Cyngn Completes First Paid DriveMod Forklift Deployment at Customer Facility

MENLO PARK, Calif., Oct. 21 ,2024 /PRNewswire/ -- Today, Cyngn announced that its autonomous DriveMod Forklift has completed its first paid autonomous deployment at a customer facility, marking an important milestone in the commercialization of the next vehicle in Cyngn's Enterprise Autonomy Suite (EAS) portfolio. Built with an array of safety systems, including 360° high-definition perception and Cyngn's Virtual Bumper technology, the DriveMod Forklift safely navigates dynamic environments while attaining high operational precision.

Details on this customer's forklift use case are being kept confidential at this time, but this achievement demonstrates the DriveMod Forklift's capability to execute the work required at a large customer facility. This milestone sets up the critical next steps of commercialization for the DriveMod Forklift, which include building and selling additional units in preparation for integration into this customer's operations, which is targeted for the first half of 2025.

"The DriveMod Forklift represents the holy grail of automation. This is one of the few machines that can autonomously accomplish entire material moving flows, from A-to-Z, without requiring human intervention," said Ben Landen, VP of Business Development at Cyngn. "This means that the market for autonomous forklifts is among the largest in comparison to other material handling vehicles, and we've carved out a differentiated niche by targeting heavy loads on non-standard pallets. This achievement allows us to validate and showcase the forklift's capabilities in real-world, high-throughput settings that capture significant value for our customer."

The DriveMod Forklift leverages advanced AI and proprietary computer vision to analyze pallet stack and pocket dimensions in real time, enabling the precise handling of loads over 10,000 lbs (4,545 kg) and elevating productivity. Customers can control the DriveMod Forklift via Cyngn Insight, the Company's sleek fleet management system that enables real-time vehicle monitoring, operational analytics, and centralized mission planning.

The DriveMod Forklift has a history of successful technological and commercial advancement. In the fall of 2022, Cyngn announced that it had signed a contract with a building materials manufacturer to begin development. By the summer of 2023, Cyngn revealed the first footage of the autonomous forklift and soon followed up with an announcement that the building manufacturer, Arauco, had pre-ordered 100 DriveMod Forklifts.

The DriveMod Forklift is now available for additional deployments on a select basis. Visit https://www.cyngn.com/vehicles/autonomous-forklift to learn more or explore the Cyngn Press Kit for additional images.

About Cyngn. Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Find Cyngn on:

• Website: cyngn.com
• Twitter: twitter.com/cyngn
• LinkedIn: https://www.linkedin.com/company/cyngn
• YouTube: https://www.youtube.com/@cyngnhq

Investor Contact:
Don Alvarez, CFO
[email protected]

Media Contact:
Luke Renner, Head of Marketing
[email protected]

FORWARD-LOOKING STATEMENTS:

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the SEC, including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

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