aeva Technologies lidar sensor that helps self-driving vehicles gain a detailed view of the road, in Mountain View, California, U.S., in this undated handout photo provided on January 9, 2024. Courtesy Of Aeva Technologies/Handout via REUTERS/File Photo
SAN FRANCISCO (Reuters) -Aeva Technologies, a firm founded by former Apple engineers that makes sensors used in factories and self-driving vehicles, on Wednesday said it had sold a 6% stake for $50 million to an unnamed strategic partner that will also handle some of its manufacturingin the future.
Aeva's lidar sensors help factory equipment and vehicles gain a three-dimensional view of their surroundings. Aeva's version of the technology can also detect how fast objects are moving, which can help cars determine if an object in the distance is stationary or moving.
Aeva did not name the partners, describingit as a "technology focused affiliate of a Global Fortune 500 company" that will also help it manufacture sensors for passenger vehicles. Aeva shares were up 3% after the announcement.
The company has partnerships with firms such as Daimler Truck AG for autonomousdriving as well as deals with Japanese and German firms to use the sensors to detect defects in objects moving down automated manufacturing lines.
Aeva reports earnings after the close of markets on Wednesday.
(Reporting by Stephen Nellis in San Francisco; editing by Diane Craft)
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