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TeamWorking by TechNexus becomes largest coworking space in Chicago after expansion at historic Civic Opera Building

TechNexus Venture Collaborative

TeamWorking by TechNexus, a shared workspace located in Chicago, is now the city’s largest coworking space as a result of a multi-floor expansion at the historic Civic Opera Building. TeamWorking now operates 100,000+ square feet of suites, offices, and event space at 20 N. Wacker Dr. after entering into a management partnership agreement with the building. JLL represented TeamWorking in the expansion, which now makes TeamWorking Chicago’s largest single coworking location. Born out of TechNexus Venture Collaborative, one of the most active venture firms in the country, TeamWorking is a tech-focused coworking space in Chicago that helps firms ready to scale and grow find a home. As a leading provider of tech-focused coworking solutions in Chicago, TeamWorking offers a community where entrepreneurs, innovators, executives, and teams can thrive. Along with being the physical home for TechNexus, TeamWorking tenants include fast-growing tech firms such as Ocient, Network Perception and TruckSmarter. More than 80 firms call TeamWorking home. In addition to office space, the location offers a rooftop terrace, fitness center, podcast studio and full editing suite, stocked kitchens, wellness room and more. Additional amenities include meeting space for up to 175 guests. Top brands like McDonald’s, Airbnb and more turn to TeamWorking to host their events. “TeamWorking is where the best tech companies in Chicago come to scale,” said Fred Hoch, co-founder and general partner of TechNexus. “We know that space is only as good as the people you have in it. TeamWorking’s focus on collaboration, network building, and community connection have created a space for Chicago’s most innovative organizations to grow, collaborate and thrive.” Beyond TeamWorking becoming the largest coworking space in Chicago, this transaction represents one of the larger transactions completed across the West Loop, and signifies trending momentum for coworking, hybrid office space that fits what many entrepreneurs, innovators and startup organizations are seeking as they build and scale their organization, according to JLL. “TeamWorking’s expansion represents surging momentum and growth across Chicago’s downtown office landscape as more organizations are seeking desirable amenities and collaborative office spaces to fuel their growth,” noted JLL’s Deanna Becker, Executive Vice President. About TeamWorking by TechNexus Established in 2007, TeamWorking’s innovative tech-focused community has grown to more than 750 alumni. TeamWorking is currently home to more than 80 companies, creating a community where entrepreneurs, innovators, executives, and teams can thrive. TeamWorking is located in Chicago's Civic Opera Building, steps from Union Station, Ogilvie, and the CTA, offering easy access to Chicago’s central business district. Learn more about available TeamWorking space here. About TechNexus Venture Collaborative TechNexus helps leading corporations and ambitious entrepreneurs develop mutually beneficial relationships that accelerate growth opportunities. A first-of-its-kind Venture Collaborative, we invest capital, incubate, and collaborate to create new growth opportunities. TechNexus, in partnership with leading corporations, has invested in more than 150 startups across the globe. TechNexus helps portfolio companies grow by creating new business models, revenue streams, markets and products. Portfolio companies include Harbinger Motors, Tonal, H3X and more. For more information, please visit technexus.com. Contact Details TeamWorking by TechNexus Jim Dallke jdallke@technexus.com Company Website https://teamworking.vc/

November 13, 2024 01:00 PM Eastern Standard Time

Hispanic Motor Press Jury Panel Selects Finalists for the Top 2025 Vehicles for Hispanics

