RCS - Tekcapital plc - Portfolio Company Update : Guident Ltd

TekcapitalAnnouncement

19/02/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240219:nRSS5207Da&default-theme=true

RNS Number : 5207D  Tekcapital plc  19 February 2024

19 February 2024

 

Tekcapital Plc

("Tekcapital", the "Company" or the "Group")

Portfolio Company Update: Guident, Ltd

 

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group
focused on transforming university technologies into valuable products that
can improve people's lives, is pleased to provide an overview of Guident Ltd's
("Guident") significant achievements over the past year.

 

Built the first U.S. commercial Remote Monitor and Control Centre (RMCC) for
enhancing AV safety:

Guident's new, best-in-class RMCC including video wall displays and visualisation system, is now commercially available. This deployment is strategically located at the Boca Raton Innovation Campus (BRiC). At 1.7 million square feet. BRiC is the largest office complex in Florida, and the Southeast's premier technology and life-sciences hub. This new RMCC will oversee an autonomous shuttle service along a 2.1-mile fixed route within BRiC. Furthermore, this next-generation RMCC is redefining the scope of remote operator capabilities for monitoring and controlling autonomous devices to enhance vehicle safety.

 

Strategic Partnerships Update

 

1.   Adastec Corp. ("Adastec"):

Autonomous Buses

In October 2023, Guident established a Strategic Partnership Agreement with
Adastec, a renowned global supplier of autonomous driving systems. Based in
Michigan, U.S.A., Adastec Corp. has a strong R&D presence in Istanbul,
Turkey, with offices in Brabant, the Netherlands, and Stockholm, Sweden, and
collaborates with bus OEMs worldwide. Adastec's flowride.ai system enables SAE
Level-4 (https://www.sae.org/blog/sae-j3016-update) operation for buses
manufactured by Karsan and Vicinity Motor Corp. Guident's teleoperation
solution, integrated with flowride.ai, represents a breakthrough in autonomous
transportation, offering full-scope autonomous vehicle monitoring &
control coupled with fleet management. We believe that this technology
integration elevates the safety of self-driving technology. Guident's
commitment to deploying the safest and most efficient automated public
transportation aligns with Adastec's mission. Beginning this year, Guident's
RMCC solution will be integrated into Adastec's automated buses being deployed
in the U.S., solidifying our shared vision for the future of mobility.

 

2.   AuVe Tech OÜ ("Auve Tech"):

Autonomous Shuttles

Guident's recently announced strategic partnership with Auve Tech to integrate
our RMCC teleoperation system with Auve Tech's MiCa autonomous shuttles has
progressed to the implementation phase.  Estonia based Auve Tech produces
autonomous shuttle vehicles that are currently deployed in Europe and Asia.
They are an integrated supplier of both the vehicles and the autonomous
driving software.  Guident is pleased to be actively integrating its
teleoperation system into the first Auve Tech MiCa shuttle to be shipped to
the United States this month under Guident's recently received National
Highway Traffic Safety Administration testing approval.

 

3. Satellite Communication to Enhance Teleoperations:

Partnership with Space Florida & Novelsat

Guident was awarded a significant grant from Space Florida in 2023 to
implement satellite communications as an additional connectivity option for
AV's. Space Florida is an independent entity formed by the State of Florida
devoted to advancing aerospace technologies and businesses in Florida. This
project has been underway since the middle of last year and is on track to
demonstrate teleoperation over satellite communication links in the second
quarter of 2024. This project is a joint effort with Novelsat of Israel, a
global provider of innovative satellite communication services.

 

Satellite connectivity complements the currently used public and private 4G/5G
cellular connections and will provide Guident's teleoperations with
unsurpassed network availability. Guident believe this unique differentiation
creates a competitive advantage for the company. Furthermore, Guident's
satellite capability enables it to provide teleoperation and RMCC services to
areas currently underserved by cellular networks, reinforcing Guident's
commitment to providing comprehensive solutions across diverse environments.

 

Business Development and Sales update

Guident is making significant strides in expanding its sales pipeline, marked
by a recent transition from a direct sales model to a value-added reseller
approach. This strategic shift has accelerated sales traction through
collaborations with our global partners.

 

Guident is pleased to report a notable uptick in Requests for Proposals
(RFPs), demonstrating heightened interest in their teleoperation services.
Guident's interactions with their initial customer, the Jacksonville
Transportation Authority (JTA), remain ongoing, and the Company is actively
engaged in multiple additional upcoming projects.

