Zurich, June 19, 2023: Kongsberg Automotive AS (KA) has entered into a non
-binding agreement with Chassis Autonomy SBA
AB (https://www.chassisautonomy.com/), to acquire a 20% equity stake in the
company combined with call options to acquire up to 100% of the shares (proposed
transaction).
Chassis Autonomy specializes in software design and hardware development in
steer-by-wire and brake-by-wire systems for use in highly automated (L3) and
fully autonomous (L4 and L5) vehicles. KA brings mechatronic know-how and
industrialization competence, which will lead to the success in mass production
of the pioneering technology developed by Chassis Autonomy.
The technology will allow vehicle manufacturers to incorporate the developed
steer-by-wire technology in L3 autonomous vehicles with knowledge that the same
products meet the requirements up to L5. This "top down" approach from the
requirements side is a significant benefit for the manufacturers to provide fail
-operational functionality for steer-by-wire.
This technology will also be suitable for applications in agriculture, for
example in Smart Farming, construction, as well as in on-highway areas.
The proposed transaction is in line with KA's Shift Gear transformation program
to identify niche markets, grow sustainably in profitable segments and offer
innovative products and services in a dynamic market environment.
"This agreement marks another significant milestone for KA as it represents our
strategic move towards expanding our portfolio, our long-term commitment to
invest in, and strengthen our position in the autonomous vehicle industry," says
KA's President & CEO Joerg Buchheim.
With this agreement, KA and Chassis Autonomy will strengthen the collaboration
that started with the signing of the letter of intent in
2022 (https://www.kongsbergautomotive.com/media-news/press
-releases/2022/kongsberg-automotive-signs-a-collaboration-agreement-with-chassis
-autonomy-in-sweden/). The legally binding agreement for the proposed
transaction is anticipated to be finalized by Q3, 2023.
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle
industry. We drive the global transition to sustainable mobility by putting
engineering, sustainability, and innovation into practice. Our product portfolio
includes driver and motion control systems, fluid assemblies, and industrial
driver interface products. Find more information at:
kongsbergautomotive.com (http://www.kongsbergautomotive.com)
About Chassis Autonomy
Chassis Autonomy is a deep technology start-up with a vision to enable
autonomous mobility through actuation. Our fail-operational, steer and brake-by
-wire systems will set the benchmark and define the new state-of-the-art for
safe actuation systems that are used in highly automated and fully autonomous
vehicles. For more information, please visit:
chassisautonomy.com (http://www.chassisautonomy.com)
The information in this announcement is considered inside information pursuant
to the EU Market Abuse Regulation and is subject to the disclosure requirements
pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement
was published by Kongsberg Automotive's Investor & Media Relations contact as
set out above.
Forward-looking statements
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statements are statements that are not historical facts and may be identified by
words such as "believe", "expect", "anticipate", "strategy", "intends",
"estimate", "will", "may", "should" and similar expressions. The forward-looking
statements in this announcement are based upon various assumptions, which in
turn may be based on further assumptions. Although Kongsberg Automotive believes
that these assumptions were reasonable when made, these assumptions are
inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors that are difficult or impossible to
predict and are beyond its control. Various factors could cause Kongsberg
Automotive's actual results to differ materially from those projected in a
forward-looking statement. No assurances can be given that the assumptions
underlying the forward-looking statements prove to have been correct. Kongsberg
Automotive disclaims any obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.