Delphi Automotive, an automotive technology supplier that operates its North American headquarters in Troy, has partnered with LeddarTech, a start-up company that focuses on proprietary signal processing technology, to develop a low-cost LiDAR (light detecting and range sensing technology) solution.
“There is increasing customer demand for solid-state LiDAR as the time to market for autonomous vehicles is being accelerated,” says Glen De Vos, senior vice president and CTO at Delphi. “LeddarTech technology has the right level of discrimination and range for LiDAR sensing solutions placed around the corners of the vehicle.”
LeddarTech is the developer and owner of Leddar, a solid-state LiDAR light detecting and range sensing technology. Delphi has made a minority investment in LeddarTech in support of the partnership.
“Delphi has extensive sensor, radar, and systems engineering knowledge, and experience to complement LeddarTech’s unique, patented sensing technology,” says Charles Boulanger, CEO at LeddarTech. “We are glad to collaborate closely with Delphi to develop and rapidly commercialize a solid-state LiDAR solution that provides the best performance at the lowest cost.”
Additonally, Delphi today announced the pricing of a private offering of notes by its Powertrain Systems spin-off subsidiary, Delphi Jersey Holdings (DPS). DPS issued $800 million of senior notes bearing an interest rate of 5 percent and maturing in 2025.
The offering was upsized from the previously announced $750 million aggregate principal amount following strong investor interest and is expected to close on Sept. 28 following customary closing conditions. Pending completion of the separation, proceeds of the offering will be deposited into escrow for the benefit of the holders of the notes.
“These financings mark another important milestone in our process toward completing the spin-off of our Powertrain Systems business,” says Kevin Clark, Delphi’s president and CEO. “The strong demand for participation in the Credit Facilities and the Notes offering demonstrates the strength of the business and confidence in its ability to successfully compete as a standalone company.”
Upon completion of the spin-off, DPS intends to use the proceeds from the notes, together with borrowings under the $750 million term loan, to fund operating cash, pay taxes, fees, and expenses related to the spin-off, and distribute a dividend to Delphi.