Kongsberg Automotive AS (KA) has entered into a non-binding agreement with Chassis Autonomy SBA AB, 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. The legally binding agreement for the proposed transaction is anticipated to be finalized by Q3, 2023.
SOURCE: Kongsberg Automotive
