Key development contract to jump-start execution of new OEM program
Cepton, Inc. ("Cepton" or the "Company") (NASDAQ:CPTN), a Silicon Valley innovator and leader in high-performance lidar solutions for automotive and smart infrastructure applications, has announced today that it has signed a significant Engineering Services Agreement (the "Agreement") with its long-term automotive Tier 1 partner and current shareholder, KOITO MANUFACTURING CO., LTD. ("Koito") (TSE: 7276) on May 9, 2024.
The contract will fuel Cepton's customer-specific product development and program execution efforts for its near-range lidar. Cepton, Inc.
Under the terms of the Agreement, Koito will provide Cepton with a total of $10 million in engineering services fee for the quarter ended June 30, 2024, to support a major global OEM program that Cepton and Koito have recently secured.