Hispanic Motor Press

The Hispanic Motor Press jury panel reveals its selection of vehicle finalists for the 2025 Hispanic Motor Press Awards (HMPA). The top three selections by category were based on key automotive purchase drivers for Hispanic consumers. Presented this year by leading car care brand Meguiar’s, the 15th annual HMPA jury panel evaluated more than two hundred vehicles, testing the advancements in technology, safety features, infotainment, and cleaner mobility solutions. The winners will be announced on November 21 at the main stage during the LA Auto Show – AutoMobility LA. “Automotive sales momentum is largely determined today by the Hispanic consumers, who represent 1 in 4 new vehicle purchases,” shares Ricardo Rodriguez-Long, a veteran automotive journalist and founder of the Hispanic Motor Press. With the continuous evolution of safety and tech features, we help guide Hispanic car buyers while empowering them with information on adopting clean and safe transportation that enhances their vehicle experience.” Joining HMPA this year is Meguiar’s, supporting car culture since 1901 and recognizing the importance of the Hispanic segment in the country’s economy. Their car care products have been used throughout Latin America for over a hundred years and have been an integral part of the Los Angeles car culture. The company is equally passionate about developing the best possible surface care products and in building and fostering genuine relationships with enthusiasts around the globe. The HMPA 2025 vehicle finalists, based on entry categories and manufacturers listed alphabetically, are: Electric Vehicle: Chevy Equinox EV, Hyundai Ioniq 6, and Kia EV9 Family Vehicle: Hyundai Santa Fe, Kia Carnival, Toyota Camry Pickup Truck: Chevy Silverado, Ford Ranger, Toyota Tacoma Sports Utility Vehicle: Hyundai Tucson, Kia Sorento Hybrid, Toyota Land Cruiser Luxury Vehicle: Genesis GV80 Coupe, Lincoln Nautilus, Ram Tungsten All 2025 HMPA finalist vehicles offer a positive overall ownership experience and are considered the most significant automobiles in the market, as they meet the needs and desires of Hispanic consumers. Auto manufacturers voluntarily submit their entries, and the expert jury panel evaluates vehicle features, including overall design, comfort, safety, economy, handling, performance, functionality, infotainment integration, interior design, environmental requirements, driver satisfaction, and price. The 2025 HMPA Jurors represent a distinguished, independent group of Hispanic automotive journalists, content creators, and industry influencers selected by the organization’s advisory board who volunteer their own time to participate and help the Hispanic consumer make an informed choice. The HMPA award-winning vehicles will be featured in an exclusive staged HMPA area in the convention center West Hall throughout the LA Auto Show from November 22 through December 1 at the Los Angeles Convention Center. About Meguiar’s With over 120 years of experience and surface care leadership, Meguiar’s remains deeply rooted in car culture, authentically pushing performance boundaries of detailing products to support all needs, from the experienced Pro to the curious novice. Meguiar’s, at its core, is undoubtedly about PASSION. Passion for developing the best possible surface care products, including Auto, Marine and RV. Passion for ensuring the experience using those products delivers a “WOW” – every time. And Passion for building and fostering genuine relationships with enthusiasts around the globe. Join the global community of people who genuinely love their cars and Reflect their Passion using Meguiar’s! About Hispanic Motor Press The Hispanic Motor Press Awards is the premier U.S. Hispanic awards presented in the country for the Latino community to educate and help pre-select the best vehicle options in the market. The jury panel is comprised of an independent group of national Hispanic automotive journalists, content creators, and influencers who assess the vehicles while considering key purchase drivers for Hispanic families in quality, reliability, style, safety, technology, and value. The annual awards include the Hispanic scholarship program for communications, automotive, and technology college students. Hispanic Motor Press Foundation Hispanic Motor Press Foundation is a non-profit 501(c)3 with the objective to educate and help the Hispanic consumer to move towards mobility that is clean, affordable, and capable of reducing greenhouse emissions and improving our air quality. For more information and to become a supporter, visit HispanicMotorPress.org. Follow Hispanic Motor Press on X@HMotorPressOrg, Facebook@hispanicmotorpress and Instagram@HispanicMotorPress. Click HERE for images Contact Details Hispanic Motor Press Yvonne Lorie +1 305-546-3688 yvonne.lorie@re-freshpr.com

November 13, 2024 12:09 PM Eastern Standard Time

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IB2 lands a major investment from Glencore to fuel aluminium’s sustainable shift

