SAN JOSE, Calif.- Velodyne Lidar, Inc. (Nasdaq: VLDR) today announced a sales agreement with LineVision, Inc., a provider of solutions to monitor, optimize and protect the world's critical electric power grid. LineVision uses Velodyne high-performance lidar sensors in its V3 overhead power line monitoring system to help electric utilities operate their grid more safely and efficiently.
Powered by Velodyne's Puckâ„¢ sensor, LineVision's technology provides utility clients with previously unavailable visibility on asset health for optimized management. This situational awareness assists utilities by identifying operational anomalies, helping to mitigate events that could cause wildfires or damage before they happen. Lines equipped with LineVision monitoring are safer, more reliable, and can carry up to 40 percent more power than unmonitored lines.
The LineVision V3 system leverages Velodyne's sensors along with advanced analytics to continuously monitor the condition of electric power lines for safer and more reliable operation. The system can detect problems that include lines that are sagging, damaged by a storm, or experiencing dangerous extreme motion, or galloping.
The tragic wildfires that the western United States is experiencing show it is critical to monitor overhead electric transmission lines to help reduce fire hazards, said Anand Gopalan, CEO, Velodyne Lidar. LineVision's technology can help utilities prevent fires such as the ones that have had a devastating impact on our forests and neighborhoods. We are enormously proud to be partnering with LineVision on its important mission of making the power grid safer and more efficient.
The V3 system also provides Dynamic Line Rating (DLR) capabilities so utilities can identify unused capacity on transmission lines, making it easier to integrate renewable energy resources into the power grid. LineVision's clients include major utilities across the world with the company having recently announced a project with the Tennessee Valley Authority (TVA), among others.
Velodyne is an important partner in helping us deliver the electric industry's only non-contact overhead line monitoring solution, said Jonathan Marmillo, Co-founder and Vice President of Product Management, LineVision. The Puck provides our V3 system with what I believe is best-in-class image resolution and real-time data accuracy that are essential to helping our utility clients maximize the safety and efficiency of their lines.
Velodyne Puck sensors provide rich computer perception data that make it quick and easy for companies to build highly accurate 3D models of any environment. The Puck delivers a high-resolution surround view image that can accurately measure and analyze the environment. It is a small, compact lidar sensor suitable for rugged industrial usage. The Puck's reliability, power-efficiency and versatility make it an ideal solution for demanding infrastructure applications.
LineVision enables electric utilities to improve transmission line capacity, reliability and safety through advanced sensors and analytics. LineVision's solution provides utility clients with previously unavailable visibility on asset health and safety. LineVision's turnkey, non-contact systems can be rapidly deployed without the need for outages, live line work or specialized equipment. LineVision is dedicated to helping utilities optimize the performance of the electric power grid.
About Velodyne Lidar
Velodyne Lidar (NASDAQ: VLDR) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne is the first public pure-play lidar company and is known worldwide for its broad portfolio of breakthrough lidar technologies. Velodyne's revolutionary sensor and software solutions provide flexibility, quality and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.
Forward Looking Statements
This press release contains “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne's target markets, new products, development efforts, competition. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include Velodyne’s ability to manage growth; Velodyne’s ability to execute its business plan; uncertainties related to the ability of Velodyne’s customers to commercialize their products and the ultimate market acceptance of these products; the uncertain impact of the COVID-19 pandemic on Velodyne’s and its customers’ businesses; uncertainties related to Velodyne’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Velodyne’s products; the success of other competing lidar and sensor-related products and services that exist or may become available; Velodyne’s ability to identify and integrate acquisitions; uncertainties related to Velodyne’s current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne’s intellectual property; and general economic and market conditions impacting demand for Velodyne’s products and services. Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.