AAC Technologies invests in solid-state LiDAR leader Ibeo to enhance LiDAR manufacturing capabilities

AAC Technologies Holdings Limited (“AAC Technologies”), a leading global provider of micro-technology solutions, announced that it has completed its equity investment in Ibeo Automotive Systems GmbH (“Ibeo”) (the “Transaction”). The two parties have also established a strategic partnership, where AAC Technologies’ expertise in optics and imaging will be incorporated into the development of Ibeo’s next-generation products to further enhance and improve Ibeo’s manufacturing capabilities and supply chain platform. Upon completion of the Transaction, AAC Technologies will join hands with ZF Friedrichshafen AG and Ibeo’s founders to become a strategic shareholder of Ibeo.

Ibeo is a technology leader in LiDAR (laser radar) systems. Its new ibeoNEXT universal solid-state LiDAR combines true solid-state technology (a new generation of LiDAR systems) with competitive prices to meet the core needs of the automotive industry. In 2020, Ibeo became the first company in the world to be nominated by Great Wall Motors for mass production of solid-state LiDAR. With its leading technology, industrialized production capabilities and competitive prices, Ibeo has become one of the main suppliers in the rapidly growing autonomous driving market. In addition to the automotive market, Ibeo also signed a cooperation agreement for bulk orders with SICK, a market leader in optical sensors for industrial applications, in 2021 for applications in the industrial market.

This transaction brings together a leading LiDAR player, a Tier 1 automotive supplier, and a provider of micro-technology solutions for smart devices, further accelerating Ibeo's path to commercialization for automotive customers in Asia and around the world, enhancing Ibeo's competitive positioning, and providing the opportunity to integrate AAC's cutting-edge technologies. This includes AAC's proprietary wafer-level glass ("WLG") technology, as well as access to AAC's high-precision manufacturing platform to support Ibeo's future product development and strategy. The new partnership will also enable Ibeo and AAC to explore collaboration opportunities in other verticals, such as consumer electronics, where AAC has a long-standing leadership position.

This transaction is in line with AAC Technologies' long-term strategic direction. It not only strengthens AAC Technologies' market dominance in the smartphone industry, but also marks AAC Technologies' official entry into the automotive industry. It can bring differentiated user experience to a wider range of consumer groups and is an important milestone in the company's development.

“We are delighted to have the opportunity to become a strategic partner of Ibeo and are committed to supporting and accelerating its continued growth as a new shareholder,” said Pan Kaitai, Executive Vice President and Chief Innovation Officer of AAC Technologies. “Ibeo is the undisputed leader in LiDAR and perception technology with a solid and innovative product portfolio. ibeoNEXT is ready to address the advent of future advanced driver assistance systems (ADAS) and provide a more competitive and high-performance product to a broad range of automotive customers.”

Christophe Marnat, Executive Vice President of Electronics and Advanced Driver Assistance Systems at ZF, said: "We are very pleased to welcome AAC Technologies as a strategic partner and strongly support our applications in automotive as well as industrial and consumer electronics." Dr. Ulrich Lages, CEO of Ibeo, said: "The strategic partnership with AAC Technologies is another major milestone after Ibeo signed the world's first automotive solid-state LiDAR volume contract in 2020. It will further strengthen our technological leadership and bring us closer to our goal of becoming a top three automotive LiDAR supplier. The close cooperation with AAC Technologies, coupled with the continued support of ZF as our industrialization partner, will bring more new development opportunities to all parties involved."