Cyngn Announces Signed Contract with Global Building Materials Manufacturer, Expanding DriveMod to Electric Forklifts

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Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced the signing of a multi-phase contract with a leading global building materials manufacturer that will spearhead the development of the Company’s next DriveMod-enabled vehicle platform: electric forklifts.

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Cyngn announces the signing of a multi-phase contract with a global building materials manufacturer, marking the beginning of the Company’s expansion of DriveMod to electric forklifts. Source: Cyngn

Cyngn announces the signing of a multi-phase contract with a global building materials manufacturer, marking the beginning of the Company’s expansion of DriveMod to electric forklifts. Source: Cyngn

The customer manufactures a variety of building materials used in commercial and residential properties and generated over $5 billion in revenues in 2021.

Lior Tal, Cyngn’s CEO, said, “We are excited about this opportunity to provide our industrial AV solutions for a recognized leader in manufacturing and distribution of essential building products. This agreement has been a long time in the making. We have worked closely with their team to understand their operations and apply our Enterprise Autonomy Suite to create differentiated value propositions for their business. Operating a diverse fleet of thousands of industrial vehicles, the customer is already a carbon neutral company that is committed to a future of automation and sustainability. The implementation of autonomous electric vehicles offers considerable economic and safety benefits, particularly as we consider the vast amount of material handling and hauling involved in building materials production processes.”

About Cyngn

Cyngn is an autonomous vehicle technology company that is focused on addressing industrial uses for autonomous vehicles. Cyngn believes that technological innovation is needed to enable adoption of autonomous industrial vehicles that will address the substantial industry challenges that exist today. These challenges include labor shortages, lagging technological advancements from incumbents, and high upfront investment requirements. Cyngn addresses these challenges with its Enterprise Autonomy Suite, which includes DriveMod (modular industrial vehicle autonomous driving software), Cyngn Insight (customer-facing software suite for monitoring/managing AV fleets and aggregating/analyzing data), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

To learn more about Cyngn’s autonomous vehicle technologies, please visit https://cyngn.com/.

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