 

R&D Update - Teleoperation RMCC Roadmap for the Next 24 Months

The Guident R&D program for next two years will focus on integrating new
vehicle and autonomous driving system partners, implementing the RMCC and
teleoperation product vision, and enhancing multi-network automation for
top-tier service availability. Integration with partners like Adastec and Auve
Tech is underway, with plans for further collaborations. Additionally,
Guident's technology roadmap emphasizes improving remote control operator
effectiveness and implementing augmented reality features for enhanced
situational awareness and passenger communication. Guident recently adopted a
software architecture framework that helps to ensure scalable development,
smooth feature releases, customer upgrades, and efficient software license
management to support future growth.

 

The Regenerative Shock Absorber

Guident has established a new subsidiary, Revive Energy Solutions Ltd., wholly
owned by Guident Ltd. This subsidiary will facilitate future investment and is
in response to significant market traction for Guident's regenerative shock
absorber technology, collaboration with a leading tyre manufacturer, and
successful proof-of-concept testing results.  The company is actively engaged
in rigorous testing both in controlled laboratory environments and on vehicles
in real traffic scenarios. Progress is underway with multiple car
manufacturers, to assess the manufacturability, cost, and the best approach to
rapidly bring the technology to the world market.

 

This groundbreaking technology aims to produce electromagnetic regenerative
shock absorbers with exceptional energy densities, capable of capturing and
utilizing the vehicle's vertical movements that are part of everyday driving
on public roads, which are currently dissipated as wasted heat energy. An
additional patent application has been filed by Guident to enhance damping
characteristics while generating energy based on road surface conditions.

 

National U.S. Autonomous Vehicle Day

Guident continues demonstrating that it is an AV industry leader by hosting the upcoming National U.S. Autonomous Vehicle Day (#AVDay) on May 31(st), 2024. In 2023, the event was co-hosted with the Jacksonville Transportation Authority at the Armsdale Test and Learn Center in Jacksonville, Florida. The event was a resounding success, featuring operating demonstrations of autonomous public vehicles and insightful presentations by key leaders in the industry. For this reason, both companies will collaborate again this year to organize the event in Jacksonville. The event promises to be a significant milestone in advancing awareness of autonomous public transportation.

 

https://autonomousvehicleday.com/ (https://autonomousvehicleday.com/)

About Guident

Guident commercializes patented technology to enable safer autonomous vehicles
and devices by providing industry-leading AV remote monitoring, control,
assistance, and passenger support services. To learn more, please visit
www.guident.com (http://www.guident.com) .

 

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed
discoveries that can enhance people's lives and provides a range of technology
transfer services to help organisations evaluate and commercialise new
technologies. Tekcapital is quoted on the AIM market of the London Stock
Exchange (AIM: symbol TEK) and is headquartered in the UK. For more
information, please visit www.tekcapital.com (http://www.tekcapital.com) .

 

LEI: 213800GOJTOV19FIFZ85

 

Tekcapital owns 100% of the share capital of Guident Ltd. Guident Ltd. owns
approximately 91% of Guident Corp., its US subsidiary, and 100% of Revive
Energy Solutions Ltd, its UK subsidiary.

For further information, please contact:

 Tekcapital Plc                                                                 Via Flagstaff
 Clifford M. Gross, Ph.D.

 SP Angel Corporate Finance LLP                                                 +44 (0) 20 3470 0470

 Nominated Adviser and Broker
 Richard Morrison/Charlie Bouverat (Corporate Finance)

 Abigail Wayne / Rob Rees (Corporate Broking)

 Flagstaff Strategic and Investor Communications                                +44 (0) 20 7129 1474

Tim Thompson/Andrea Seymour/Fergus Mellon

 

Forward Looking Statements

This press release is for informational purposes only. The information herein
does not constitute investment advice nor an offer to invest and may contain
statements related to our future business and financial performance and future
events or developments involving Guident or Tekcapital that may constitute
forward-looking statements. These statements may be identified by words such
as "expect," "look forward to," "anticipate" "intend," "plan," "believe,"
"seek," "estimate," "will," "project" or words of similar meaning. We may also
make forward-looking statements in other reports, in presentations, in
material delivered to customers, stakeholders and in press releases. In
addition, our representatives may from time to time make oral forward-looking
statements. Such statements may be based on the current expectations and
certain assumptions of Guident's and/or Tekcapital's management. Please note
that these are subject to a number of risks, uncertainties and factors,
including, but not limited to those described in various disclosures. Should
one or more of these risks or uncertainties materialise or should underlying
expectations not occur or assumptions prove incorrect, actual results,
performance or achievements of Guident or Tekcapital may vary materially from
those described explicitly or implicitly in the relevant forward-looking
statement. Neither Guident nor Tekcapital intends, nor assumes any obligation,
to update or revise these forward-looking statements in light of developments
which differ from those anticipated.

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAQKFBDQBKDCBD