MicroVision has signed a master development agreement with an unnamed company that it claims is the world's leading manufacturer of construction and mining equipment.
- The company said that, initially, the customer will install two Iris lidar sensors on their off-highway trucks used for hauling operations.
- If the collaboration is successful, they could potentially integrate MicroVision's Halo lidar sensors down the line.
- In recent years, the company strengthened its portfolio through acquisitions, including assets from Luminar Technologies, Ibeo Automotive Systems, and Scantinel.
Shares of MicroVision (MVIS) surged on Wednesday after the company said it has entered into a pact with an unnamed industrial company to develop and provide lidar technologies.
At the time of writing, MVIS stock was up 11%.
The Agreement In Focus
MicroVision has signed a master development agreement with the unnamed company, which it claims is the world's leading manufacturer of construction and mining equipment. They will work together to evaluate and deploy advanced lidar sensing technologies that can offer high-resolution environmental awareness, obstacle detection, and situational intelligence in complex industrial facilities.
The company said that, initially, the customer will install two Iris lidar sensors on their off-highway trucks used for hauling operations. If the collaboration is successful, they could potentially integrate MicroVision's Halo lidar sensors down the line.
The financial details of the agreement were not disclosed.
"Signing this MDA represents a significant milestone in MicroVision's strategy to bring our perception technologies into large-scale industrial applications," said Glen DeVos, Chief Executive Officer of MicroVision. “We are thrilled to partner with a global leader in autonomous mining and industrial equipment and proud to see our products help customers improve safety, increase productivity, and accelerate the adoption of autonomous solutions worldwide."
The company, which also caters to the automotive, security, and defense markets, has previously worked with Rivian, BMW, Audi, Microsoft, Sony, and the U.S. Department of Defense (now the U.S. Department of War).
In recent years, MicroVision strengthened its portfolio through acquisitions, including assets from Luminar Technologies, Ibeo Automotive Systems, and Scantinel.
What Do Retail Traders Think About MVIS?
On Stocktwits, retail sentiment toward MVIS stock shifted to ‘neutral’ from ‘bearish’ over the last 24 hours. One user on the platform thinks the move “looks like another step forward and further evidence that MicroVision is gaining traction in industrial autonomy.”
View this Stocktwits post
MVIS stock has lost more than 55% in value so far this year and nearly 70% over the last 12 months, underperforming the S&P 500.
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