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Quanergy Systems has launched QORTEX DTC 2.2, an advanced 3D perception software for smart city and security applications. This upgrade features enhanced vehicle classification, improved cybersecurity, and user-friendly settings aimed at expanding its utility in smart intersections and intrusion detection environments like airports. The software can classify various vehicle types and incorporates time-based rules for better operational efficiency. Additionally, Quanergy is moving forward with its merger with CITIC Capital Acquisition Corp. (CCAC), expected to close in Q4 2021, leading to a new listing under QNGY.
Quanergy Systems has successfully deployed its 3D LiDAR technology in heavy machinery at Liuzhou Steel Group in China. This integrated solution enhances operational efficiency by 50% and reduces labor costs by 60%. The M-Series LiDAR sensors offer accurate, real-time 3D modeling regardless of ambient conditions, including extreme vibrations. The company is also preparing for its merger with CITIC Capital Acquisition Corp (CCAC), which is expected to finalize in Q4 2021, leading to its listing on the NYSE under the ticker 'QNGY.'
Quanergy Systems has demonstrated its S3 Series LiDAR technology, showcasing an impressive 130-meter detection range using Optical Phased Array (OPA) technology. The test successfully tracked challenging objects, indicating the sensor's effectiveness in real-world situations. With a target price of $500, the S3 Series aims for mass-market production, emphasizing its suitability for automotive and industrial applications. Quanergy is set to merge with CITIC Capital Acquisition Corp. (CCAC), with the transaction expected to close in Q4 2021, positioning the combined entity for future growth.
Quanergy Systems has appointed Karen Francis DeGolia as an independent board member and Jerry Allison as General Counsel, strengthening its leadership as it transitions to a public company. DeGolia brings extensive experience in corporate governance and the transportation sector, having held senior roles in various notable companies. This strategic move aims to align with NYSE board composition requirements as Quanergy prepares for a merger with CITIC Capital Acquisition Corp (CCAC), expected to close in Q4 2021, with the new company trading as QNGY on the NYSE.
Quanergy, a leader in OPA-based solid state LiDAR sensors, will host a webcast on September 21, 2021, at 4:30 p.m. ET to discuss a transaction and business update. Following a definitive merger agreement with CCAC, the combined company will be called Quanergy Systems, Inc. and listed on the NYSE under QNGY. The transaction is anticipated to close in Q4 2021, pending customary conditions. Quanergy aims to provide affordable smart LiDAR solutions for automotive and IoT, having served over 350 customers globally.
Quanergy Systems announced a successful demonstration of its S3 Series LiDAR sensor, utilizing Optical Phased Array (OPA) technology, achieving a 100-meter range in bright sunlight. This sensor, which targets a mass-market production price of $500, is designed for automotive applications with high reliability and low maintenance. The demonstration was conducted with Zero Electric Vehicle Inc. (ZEV), highlighting the sensor's effectiveness in detecting difficult objects. Quanergy is expanding its smart LiDAR solutions across various IoT applications and has recently entered into a merger agreement with CITIC Capital Acquisition Corp (NYSE: CCAC).
Quanergy Systems announced a new smart LiDAR deployment for a waste-to-energy incineration plant in China, enhancing operational efficiency and reducing environmental impact. Collaborating with Hunan University and Puxiang Bioenergy, their M-Series 3D LiDAR sensors accurately calculate waste volume, improving recycling processes by prioritizing high calorific value materials. This technology is expected to significantly lower carbon emissions and improve energy recovery from waste. Furthermore, a merger with CITIC Capital Acquisition Corp. (NYSE: CCAC) is anticipated by Q4 2021, paving the way for future growth and market expansion.
CITIC Capital Acquisition Corp. (NYSE: CCAC) and Quanergy Systems, a leader in LiDAR technology, have signed a definitive agreement for a business combination. This deal will take Quanergy public under the ticker symbol 'QNGY' and aims to fund its growth strategy, enhancing its market leadership in LiDAR solutions. With a projected pro forma enterprise value of $1.1 billion, the merger includes an estimated $278 million in net cash. Existing Quanergy shareholders will own about 72% of the combined entity. The transaction is expected to close in the second half of 2021.