SIC enigma

IB2, the French company co-founded by Yves Occello and Romain Girbal, has announced that it managed to secure a total of 100 million euro investment in the last 12 months to further develop its innovative process for producing more sustainable alumina. This investment marks a decisive step for IB2 and confirms its pioneering role in the ecological transformation of the traditionally energy-intensive aluminum sector. The financing was secured from a group of financial and industrial investors including Glencore and several private backers. This alliance will provide IB2 with additional resources to deploy its process on an international scale. Robin Scheiner, Head of Glencore's aluminum business, welcomes the investment: "As the demand for bauxite and alumina continues to grow, we believe IB2’s technology has the potential to play a role in meeting the aluminium industry needs in a sustainable way”. For Romain Girbal, the €100 million raised provides the means to accelerate and strengthen IB2's market position. The French co-founder adds: "Having Glencore on our side will also allow us to accelerate the deployment of our technology on a global scale.” The IB2 process is a technological innovation that transforms low-grade bauxite into high-grade ore, optimizing alumina production while reducing the sector's environmental footprint. The process reduces the production of red mud by 67% and the use of water and caustic soda by more than 80%, while producing an environmentally friendly by-product, tobermorite, which is used in the production of a new generation of green cement. This technology is the first major innovation in this heavy industry sector in over 50 years. With this spectacular €100 million investment, IB2 is now a key player in the environmental transformation of the aluminum industry, consolidating its position as a leader in this crucial change. About IB2: IB2 is a green industrial tech company that has developed a breakthrough environment-friendly technology for alumina refineries. The technology was developed by a team of 10 professionals cumulating 300 years of experience in the bauxite and alumina industry, especially in the Bayer process and all types of bauxites. https://ib2-bauxite.com/ About Romain Girbal: Romain Girbal is a co-founder of IB2. After studying French and Spanish business law at the University of Paris X (Nanterre) and international trade at the University of Carlos III (Madrid), he obtained a master’s degree in business law and international management at HEC Paris in 2007. Romain Girbal is a graduate of Harvard Business School where he studied the OPM program for entrepreneurs. For further information please contact SIC enigma at info@si-c.ch Contact Details SIC enigma Peter Limacher info@si-c.ch Company Website https://si-c.ch/

November 13, 2024 11:38 AM Eastern Standard Time

Post-Election Cancellations in DC’s Inauguration Rentals Reflect Voter Sentiment

Pinion Newswire

Great Dwellings, a prominent short-term rental (STR) management firm in Washington, DC, has released data on cancellations and re-bookings for Inauguration Day stays following the recent election of President Donald Trump. “Leading up to Election Day, 100% of our properties were booked for the inauguration,” stated Jon Rosen, President of Great Dwellings. “However, within 24 hours after the election was called for Trump, 57% of these reservations were cancelled, indicating that optimism for a Harris victory may have been stronger than the voting results suggested. Harris’s popular vote share, according to the Associated Press, was 49.5%.” In the days following these cancellations, more than a third of the vacant spots have been re-booked by Trump supporters eager to attend the January 20 event. Rosen notes, “We anticipate filling all properties well before Inauguration Day.” Inauguration years traditionally see strong demand for short-term rentals, with many groups booking both to attend and celebrate the event. Nightly rates for these dates are typically three times the regular rate due to high demand. Reservations are made by supporters of both major candidates, often placing bets that their candidate will win. A smaller segment of renters simply seeks to witness this historic event, regardless of the victor. When cancellation and booking patterns diverge from polling expectations, they often reflect varying confidence levels or the significance voters attribute to the candidates. About Great Dwellings Great Dwellings is a leading short-term rental property management company based in Washington, DC, overseeing single-family and multi-family homes across Washington, Maryland, Virginia, and additional markets in Mexico. The company provides full-service management, from marketing and guest acquisition to 24/7 customer service, property maintenance, and upkeep. Contact Details Great Dwellings, Inc. Jon Rosen +1 202-751-2100 info@greatdwellings.com

November 13, 2024 11:07 AM Eastern Standard Time

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Cutoshi Hits #1 Worldwide And In The USA – The Hype Behind $CUTO’s Explosive Growth

