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LG Innotek aims to grow its Vehicle Sensing Solution business into a 1.4 billion USD operation by 2030

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To newly establish a LiDAR business organization directly under the CEO recentlyTo strengthen Vehicle Camera Module business capability via equity investment, product enhancement, and factory expansion.To become a ‘Vehicle Sensing Total Solution Provider’…providing differentiated customer values 

SEOUL, South Korea, July 3, 2024 /PRNewswire/ — LG Innotek (CEO Moon Hyuksoo) is poised to accelerate growth in the vehicle sensing solution business by leveraging its leading-edge optical technology to drive innovation in the future mobility sector.

At a press conference held in March, LG Innotek CEO Moon, Hyuksoo outlined his plans, stating, “We will identify a new business opportunity where we can leverage our company’s distinctive ‘No. 1 know-how’ in the mobile camera module industry to establish a robust business portfolio.”

The sensing solution business for AD (Autonomous Driving) & ADAS (Advanced Driver Assistance System) is one of the most promising areas where the CEO’s management strategy can be implemented with the greatest impact.

The paramount concern in the autonomous driving market, which is emerging as a key area for future vehicles, is the safety of both drivers and pedestrians. If a vehicle cannot accurately detect obstacles that hamper driving, it may lead to a serious accident. This is the reason why car makers are investing in advanced vehicle sensing solutions.

To newly establish a LiDAR business organization directly under the CEO recently

LG Innotek has identified ‘High Performance LiDAR’ as a key pillar of its Vehicle Sensing Solution business and is pursuing a targeted approach to the LiDAR market.

In particular, LG Innotek has recently established a dedicated business division for LiDAR, reporting directly to the CEO. The development and business of LiDAR, previously dispersed across the existing optical solution business division and CTO, have been consolidated under the LiDAR business division. This organisational restructuring was driven by the CEO’s strong desire to oversee the LiDAR business directly and to enhance capabilities and operational efficiency.

LG Innotek has been consistently strengthening its core capacity to engage in the LiDAR business since 2015. Last year, LG Innotek acquired 77 US patents related to LiDAR from a US autonomous driving startup company. The company currently holds over 300 patents related to LiDAR.

To strengthen Vehicle Camera Module business capability via equity investment, product enhancement, and factory expansion.

Another product line that LG Innotek has identified as a key pillar is high-value added vehicle camera modules.

The majority of camera modules mounted on vehicles that have been commercialised to date tend to fulfil only the basic function of filming and have low added value as products. However, as we enter the era of autonomous driving, the vehicle camera modules must take on the role of the eyes of a driver. It is therefore vital that vehicle camera modules are equipped with enhanced sensing capabilities.

In line with such trends, LG Innotek has entered into a contract for equity investment with AOE Optronics (hereinafter referred to as ‘AOE’) to enhance its capabilities in the vehicle camera module business.

Recently, there has been a notable increase in demand for ‘Aspherical Glass Lenses’, a key component for high-resolution cameras in the autonomous driving vehicle industry. AOE has considerable expertise in manufacturing technologies for this specific area. By working closely with AOE, LG Innotek is able to accelerate the development of high-value camera modules.

Furthermore, in February 2024, LG Innotek launched a ‘High-Performance Heating Camera Module’, designed to rapidly defrost vehicle camera lenses in cold weather conditions. This module maintains its original size while adding a heating function to offer customers enhanced value.

LG Innotek is currently developing a high heat-generating material that can accelerate heating even faster than the current product. The company intends to conduct performance verification on the ultra-high-speed heating camera modules incorporating this material.

Moreover, LG Innotek is developing camera modules with a washing function to remove foreign substances like dust from the lens while driving. These will enable the company to expand its high-value-added vehicle camera module portfolio.

The company is also investing in facilities to occupy the vehicle camera module market.

In addition, LG Innotek purchased approximately 99,173 square meters of land near its manufacturing subsidiary in San Juan de Rio, Mexico, with the intention of expanding its factory last year. The newly expanded factory is scheduled to commence mass production of vehicle camera modules in the second half of next year.

An official from LG Innotek commented, “The decision to locate the vehicle camera module production hub in Mexico was driven by our strategy to enhance our ability to serve customers in the North American region, where major car makers are concentrated, by making good use of the geographical proximity.”

To become a ‘Vehicle Sensing Total Solution Provider’…providing differentiated customer values

LG Innotek aims to become a market leader in AD/ADAS sensing solutions by offering differentiated customer value as a ‘Vehicle Sensing Total Solution Provider’ that encompasses vehicle interior and exterior solutions.

It is well-known that global car manufacturers developing autonomous driving vehicles have established various strategies for adopting different sensing components.

LG Innotek intends to continue improving the performance of vehicle camera modules in response to customers who are interested in adopting only vehicle camera modules.

Furthermore, the company is actively seeking to attract customers by implementing ‘Sensor Fusion’, which combines vehicle camera modules and LiDAR through software.

