HELLA GmbH & Co. KGaA, a leading German automotive supplier, invests in Swedish tech company Gapwaves AB
Gapwaves has entered into a licensing and development agreement with time limited exclusivity for corner and side radar with HELLA, one of the largest manufacturers of radar in the automotive industry. As part of the agreement, HELLA will also invest 182,3MSEK in Gapwaves in a directed new issue of 3,100,000 B shares, the investment covers approximately 10% of Gapwaves' capital. Gapwaves will in adition provide development services to Hella.
Over the past year, HELLA has evaluated Gapwaves’ technology through several design and prototype projects. By entering into this licensing agreement, HELLA receives the right to use Gapwaves’ patented technology for waveguide-based antennas within specific applications. Gapwaves will cooperate with HELLA in the development of radar antennas with an expected start of production in 2024.
“Gapwaves is a worldwide market leader for waveguide-based antennas. By combining our competences and implementing Gapwaves technology into our next generation of corner radar sensors based on 77 GHz, the performance will be significantly increased", says Michael Jaeger, Executive Board Member of the Business Division Electronics at HELLA and continues;
“This strategic partnership between Gapwaves and HELLA is an important step to develop cutting edge radar solutions to enable automated driving functions and thus to further strengthen our market position in this important growth area”.
HELLA is one of the world's largest manufacturers of automotive radar. Through the development of more advanced active safety systems and self-driving vehicles, the market for automotive radar and higher-resolution radar sensors solutions is expected to increase sharply in the coming years.
This will drive demand for Gapwaves innovative technology, as it offers significant performance and cost advantages. The initial lead customer will be a German premium car brand, which secures Gapwaves’ ambition to get into a high-volume scenario.
“I am extremely proud that we have entered into the largest agreement and partnership in Gapwaves so far, says Lars-Inge Sjöqvist, CEO of Gapwaves. This agreement clearly shows that Gapwaves antenna technology is a crucial and unique enabling component within the radar market in the automotive industry, a market segment with extremely high requirements. The fact that one of the world's largest manufacturers of automotive radar chooses to license our technology and also invest in Gapwaves is a clear confirmation of the value we bring”, adds Mr Sjöqvist.
“This agreement is very gratifying in many ways for the company; a clear milestone, and a result of many years innovative technology development and hard work, says Jonas Ehinger, Chairman of the Board. Gapwaves will benefit from the huge competence and experience that HELLA brings and we look forward to our future cooperation”, adds Mr Ehinger.
Gapwaves’ ability to enter into additional license agreements or to offer development services to customers on other types of vehicle radars such as front radar, imaging radar or in verticals such as “last mile deliveries” or traffic management is not affected by the agreement with HELLA.
After the issue, Gapwaves will have a total of 30 711 299 shares, which corresponds to a dilution of approximately 10%.
For more information, please visit the company’s websites, www.gapwaves.com or contact:
Lars-Inge Sjöqvist, VD
Phone number: +46 736 84 03 56
Phone number: +46 736 84 03 56
Gapwaves Certified Adviser is G&W Fondkommission
Phone number: +46 (0)8 503 000 50
Hella Company spokesman
Dr. Markus Richter
Phone: +49 (0)2941 38-7545
About Gapwaves AB
Gapwaves originates from research conducted at Chalmers University of Technology and was founded in 2011. Gapwaves vision is to be the most innovative provider of mm-wave antenna systems and the preferred partner to those pioneering next generation wireless technology. By leveraging the disruptive Gapwaves technology we help pioneers in telecom and automotive to create highly efficient mm-wave antenna systems that contributes to re-defining everyday life. Gapwaves markets are e.g. mmWave in 5G telecom and automotive.
Gapwaves share (GAPW B) is traded at Nasdaq First North Stockholm with G&W Fondkommission as Certified Adviser.
About HELLA GmbH & Co. KGaA
HELLA is a global, family-owned company, listed on the stock exchange, with over 125 locations in some 35 countries. With sales of € 5.8 billion in the fiscal year 2019/2020 and 36,000 employees, HELLA is one of the leading automotive suppliers. HELLA specialises in innovative lighting systems and vehicle electronics and has been an important partner to the automotive industry and aftermarket for more than a century. Furthermore, in its Special Applications segment, HELLA develops, manufactures and sells lighting and electronic products for specialist vehicles.