Seoul: LG Innotek Co., an electronic component manufacturing unit of LG Group, announced a strategic partnership with U.S. software company Aeva Technologies Inc. to collaborate in the laser imaging, detection, and ranging (LiDAR) sector.
According to Yonhap News Agency, LG Innotek will supply next-generation frequency modulated continuous wave (FMCW) LiDAR modules to Aeva. These modules will be integrated into Aeva's LiDAR solutions for global automakers. Moon Hyuk-soo, CEO of LG Innotek, stated that the long-term technology partnership is aimed at establishing both companies as leading players in the next-generation LiDAR market.
LiDAR, a key technology for autonomous driving, uses light in the form of a pulsed laser to measure distances and velocities by calculating the time it takes for the reflected light to return to the sensor. Aeva, based in California, specializes in sensing hardware and perception software, including LiDAR. Its 4D LiDAR utilizes FMCW technology to detect 3D positions and instant velocity for every point simultaneously, capturing the attention of the global autonomous vehicle industry.
As part of this partnership, LG Innotek and Aeva have also signed a joint development agreement to co-develop next-generation FMCW LiDAR technologies for autonomous vehicles and robotics by 2027. LG Innotek plans to invest US$50 million in the LiDAR business, which includes acquiring a 6 percent stake in Aeva.
The global LiDAR market is projected to grow at an average annual rate of 36 percent, reaching US$15.4 billion by 2030 from $2.4 billion in 2024, according to industry data.