LG Innotek Co., an electronic component manufacturing unit of LG Group, said Tuesday it has formed a strategic partnership with US software company Aeva Technologies Inc. to collaborate in the laser imaging, detection and ranging sector.
Under the agreement, LG Innotek will provide next-generation frequency modulated continuous wave LiDAR modules to Aeva, which will be integrated into Aeva's LiDAR solutions for global automakers, according to the Korean company.
"This long-term technology partnership aims to help LG Innotek and Aeva grow into leading players in the next-generation LiDAR market," Moon Hyuk-soo, chief executive officer of LG Innotek, said.
LiDAR, key technology for autonomous driving, is a remote sensing method that uses light in the form of a pulsed laser to measure distances and velocities by calculating the time it takes for the reflected light to return to the sensor.
Aeva, based in California, specializes in sensing hardware and perception software, including LiDAR. Its 4D LiDAR, using FMCW technology to detect 3D position and instant velocity for every point simultaneously, has drawn attention from the global autonomous vehicle industry.
As part of the partnership, LG Innotek and Aeva have also signed a joint development agreement to co-develop next-generation FMCW LiDAR technologies for autonomous vehicles and robotics by 2027.
LG Innotek plans to invest $50 million in the LiDAR business, which will include its acquisition of a 6 percent stake in Aeva.
The global LiDAR market is projected to grow at an average annual rate of 36 percent, reaching $15.4 billion by 2030 from $2.4 billion in 2024, according to industry data. (Yonhap)
