SAN FRANCISCO- Ouster, Inc. (NYSE: OUST) (“Ouster” or the “Company”), a leading provider of high-resolution digital lidar sensors, announced today that it has signed a strategic customer agreement with electric autonomous vehicle company, Local Motors. The agreement includes a binding commitment for over one thousand OS digital lidar sensors through 2023 and a non-binding forecast of over 20,000 sensors through 2025 which will be used to meet production demand for Local Motors’ next-generation shuttles.
Local Motors intends to equip its next-generation 3D printed autonomous shuttles with the full suite of Ouster OS sensors. This includes wide field of view, mid-range, and long-range digital lidar sensors for complete coverage as Local Motors aims to meet demand for Level 3 autonomous vehicles operating on mapped routes within campuses, city centers, and municipalities.
“Local Motors selected Ouster as a long-term and strategic lidar partner to drive market share growth for our autonomous electric shuttle, Olli 2.0, due its reliability, affordability, and scalability,” said Local Motors CEO Vikrant Aggarwal. “The Local Motors Olli shuttles have already provided safe, autonomous mobility to thousands of passengers in ten countries around the globe – and with Ouster’s digital lidar, we expect to exceed our current capability while utilizing less lidar sensors overall. We believe the upgraded performance that Ouster offers is aligned with our product roadmap and will enable us to take on more complicated operational design domains.”
“I am incredibly excited to partner with Local Motors, one of the largest and fastest growing autonomous shuttle manufacturers in North America, on their next-generation autonomous vehicle,” said Ouster CEO Angus Pacala. “Similar to Ouster, Local Motors is committed to rapid innovation and execution in order to bring more performant and sustainable solutions to market, and I look forward to delivering on our production agreement over the coming years.”
About Local Motors
Local Motors is the leading full-stack developer of purpose-built autonomous shuttles. Designed specifically for low-speed applications, the company’s current platform, Olli, delivers an exceptional mobility solution with class-leading safety, range, and rider experience. By leveraging direct digital manufacturing (3D Printing) and microfactories, Local Motors can reduce design and manufacturing costs, and introduce new vehicles in months, not years. Learn more at https://localmotors.com.
Ouster (NYSE: OUST) is a leading provider of high-resolution digital lidar sensors for the industrial, automotive, smart infrastructure, and robotics industries. Ouster products offer an excellent combination of price and performance and are built to a set of requirements that are flexible enough to span hundreds of use cases and enable revolutionary autonomy across industries. Ouster has approximately 600 customers in over 50 countries with offices in the Americas, Europe, Asia-Pacific and the Middle East. For more information, visit www.ouster.com, or connect with us on Twitter or LinkedIn.
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding Ouster’s ability to meet supply requirements, Ouster’s scalability of production, adoption by end users, and Ouster’s strategy and market positioning. Forward-looking statements give Ouster’s current expectations and projections relating to its financial condition, competitive position, future results of operations, plans, objectives, future orders and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including: Ouster’s limited operating history and history of losses; the negotiating power and product standards of its customers; fluctuations in its operating results; cancellation or postponement of contracts or unsuccessful implementations; the adoption of its products and the growth of the lidar market generally; its ability to grow its sales and marketing organization; substantial research and development costs needed to develop and commercialize new products; the competitive environment in which it operates; selection of its products for inclusion in target markets; its future capital needs; its ability to use tax attributes; its dependence on key third party suppliers, in particular Benchmark Electronics, Inc., and manufacturers; ability to maintain inventory and the risk of inventory write-downs; inaccurate forecasts of market growth; its ability to manage growth; the creditworthiness of customers; risks related to acquisitions; risks related to international operations; risks of product delivery problems or defects; costs associated with product warranties; its ability to maintain competitive average selling prices or high sales volumes or reduce product costs; conditions in its customers industries; its ability to recruit and retain key personnel; its use of professional employer organizations; its ability to adequately protect and enforce its intellectual property rights; its ability to effectively respond to evolving regulations and standards; risks related to operating as a public company; risks related to the COVID-19 pandemic; and other important factors discussed in the Company’s final prospectus dated August 19, 2021, and in other reports the Company files with or furnishes to the Securities and Exchange Commission. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this press release. While Ouster may elect to update such forward-looking statements at some point in the future, other than as required by law, it disclaims any obligation to do so, even if subsequent events cause its views to change.