Aeva Technologies Secures Multi-Year LiDAR Supply Deal with The Indoor Lab

Aeva Technologies Inc. (NYSE: AEVA), a leading manufacturer of advanced FMCW 4D LiDAR sensors, has secured a multi-year supply agreement with The Indoor Lab, a company specializing in LiDAR perception and analytics solutions. This deal represents Aeva's first industrial customer production win for its next-generation Atlas 4D LiDAR sensor, with shipments commencing this month and expected to ramp up in 2025 to support multiple large-scale projects.

The Indoor Lab plans to integrate Aeva's 4D LiDAR technology into its Overwatch Perception Platform, which is part of its Enterprise Analytics Suite for Critical Infrastructure. This platform provides round-the-clock AI-powered analytics for monitoring and managing indoor and outdoor environments. Initial deployments will focus on some of the busiest airports in the United States, including John F. Kennedy International Airport's New Terminal One and San Francisco International Airport. Future applications are also planned for agriculture, theme parks, and smart city infrastructure across the country.

This agreement is significant for several reasons. Firstly, it demonstrates the growing adoption of Aeva's differentiated LiDAR technology beyond the automotive sector. The company's 4D LiDAR uses a low-power continuous laser beam to simultaneously measure range and velocity, offering enhanced perception capabilities by distinguishing between moving and stationary objects and providing precise velocity data for objects in motion.

Secondly, this deal has the potential to boost Aeva's near-term revenue ahead of its planned production launch with Daimler Truck. It also complements Aeva's other production programs, such as those with Nikon and May Mobility, further diversifying its customer base and revenue streams.

The selection of Aeva's technology by The Indoor Lab came after evaluating nearly all time-of-flight 3D LiDAR technologies currently available in the market. Patrick Blattner, founder and CEO of The Indoor Lab, cited significant advantages in Aeva's 4D LiDAR technology, particularly its ability to provide instant velocity data and its inherent immunity to sunlight interference.

This deal follows Aeva's recent expansion into industrial and security markets. In late July, the company was chosen by a top U.S. National Security Organization to help protect critical energy infrastructure sites across the United States. Aeva's sensors are expected to serve as primary detection devices for intrusion protection at sensitive locations in various facilities.

The LiDAR market is projected to grow at a compound annual growth rate (CAGR) of 19.3% between now and 2030. Aeva's strategic partnerships and technological advancements position the company to potentially capture a significant share of this expanding market. The company's ability to integrate key LiDAR components onto a silicon photonics chip in a compact module enables a small and scalable solution, opening doors for various automation applications beyond traditional automotive use cases.

As Aeva continues to secure deals across diverse sectors, including automotive, industrial automation, manufacturing, and security, it demonstrates the versatility and broad applicability of its 4D LiDAR technology. This multi-year agreement with The Indoor Lab not only validates Aeva's technology but also strengthens its position in the industrial market as a preferred LiDAR supplier for high-performance and scalable solutions.

The implications of this deal extend beyond Aeva's immediate financial prospects. As LiDAR technology becomes more prevalent in critical infrastructure and public spaces, it has the potential to enhance safety, security, and operational efficiency across various industries. The adoption of advanced sensing technologies like Aeva's 4D LiDAR could lead to smarter, more responsive environments in airports, theme parks, and cities, ultimately benefiting both businesses and the general public.