Cutoshi

Cutoshi, a memeFi project in presale, took X by storm yesterday as it went viral and took the number 1 trending spot worldwide and in the USA, for over 8 hours. This hype also spread worldwide, as $CUTO became the trending keyword for all countries. The term DeFi was also trending worldwide yesterday, showing that Cutoshi is proving itself to be one of the hottest decentralized crypto projects around. Meme Appeal Cutoshi is cute and catchy, bringing Lucky Cat energy to the blockchain and people’s digital assets. As crypto booms thanks to new all-time highs for Bitcoin, memecoins continue to dominate the market as the most profitable and engaged-with sector in crypto. And as of today, the meme coin market cap is at $105 billion according to CoinMarketCap, with a 24 hour trading volume of $60 billion. That shows us that a lot of people are trading memes right now. DOGE has been on a tear and has also been trending on X since the US elections, proving the enduring nature of important memecoins. MemeFi Hybrid Approach While DOGE has a first mover advantage as a memecoin, Cutoshi is new and in presale. There is another important difference between the two coins - utility. Dogecoin doesn’t have utility, or at least very little (it's accepted as payment in certain places, according to their website). Cutoshi, on the other hand, does. Cutoshi is currently building a cross-chain DEX to simplify swapping and trading on the blockchain, and a whole ecosystem revolving around the benefits of DeFi. The aim is to introduce people to DeFi and then help them to make the most out of it, and that’s why they are offering a learning academy to help people find out more in a fun way. $CUTO will be used throughout the ecosystem, ensuring that the token has true utility, which is essential for ensuring the price moves in the right direction. Fun And Community Is Key All good crypto projects have a loyal community. Decentralized exchanges like Uniswap and 1inch clearly have a loyal community. Cutoshi is currently engaging their growing community through quests and challenges such as meme-making. And because people love the fun of competition, they have built a leaderboard so that people can spur each other on. These quests accrue points, which will be swapped for $CUTO tokens, airdropped once the coin goes live. This ensures that all early community members are rewarded for their participation and can have more skin in the game. Over 1500 people have taken part in the quests within days of launch. Cutoshi Investors Are Early As anyone who’s taken a look at meme coins like Dogecoin and Shiba Inu knows, the ones who got in early profited the most, with DOGE up by an impressive 435,594% since its launch and SHIB up by an amazing 42,665,342%. Just $10 invested at this time in SHIB would have made a current holder over $4 million dollars! Although returns like this are exceptional, new coins are the way to get huge gains. Cutoshi is currently in presale phase; given the hype around it, it could be the next life-changing coin for wealth generation. For more information on the Cutoshi (CUTO) Presale: https://cutoshi.com/ Join and become a community member: https://twitter.com/CutoshiToken https://t.me/cutoshi Welcome to Cutoshi, the revolutionary meme coin, DeFi hub and educational platform inspired by the Lucky Cat and Satoshi Nakamoto’s teachings. Traditionally, people put the Lucky Cat in their homes and businesses to maximize its lucky powers and bring them good fortune and wealth. Now Cutoshi the Lucky Cat is on the blockchain bringing luck, prosperity, and wealth to your digital assets. Cutoshi is creating a path to financial freedom, for those who choose to honor the power of the Lucky Cat. Supporting the principles of freedom, privacy, anonymity, and monetary empowerment for the masses. Cutoshi aims to bring the benefits of blockchain to everyone. Contact Details Cutoshi hello@cutoshi.com Company Website https://cutoshi.com/

November 13, 2024 10:09 AM Eastern Standard Time

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SPARK Microsystems Redefines Wireless Gaming with New 8K Mouse Reference Design

SPARK Microsystems

SPARK Microsystems, a Canadian fabless semiconductor company specializing in next-generation short-range wireless communications, today announced the release of its 8K gaming mouse reference design, supporting polling rates up to 8,000 Hz. Built for high-performance gaming and esports, this new design harnesses SPARK’s SR1020 ultra-wideband (UWB) wireless transceiver, offering a wireless gaming experience that matches the performance of wired solutions. The 8K mouse reference design is specifically engineered to meet the needs of competitive gamers, offering the seamless, high-speed responsiveness typically associated with wired mice. SPARK’s UWB technology delivers ultra-low latency of 0.2 ms and remarkably low power consumption – 30% or more lower than 2.4 GHz gaming mice at 8,000 Hz. SPARK’s technology outperforms traditional wireless standards by avoiding interference with the congested 2.4 GHz spectrum, ensuring an uninterrupted gaming experience free from the lag and delays often found in traditional wireless solutions. “Our focus at SPARK is on delivering practical innovations in short-range wireless communications, making it faster, more efficient, and seamlessly responsive" said Dr. Abdul Hafiz Alameh, PhD, Director of Product Marketing, SPARK Microsystems. "Our 8K mouse reference design, powered by the SR1020 UWB transceiver, provides industry-leading performance —offering a gaming experience indistinguishable from wired solutions.” Key features of SPARK’s 8K gaming mouse reference design include: Polling Rate: Unmatched smoothness and responsiveness with configurable polling rates up to 8 kHz. Ultra-Low Latency: Latency of 0.2 ms ensures a real-time response indistinguishable from wired solutions. Low Power Operation: Significantly reduced power consumption for extended battery life and smaller battery sizes. Low Interference: Operates outside congested frequency bands, avoiding the performance bottlenecks of traditional wireless systems. The new 8K gaming mouse reference design showcases the SR1020 UWB transceiver’s advanced capabilities, allowing for sustained high data rates while consuming minimal power. Gamers benefit from longer battery life and lighter, more agile designs, all without sacrificing performance. The design is part of SPARK’s growing ecosystem of reference designs, aimed at enhancing wireless capabilities in gaming, consumer electronics, and IoT markets. About SPARK Microsystems SPARK Microsystems is building next generation short-range wireless communication devices. SPARK provides high data rate and very low latency wireless communication links at an ultra-low power profile, making it ideal for personal area networks (PANs) used in mobile, consumer and IoT-connected products. Leveraging patented technologies, SPARK Microsystems strives to minimize and ultimately eliminate wires and batteries from a wide range of applications while delivering a wired-like performance. For more information, please visit www.sparkmicro.com. Contact Details Jenna Beaucage +1 508-340-6851 jbeaucage@rainierco.com Company Website https://www.sparkmicro.com

