Luminar, a U.S. automotive lidar technology company, has entered into a definitive agreement to merge with Gores Metropoulos, Inc., a special purpose acquisition company (SPAC). Upon completion of the transaction, the combined company will retain the Luminar Technologies, Inc. name and will remain listed on Nasdaq under the new ticker symbol “LAZR.”
The combined company will have an equity value of approximately $3.4 billion.
The announcement follows similar moves by the likes of Canoo, Fisker and Nikola Inc.
Austin Russell, Founder and CEO of Luminar, says: “This milestone is pivotal not just for us, but also for the larger automotive industry. Eight years ago, we took on a problem to which most thought there would be no technically or commercially viable solution. We worked relentlessly to build the tech from the ground up to solve it and partnered directly with the leading global automakers to show the world what’s possible.”
He adds: “Today, we are making our next industry leap through our new long-term partnership with Gores Metropoulos, a team that has deep experience in technology and automotive and shares our vision of a safe autonomous future powered by Luminar.”
Founded in 2012 by CEO Austin Russell, Luminar is the leading autonomous vehicle and lidar technology company for consumer cars and trucking. Luminar is partnered with 7 of the top 10 global automakers and is set to power the introduction of highway self-driving and next-generation safety systems.
Starting in 2022, Luminar’s hardware and software will be integrated into Volvo’s global vehicle platform.