Trollhättan, 19 June 2023:
Chassis Autonomy has entered into a non-binding agreement with Kongsberg Automotive AS (KA) where KA will acquire an initial 20% equity stake in Chassis Autonomy, with staged call options to acquire additional equity up to full ownership.
Chassis Autonomy specialises in the design, development, and manufacture of steer-by-wire and brake-by-wire systems for use in highly automated (L3) and fully autonomous (L4 and L5) vehicles. The ground-breaking SbW technology is built upon a foundation of innovation, backed by 13 pending patents and it will set the new state-of-the-art for critical automotive actuation systems.
Significant technical synergies exist between Chassis Autonomy’s SbW technology and the leading electronic clutch actuation technology developed by KA. Exploiting these technical and commercial synergies has been the foundation to establishing this investment partnership that will accelerate the development of Chassis Autonomy’s fail-operational steer-by-wire systems towards industrialisation.
Peter Johansson, Co-founder and CEO of Chassis Autonomy said: “I am incredibly proud to announce that Chassis Autonomy has entered into a non-binding agreement that will result in KA becoming a 20% shareholder and partner in the company. This is both an important and natural step in the industrialisation of our ground-breaking steer-by-wire system that is designed for L3, L4 and L5 applications.”
He continued, “I believe that KA is the perfect fit for Chassis Autonomy, not only as an investor but also as a deep technical partner where their proven capability in the design, development and manufacture of automotive-grade vehicle systems and components will be of a huge benefit. KA has a strong presence in both Sweden and Norway, which will directly support the product development at our headquarters in Trollhättan whilst their global manufacturing footprint gives us immediate scope to solve the mobility needs of customers across the world.”
Thomas Li, Chassis Autonomy Co-founder and CTO added, “This investment and technical partnership is extremely positive for Chassis Autonomy. The investment enables us to maintain our rapid development pace, whilst the technical partnership allows us to leverage the world-class development expertise and automotive-grade manufacturing facilities of KA.”
“The strong financial and technical backing of KA will enable us to step-up our challenge to disrupt the steering system oligopoly and bring our enabling fail-operational actuation technology to the highly automated and fully autonomous vehicle sectors.”
With this agreement, Chassis Autonomy and Kongsberg Automotive will strengthen a collaboration that started with the signing of a letter of intent in 2022. The legally binding agreement for the proposed transaction is anticipated to be completed in the third quarter of 2023.
About Chassis Autonomy
Chassis Autonomy is a deep technology start-up with a vision to enable autonomous mobility through actuation. Our fail-operational, steer and brake-by-wire systems will set the benchmark and define the new state-of-the-art for safe actuation systems that are used in highly automated and fully autonomous vehicles. For more information, please visit: chassisautonomy.com.
About Kongsberg Automotive ASA
Kongsberg Automotive provides cutting-edge technology to the global vehicle industry. We drive the global transition to sustainable mobility by putting engineering, sustainability, and innovation into practice. Our product portfolio includes driver and motion control systems, fluid assemblies, and industrial driver interface products. Find more information at: kongsbergautomotive.com
Chassis Autonomy media contact:
Marketing and Brand Lead