on Wednesday told investors it had renewed its supply agreement with the company’s chip supply partner, Nasdaq listed Xilinx (XLNX).
Seeing Machines is to remain the sole provider of the FOVIO Chip solution, directly supplying the FOVIO Driver Monitoring Chips to its customers, including 3 ongoing automotive OEM programs, two in North America and one in China.
Paul McGlone, CEO of Seeing Machines, said: “Our partnership with Xilinx has been nurtured over several years and our renewed agreement for supply of the FOVIO Chip directly to our Tier 1 automotive customers seeks to leverage the particular strengths of each company to their benefit and that of our customers.”
Shares in Seeing Machines ticked up 1% to 4.675p on Wednesday morning
The company also provided an update on its fleet business; telling investors that it had reduced the cost of its Guardian unit hardware by 21%, which is expected to result in savings of A$8.4 million for the next order of deliveries in 2020.
Additionally, it said that its work with insurance companies continues, receiving endorsements for Guardian as preferred safety technology for commercial fleets when mutual customers become eligible for insurance policy benefits and incentives.
Seeing Machines also appointed Fleet Complete as a Value Added Reseller for Oil & Gas Industry opportunities within Australia, as well as AUSIS, as a distributor in Turkey.
Mr. McGlone said: "Our strategy is now set in three major transport verticals - Automotive, Fleet / Offroad and Aviation - each with a significant growth trajectory and a refined business model. Importantly, this provides diversification in cash generation and minimises risk around timing, segment and customer concentration."
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The AIM-listed processing company also said it had received expressions of interest from potential customers for almost double its annual capacity of 20,000 tonnes of antimony metal and trioxide.
“The potential scale and opportunity of this development is truly significant, especially given the potential synergies with our ongoing development of coal mine and mine mouth power,” commented Naheed Memon, Chief Executive of Oracle.
Kape CEO Ido Erlichman said: “In one acquisition, I believe we have positioned Kape to fast become one of the leading digital privacy service providers in the world, empowering consumers to manage their own data and digital security.”
SP Angel research note on commodities and miners, featuring: Adriatic Metals* (ADT AU) A$1.31, Mkt cap A$226.1m – Vares scoping study Arc Minerals* (ARCM LN) 2.7p, Mkt Cap £20m – Arc agrees sale of Šturec as it focuses resources on development of Cheyeza East discovery in Zambia Cora Gold* (CORA LN) 5.4p, Mkt Cap £7m – 5,000m of drilling to test lateral and dip extensions at Sanankoro Oriole Resources (ORR LN) 0.39p, Mkt cap £2.7m – Financing for Thani Stratex Resources Djibouti Pensana Metals (PM8 AU) A$0.20, Mkt cap A$30m – Pensana punchy on NdPr prices in new Feasibility Study Tri-Star Resources* (TSTR LN) 37p, Mkt Cap £35.2m – First production of commercial grade antimony metal
Matt Lofgran, Chief Executive Officer of Nostra Terra explained the company decision, commenting, “We have taken the view that because the asset is loss-making and given we are not the operator, despite the fact that we feel that we could improve operations significantly, ultimately the best resolution is for NTI to transfer its interest and have no past or future liability."
“Transport refuelling is just the tip of the iceberg for demand for hydrogen from renewable sources,” said Dr Graham Cooley, CEO of ITM Power, “and this partnership will be well positioned to participate in this exciting and rapidly growing industry."