TEL
AVIV, Israel and SEONGNAM CITY, South Korea, July 12,
2022 /PRNewswire/ -- Innoviz Technologies
Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a
leading provider of high-performance, automotive-grade LiDAR
sensors and perception software, and Joowon Industrial, a
distributor and supplier of world-class testing equipment, today
announced their cooperation to drive sales for Innoviz's LiDAR in
the Korean market.
Powerline inspection and analysis is currently a highly critical
and highly manual process for most utilities, requiring a large
number of inspectors who physically inspect the utility's service
area and the condition of the lines. Inspectors would look for
things like worn components, hot spots that could indicate trouble,
and potential interference from vegetation. This is a very
expensive and time-consuming process that must be done regularly to
ensure that the power grid remains reliable.
Joowon Industrial's TADS (Thermography Auto analysis Diagnosis
System) is an automated power distribution line inspection and
analysis system. According to Joowon, TADS enables electric
contracting companies to save ~80% on the inspection and management
of overhead power distribution lines. The next generation of
Joowon's TADS system will use Innoviz's LiDAR to quickly and
accurately build a 3D model of the power lines and surrounding
vegetation, resulting in further cost reduction and quality
improvement of powerline inspection.
Joowon will serve as a distributor for Innoviz Technologies to
accelerate the adoption of the company's LiDAR solutions for a wide
range of applications across industries from industrial machinery
to heavy equipment in the Korean market and beyond.
Innoviz Co-Founder and CEO, Omer
Keilaf, expressed his excitement about the formation of
the new partnership with Joowon Industrial: "The Korean market is a
very important one for Innoviz, and I am especially happy that we
are starting our cooperation with an important LiDAR application
that is important for the entire electric power market in Korea,
and very relevant globally. We are pleased to partner with Joowon
and have faith in its capability to establish a firm presence for
Innoviz in the Korean market. We look forward to a fruitful
collaboration with them."
Mr. Lee Un Myung, Joowon
Industrial's President, added: "We have chosen Innoviz LiDAR
for our projects, as they are a market leader in the LiDAR
category, with several design wins with multiple leading automotive
OEMs already under their belt. We are impressed by Innoviz LiDAR's
extremely high-performance and resolution, and its ability to
clearly detect and record details of each scene that other LiDARs
simply cannot detect, such as electric poles and electric wires,
for automatic overhead power distribution line inspection. We too
look forward to a long and successful relationship with
Innoviz."
About Joowon Industrial
Joowon Industrial Co., Ltd. is a distributor (agent)
supplying world-class test equipment to customers in various fields
in Korea. In particular, we are focusing on product sales
activities to customers of the global environment, automation,
safety, and energy sectors to improve the quality of life in the
21st century.
In partnership with KEPCO (Korea Electrical Power Corporation),
Joowon is one of the leading manufacturers and developers of
advanced equipment of thermal imaging solutions for inspection of
customers' facilities in South
Korea and several countries around.
Joowon is committed to technology development and innovation to
provide the best quality products and future-oriented solutions to
our customers.
For more information, visit www.joowon.co.kr
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards
a future with safe autonomous vehicles on the world's roads.
Innoviz's LiDAR and perception software "see" better than a human
driver and reduce the possibility of error, meeting the automotive
industry's strictest expectations for performance and safety.
Operating across the U.S., Europe,
and Asia, Innoviz has been
selected by internationally recognized premium car brands for use
in consumer vehicles as well as by other commercial and industrial
leaders for a wide range of use cases. For more information, visit
innoviz-tech.com.
Join the discussion: Facebook, LinkedIn, YouTube,
Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
Maya Lustig
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates, Innoviz's forward-looking order
book, and Innoviz's projected future results. These forward-looking
statements generally are identified by the words "believe,"
"project," "expect," "anticipate," "estimate," "intend,"
"strategy," "future," "opportunity," "plan," "may," "should,"
"will," "would," "will be," "will continue," "will likely result,"
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this announcement, including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, and potential
changes and developments in the highly competitive LiDAR technology
and related industries. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in Innoviz's annual
report on Form 20-F filed with the SEC on March 30, 2022 and other documents filed by
Innoviz from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Innoviz assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Innoviz gives no assurance that it
will achieve its expectations.
Logo:
https://mma.prnewswire.com/media/1857415/Innoviz_eccv_Logo.jpg
View original content to download
multimedia:https://www.prnewswire.com/news-releases/innoviz-technologies-and-joowon-industrial-sign-distribution-agreement-to-accelerate-development-of-lidar-in-the-south-korean-market-301584510.html
SOURCE Innoviz Technologies