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issue. The agreement further includes call options to acquire up to 100% of the
total outstanding shares within 2027.
Additionally, KA has entered an exclusive partnership collaboration with Chassis
Autonomy to support the continued growth of the company and unlock its market
potential.
Chassis Autonomy specializes in the design and development of steer-by-wire and
brake-by-wire systems (that compromise the mechanical hardware, control
electronics, and software) for use in highly automated (L3) and fully autonomous
(L4 and L5) vehicles, agriculture, and construction applications where KA is
seeking a strong market position.
The highly innovative technology is ‘fail-operational’, which means that it is
designed to ensure functionality even in the event of a system fault or failure.
This guarantees that the vehicle maintains steering functionality even in the
event of a system or vehicle fault, enabling the journey to continue, which
would otherwise have required the vehicle to perform a potentially dangerous
emergency stop. This proprietary technology is protected by several patent
applications.
“The transformation journey towards autonomous driving for the entire industry
has already started and with this investment, KA has positioned itself to offer
unique technology to our customers in partnership with Chassis Autonomy. This
technology will allow KA to empower customers to incorporate fail-operational
steer-by-wire solutions in their vehicles today, preparing them for autonomous
driving (L3-5) for road and farming vehicles. This eliminates uncertainty about
technology longevity and future requirements, saving customers from costly
redesign efforts,” says KA’s President & CEO Joerg Buchheim adding, “I am
excited about this investment and our close partnership with Chassis Autonomy,
as it provides a strong foundation for the future with our complementary
competences and capabilities.”
Chassis Autonomy will continue to invest into product development, primarily
control electronics and software. Chassis Autonomy has a strong ambition to
reach a valuation of USD 1 billion and become a unicorn company in five years.
The company’s founders Peter Johansson and Thomas Li will continue in their
roles as CEO and CTO and remain major shareholders in the company.
KA has a proven track record as a tier 1 and tier 2 supplier in off-highway
vehicles and several segments of the automotive industry. KA’s experience and
capabilities will be made available to Chassis Autonomy to accelerate the growth
journey. KA will be the exclusive partner for producing and commercializing
products embodying Chassis Autonomy’s technology.
With this purchase, KA and Chassis Autonomy will strengthen the collaboration
that started in 2022 (https://www.kongsbergautomotive.com/media-news/press
-releases/2022/kongsberg-automotive-signs-a-collaboration-agreement-with-chassis
-autonomy-in-sweden/), followed by a non-binding
agreement (https://www.kongsbergautomotive.com/media-news/press
-releases/2023/kongsberg-automotive-enters-a-non-binding-agreement-to-acquire-20
-of-chassis-autonomy/) which was signed in June 2023.
IR & Media Contact:
Mads Langaard
mads.langaard@ka-group.com
+47 905 81 264
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle
industry. We drive the global transition to sustainable mobility by putting
engineering, sustainability, and innovation into practice. Our product portfolio
includes driver and motion control systems, fluid assemblies, and industrial
driver interface products. Find more information at:
kongsbergautomotive.com (https://www.kongsbergautomotive.com/)
About Chassis Autonomy
Chassis Autonomy is a deep technology start-up with a vision to enable
autonomous mobility through actuation. Our fail-operational, steer and brake-by
-wire systems will set the benchmark and define the new state-of-the-art for
safe actuation systems that are used in highly automated and fully autonomous
vehicles. For more information, please visit:
chassisautonomy.com (https://www.chassisautonomy.com/)
The information in this announcement is considered inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement
was published by Kongsberg Automotive’s Investor & Media Relations contact as
set out above.
Forward-looking statements
This announcement contains forward-looking statements. Forward-looking
statements are statements that are not historical facts and may be identified by
words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”,
“estimate”, “will”, “may”, “should” and similar expressions. The forward-looking
statements in this announcement are based upon various assumptions, which in
turn may be based on further assumptions. Although Kongsberg Automotive believes
that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies, and other important factors that are difficult or impossible to
predict and are beyond its control. Various factors could cause Kongsberg
Automotive’s actual results to differ materially from those projected in a
forward-looking statement. No assurances can be given that the assumptions
underlying the forward-looking statements prove to have been correct. Kongsberg
Automotive disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.
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