Aeva Technologies Inc. (AEVA) is a self-driving startup that develops light detection and ranging (LiDAR) sensors on chips that use pulsed-laser lights to measure the distances between objects.
While much of the market’s focus has been on big names like Tesla developing autonomous vehicles, LiDAR is the key technology behind the function of self-driving cars.
LiDAR is used to detect how close vehicles are to objects and their current velocity. It’s also used to help autonomous cars avoid other vehicles on the road, as well as to stop in traffic.
And Aeva recently went public in March through a merger with the special purpose acquisition company (SPAC) InterPrivate Acquisition.
While the LiDAR technology maker doesn’t have any meaningful sales to report, it has recently signed a series of agreements with manufacturers to produce its technology for the impending self-driving market.
Thanks to the merger, Aeva has $560 million in gross cash proceeds to help it ramp up the development of its LiDAR chips by 2024, which are anticipated to use less power than other sensor technologies.
Aeva is currently working with over 30 automakers to implement its technology into their vehicles. Legacy auto manufacturers, such as Porsche, are investors in the firm.
The company’s shares trade for just $10. And at this low price, it could present a potential buying opportunity for investors looking to get in on the ground floor of the self-driving movement.
However, given how young the company is, it’ll take time for it to develop further technology.
Because of this, it will be important for those interested to monitor the number of deals the company is making, the cash Aeva’s spending, and how it stacks up against competitors in the market moving forward.
“The 12 Million Mile Battery”
Sponsored
Tesla recently announced the coming “1 million mile battery” shocking the world.
But … that battery is already here.
Thanks to a former Tesla employee, one of the company’s “original 7,” who beat Tesla to the punch.
His energy innovation is so powerful it can send a Tesla cross country without charging — FOUR TIMES.
Imagine a “superbattery” that:
- Charges in eight minutes — not hours.
- Lasts 9,200 miles between charges.
- And has a lifespan of 12 MILLION miles.
It’s not a fiction.
This technology already exists, and it’s rolling out to manufacturers at this moment.
The one company behind it is on the cusp of a potential 20,300% market surge over the next decade.