November 13, 2024 09:33 AM Eastern Standard Time

Healthcare Giant Thermo Fisher Scientific Inc. (NYSE: TMO) Inks Deal With Mainz Biomed (NASDAQ: MYNZ) To Develop And Commercialize Next Gen Colorectal Cancer Screening

Benzinga

By Meg Flippin, Benzinga Colorectal cancer is no longer a disease that affects only the elderly. Kids and teens are being diagnosed at an alarming rate. Over the past two decades, the number of cases of this form of deadly cancer has skyrocketed 500% among young people. Kids between 10 and 14 have seen cases rise 333%. That’s why actors including Frankie Muniz and influencers like Petra Smeltzer Starke, founder and CEO of a global growing hot yoga healthy lifestyle brand SweatNGlow, are sounding the alarm and spotlighting the problem. It makes sense. Colorectal cancer is a major cause of death in America, killing 50,000 people each year. What’s more, 71% of the diagnoses made are in the later stages of the disease. But if it's caught early, the survival rate after five years is 90%. Despite those favorable odds, only about four in ten colorectal cancers are spotted at the early stage. Mainz And Thermo Fisher Scientific Inc. Team Up It’s also why Mainz Biomed NV (NASDAQ: MYNZ), the molecular genetics diagnostic company, has been working hard to bring ColoAlert®, its early detection screening that spots bleeding and non-bleeding tumors through tumor DNA analysis, to market. The company specializing in the early detection of cancer just inked a deal with Thermo Fisher Scientific Inc. (NYSE: TMO) through its Life Technologies Corporation subsidiary to jointly develop and potentially commercialize ColoAlert in the U.S. Mainz Biomed said the collaboration will leverage Thermo Fisher Scientific’s technologies, instrumentation and information translation systems to enable Mainz Biomed to develop the proprietary assays for its mRNA-based next-generation CRC screening tests. “This collaboration with Thermo Fisher Scientific will be instrumental to our goal to bring to market a home collection colorectal screening tool with highly effective detection of adenomas,” said Guido Baechler, CEO of Mainz Biomed. “Our product development will be greatly enhanced by Thermo Fisher Scientific’s knowledge and scalable, class-leading technologies, providing both partners with a means to accelerate the availability of an innovative new test for colorectal cancer screening around the world.” The company noted that clinical trials in the U.S. and Europe have been successful. In clinical trials, Mainz Biomed said ColoAlert’s sensitivities exceeded 90% for detecting colorectal cancer and over 80% for advanced adenomas. The company is gearing up to launch a clinical FDA trial in the U.S. next year. If that is successful, Mainz Biomed will be able to sell ColoAlert to millions of Americans at risk of colorectal cancer. Mainz Biomed’s Method To Take Screening To The Next Level ColoAlert, via stool samples, spots the four tumor markers associated with cancer: KRAS-mutation, BRAF-mutation, total amount of human DNA and occult blood. The company’s flagship non-invasive test targets early detection of colorectal cancer and focuses on precancerous lesions or advanced adenomas. Detecting advanced adenomas is crucial in preventing colorectal cancer, as identifying patients with these lesions allows for timely intervention through colonoscopy and adenoma removal, thereby averting cancer development, reports Mainz Biomed. While the cases among young adults and children are increasing at an alarming rate, Islam Mohamed, MD, an internal medicine resident physician at the University of Missouri-Kansas City, said the cases aren’t high enough to suggest widespread colonoscopy screening. It does suggest knowing the symptoms and getting screened to combat this form of cancer. “Colorectal cancer is no longer considered just a disease of the elderly population,” said Mohamed. “It’s important that the public is aware of signs and symptoms of colorectal cancer.” On top of being accurate, ColoAlert is easy to use, which Mainz Biomed is betting should be a big driver of adoption. Within five minutes your sample is collected and packaged and on the way to the lab. Patients receive a kit in the mail that includes instructions, a stool collector and a shipping label to return the kit to their local lab for testing. Patients receive the results in a few days. Unlike the rival ColoGuard, Mainz says ColoAlert requires very small samples to test, which is one of the reasons the company boasts 98% patient satisfaction. Colorectal is a deadly form of cancer, but one that doesn’t have to be if it's spotted early. Mainz Biomed, along with Thermo Fisher Scientific, wants to play a role in solving the problem by bringing ColoAlert to the masses. This collaboration brings them one step closer to achieving that. Featured photo by National Cancer Institute on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

