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Ouster, Inc. announced that Carl Bass will serve as Chairman of the Board following its business combination with Colonnade Acquisition Corp. (CLA). With over 24 years at Autodesk, Bass aims to leverage his extensive experience to enhance Ouster's growth in the burgeoning lidar market, expected to reach $48 billion by 2030. He emphasized the transformative potential of Ouster's lidar technology across various industries. The merger is anticipated to close in the first half of 2021, subject to customary conditions, with a virtual investor day scheduled for February 22, 2021.
Ouster and Colonnade Acquisition Corp. (CLA) have announced a merger agreement, paving the way for Ouster's listing on the NYSE. Ouster reported its Q4 2020 revenue at $6.4 million, with total annual revenue of $18.9 million. The company anticipates 2021 revenue between $33-35 million, marking an 80% increase. Improved production capabilities through a partnership with Benchmark Electronics enabled a 61% rise in sensor output in Q4. Despite these gains, Ouster recorded a negative Adjusted EBITDA of $8.9 million for Q4 and $36 million for the year.
Ouster, a leader in high-resolution digital lidar sensors, announced a virtual investor day with Colonnade Acquisition Corp. (CLA) on February 22, 2021. This follows their merger agreement, which aims to list Ouster on the NYSE. The event, starting at 8:00 a.m. PT, will include presentations from Ouster executives and a live Q&A session. The merger is expected to close in the first half of 2021, pending customary conditions. Investors can watch the event on Ouster's investor webpage, with a replay available afterwards.
Ouster, Inc. announced the launch of upgraded lidar sensors featuring improved reliability and a standard two-year warranty. These sensors are now automotive-grade qualified to operate in extreme conditions, including temperatures as low as negative 40 degrees Celsius. The enhanced reliability is a result of rigorous testing, leading to better thermal cycling performance and added resistance to shock and vibration. Additionally, a definitive merger agreement with Colonnade Acquisition Corp. (CLA) was established, which is expected to close in the first half of 2021, making Ouster publicly listed.
Plus, a leader in automated truck technology, has signed a strategic agreement with Ouster to supply digital lidar sensors for its automated driving system. The partnership aims to enhance the safety and reliability of Plus's trucks, with an initial order of 2,000 sensors and the potential for increased supply over the next five years. Plus, which has begun mass production of its automated driving technology, is collaborating with major industry players, including FAW.
Additionally, Ouster is set to become publicly listed following its merger with Colonnade Acquisition Corp. (NYSE: CLA) in 2021.
Ouster has signed a long-term supply agreement with Calgary-based Lux Modus, enhancing its presence in the Canadian oil and gas sector. This agreement includes a distribution deal for Lux Modus to re-sell Ouster sensors in project bids. The collaboration capitalizes on Ouster's high-resolution lidar technology, aimed at improving efficiency in pipeline construction. The merger with Colonnade Acquisition Corp. (CLA) is expected to finalize in the first half of 2021, potentially expediting Ouster's entry into the public market.
Runway Growth Credit Fund reported strong operational results for Q4 2020, completing $132.4 million in loans and investments, bringing total loan principal to $510 million across 23 companies. The Fund noted increased demand in the life sciences and technology sectors and successfully adapted operations during the pandemic. Liquidity stood at over $180.9 million, bolstered by a $215 million revolving credit facility. The Fund is optimistic about surpassing $1 billion in loan commitments since inception in December 2016.
Ouster, Inc. announced a merger with Colonnade Acquisition Corp. (NYSE: CLA), valuing Ouster at $1.6 billion. This merger aims to enhance the development of Ouster's digital lidar sensors across various industries, including industrial automation and automotive. The combined company will operate as Ouster, Inc., retaining its ticker symbol. Key shareholders will roll their equity into the new entity, and a $100 million PIPE investment is included to support growth. The transaction is expected to close in the first half of 2021, pending shareholder approvals.