November 13, 2024 08:55 AM Eastern Standard Time

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Analysis of Top U.S. Sportsbooks Shows Long College Football Suspension Times When Compared to NFL According to Sports Odds Intelligence Firm Bettormetrics

Bettormetrics

Bettormetrics, a sports odds intelligence firm providing competitive sports odds data and insight to the sports betting industry, today released their latest report, a one-week comparison of suspension times between top operators during week eight of the college football season and week nine NFL games. The analysis found that while operators exhibit short suspensions during NFL games, there are still significant improvements to be made on suspension times during college football games. Suspension is when a sportsbook periodically shuts down betting lines in a sporting event to readjust the odds based on activity within the event, while uptime is the amount of time they are accepting live wagers during the game. Bettormetrics’ analysis found that DraftKings and FanDuel were suspended for the least and second least amount of time during NFL games, respectively, and the two operators flipped when it came to college football – with FanDuel leading the operators that were analyzed. DraftKings, who was previously noted as a market leader in past Bettormetrics’ reports on NBA and NFL season-long suspension times, suffered the biggest drop off during college games when compared to its NFL suspension times. On average, operators' suspension times were 8.7% worse during college games. Hard Rock saw the smallest drop in performance in comparison. “The NFL is clearly the American bettor’s favorite competition so it is only a matter of time before sportsbooks shift their focus to its younger sibling, college football, seeking improvements in suspension, uptime and overall trading performance,” said Sabin Brooks, Bettormetrics’ Chief Revenue Officer. “Those who master suspension in college games will ultimately come out on top. Doing so is a win-win because the bettor will have an improved betting experience meaning they will keep coming back and the operator will be able to bring in more handle, meaning a fly wheel of better product, customer experience and sportsbook profitability.” “While there are challenges with the availability, quality and speed of scouting data for college football, there is clear demand for betting on NCAA football. As such, operators are going to need to find solutions to overcome the tremendous suspension differences between the NFL and college football,” said Robert Urwin, Bettormetrics’ co-founder and CEO. “While we recognize that there are significantly more college games every weekend during football season than NFL, there is work to be done. With an estimated gross gaming revenue of over $800 million coming in during college football season, sportsbook operators will continue to lose out on potential revenue unless suspension times are addressed.” ABOUT BETTORMETRICS Bettormetrics is an innovative company providing competitive sports odds intelligence and insight to the sports betting industry. Bettormetrics’ Trading Analytics Platform is a SAAS product supporting sportsbook trading desks with cutting edge insight and analysis on the entire event life cycle, helping sportsbooks, data suppliers and B2B platforms gain an edge on competitors and ensure no profits are left on the table. For more information, please email info@bettormetrics.com or visit Bettormetrics.com. Contact Details Bailey Irelan birelan@hotpaperlantern.com Company Website https://bettormetrics.com/

November 13, 2024 08:51 AM Eastern Standard Time

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Customer Wins Fuel Triple-Digit Q3 Revenue Growth For Aeva Technologies, Are More Wins On The Horizon?

Benzinga

By Meg Flippin, Benzinga The world is becoming more automated, and LiDAR technology is playing a key role in helping make that happen. At Aeva Technologies Inc. (NYSE: AEVA), the company reports it is also gaining share as more customers transition to its next-generation FMCW 4D LiDAR technology. This is reflected in Aeva’s recently reported third-quarter results, with the company delivering triple-digit year-over-year revenue growth and several customer wins for its September-ending quarter. Aeva makes advanced LiDAR technology that uses a low-power continuous laser beam to measure range and velocity simultaneously. Aeva says this technology unlocks new levels of safety and automation by instantly discriminating between moving and non-moving points and knowing the precise velocity of objects in motion. This edge, along with other FMCW advantages not found in traditional 3D time-of-flight LiDAR solutions, garnered Aeva interest and customer wins in the third quarter. Revenue Growth On Display Take its revenue for starters. Aeva reported revenue of $2.3 million, up 178% from the year-ago third quarter. Aeva ended the quarter with $259.8 million of liquidity, bolstering its position to continue to grow the business. “Aeva in Q3 continued to gain momentum across multiple fronts as more customer programs and industries look to adopt Aeva's unique 4D LiDAR technology to enable next-generation solutions,” said Soroush Salehian, co-founder and CEO at Aeva during a conference call to discuss third-quarter results with Wall Street. “From new production awards to key milestones achieved towards production with existing partners and progress on securing additional wins, Aeva achieved major accomplishments this quarter.” New Contracts Fueling Demand During the third quarter, Aeva inked a multi-year sensor supply deal with The Indoor Lab, a LiDAR perception and analytics solutions company. Indoor Lab operates a LiDAR analytics platform used to improve safety, security and operational efficiency for major U.S. airports, mass transit railways, agriculture and smart infrastructure at theme parks and other large venues across the U.S. The multi-year agreement offers multiple tens of millions of dollars in revenue potential over just the next few years alone, the company said. The deal marks the first industrial customer production win for Atlas, Aeva’s next-generation 4D LiDAR. The sensor shipments have already started with a planned ramp-up in 2025 to support multiple projects at scale, the companies reported. “This is an exciting expansion for Aeva that offers meaningful revenue potential and builds on our first win in security earlier this year,” said Salehian. During the quarter, it also secured a win with a major European passenger vehicle original equipment manufacturer (OEM). The unnamed OEM selected Aeva’s 4D LiDARs because of their ability to collect velocity data which the OEM is using to validate its next-generation vehicle automation systems, reports Aeva. Importantly, on top of that, Aeva continued to work toward finalizing the RFQ for a global top 10 passenger OEM’s vehicle program in addition to making progress on other RFQs in the passenger vehicle market. On the trucking front, Aeva is helping companies make self-driving trucks a reality, including its $1 billion dea l with Daimler Truck AG and Torc Robotics, an independent subsidiary of Daimler Truck. Through the multi-year OEM deal, Aeva’s 4D LiDAR is the exclusive long range and ultra long range LiDARs for Daimler Truck’s Class 8 Freightliner Cascadia autonomous truck platform, which, together with Torc’s autonomous driving stack, will enable highway speed autonomy. These are heavy-duty trucks that spend most of their time on interstates hauling cargo to and fro. The companies see heavy-duty trucking as an area rife for autonomous vehicles given the severe shortages of drivers in that segment of the industry. During the quarter Torc, using Aeva’s LiDAR technology, successfully validated fully driverless operations at highway speeds up to 65 miles per hour, a key milestone in the commercialization plan for Daimler Truck’s autonomous truck production program by 2027, reported Aeva. The Key: Speeding Up Production To meet all the demand Aeva is seeing, the company said that during the quarter, it pulled forward the first shipments of Aeva Atlas, its production-intent product, by approximately two quarters. Aeva is currently implementing plans to scale production for next year. “Aeva continues to convert the growing interest in our unique 4D LiDAR technology to new wins while also achieving critical milestones for our existing production programs,” said Soroush Salehian, Co-Founder and CEO at Aeva. “With more industries looking to adopt FMCW technology, we made the strategic decision and executed on pulling forward first shipments of Atlas to the third quarter to meet more of our strong demand. We believe this further places Aeva on the path to leading the market and expanding our commercial momentum with additional wins in automotive, industrial and beyond.” Learn more about Aeva Technologies Inc. by checking out its investors deck here. Featured photo by Clay Banks on Unsplash. Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders. This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice. Contact Details Benzinga +1 877-440-9464 info@benzinga.com Company Website http://www.benzinga.com

November 13, 2024 08:45 AM Eastern Standard Time

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