This will enable the company to offer customers a wider range of sensing parts for installation on a vehicle’s exterior and a ‘In-Cabin Vehicle Camera Module’ that can be employed for various purposes inside a vehicle, such as teleconferencing, entertainment, and infant monitoring.

The CEO stated that, based on the formula for becoming No. 1 learned from the mobile camera module business, the vehicle sensing solution business will be fostered into a business with annual sales of 1.4 billion USD by 2030 and developed as another top-ranking business.

 

[Reference 1] Outlook on size of global autonomous driving vehicle market
According to the global market research firm, ‘Precedence Research,’ the global autonomous driving vehicle market is forecasted to grow by an annual average of 35% from 158.3 billion USD in 2023 to approximately 2.35 trillion USD in 2032.

[Reference 2] Outlook on size of global autonomous driving LiDAR market
The global autonomous driving vehicle market is forecast to grow by an annual average of 35% from 158.3 billion USD in 2023 to approximately 2.35 trillion USD in 2032, according to the global market research firm, ‘Precedence Research’.

[Reference 3] Outlook on size of global vehicle camera module market
The market research firm S&P Global and LG Innotek’s internal analysis indicates that the global vehicle camera module market will grow at an annual average of 7% from 6.44 billion USD in 2023 to 10.03 billion USD by 2030 due to the advancement of autonomous driving technology.

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NASA Awards $1.5 Million at Watts on the Moon Challenge Finale

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WASHINGTON, Sept. 20, 2024 /PRNewswire/ — NASA has awarded a total of $1.5 million to two U.S. teams for their novel technology solutions addressing energy distribution, management, and storage as part of the agency’s Watts on the Moon Challenge. The innovations from this challenge aim to support NASA’s Artemis missions, which will establish long-term human presence on the Moon.

This two-phase competition has challenged U.S. innovators to develop breakthrough power transmission and energy storage technologies that could enable long-duration Moon missions to advance the nation’s lunar exploration goals. The final phase of the challenge concluded with a technology showcase and winners’ announcement ceremony Friday at Great Lakes Science Center, home of the visitor center for NASA’s Glenn Research Center in Cleveland.

“Congratulations to the finalist teams for developing impactful power solutions in support of NASA’s goal to sustain human presence on the Moon,” said Kim Krome-Sieja, acting program manager for NASA Centennial Challenges at NASA’s Marshall Space Flight Center in Huntsville, Alabama. “These technologies seek to improve our ability to explore and make discoveries in space and could have implications for improving power systems on Earth.”

The winning teams are:

First prize ($1 million): High Efficiency Long-Range Power Solution of Santa Barbara, CaliforniaSecond prize ($500,000): Orbital Mining Corporation of Golden, Colorado

Four teams were invited to refine their hardware and deliver full system prototypes in the final stage of the competition, and three finalist teams completed their technology solutions for demonstration and assessment at NASA Glenn. The technologies were the first power transmission and energy storage prototypes to be tested by NASA in a vacuum chamber mimicking the freezing temperature and absence of pressure found at the permanently shadowed regions of the Lunar South Pole. The simulation required the teams’ power systems to demonstrate operability over six hours of solar daylight and 18 hours of darkness with the user three kilometers (nearly two miles) away from the power source.

During this competition stage, judges scored the finalists’ solutions based on a Total Effective System Mass (TESM) calculation, which measures the effectiveness of the system relative to its size and weight – or mass – and the total energy provided by the power source. The highest-performing solution was identified based on having the lowest TESM value – imitating the challenges that space missions face when attempting to reduce mass while meeting the mission’s electrical power needs.

Team H.E.L.P.S. (High Efficiency Long-Range Power Solution) from University of California, Santa Barbara, won the grand prize for their hardware solution, which had the lowest mass and highest efficiency of all competitors. The technology also featured a special cable operating at 800 volts and an innovative use of energy storage batteries on both ends of the transmission system. They also employed a variable radiation shield to switch between conserving heat during cold periods and disposing of excess heat during high power modes. The final 48-hour test proved their system design effectively met the power transmission, energy storage, and thermal challenges in the final phase of competition.

Orbital Mining Corporation, a space technology startup, received the second prize for its hardware solution that also successfully completed the 48-hour test with high performance. They employed a high-voltage converter system coupled with a low-mass cable and a lithium-ion battery.

“The energy solutions developed by the challenge teams are poised to address NASA’s space technology priorities,” said Amy Kaminski, program executive for Prizes, Challenges, and Crowdsourcing in NASA’s Space Technology Mission Directorate at NASA Headquarters in Washington. “These solutions support NASA’s recently ranked civil space shortfalls, including in the top category of surviving and operating through the lunar night.”

During the technology showcase and winners’ announcement ceremony, NASA experts, media, and members of the public gathered to see the finalist teams’ technologies and hear perspectives from the teams’ participation in the challenge. After the winners were announced, event attendees were also welcome to meet NASA astronaut Stephen Bowen.

The Watts on the Moon Challenge is a NASA Centennial Challenge led by NASA Glenn. NASA Marshall Space Flight Center manages Centennial Challenges, which are part of the agency’s Prizes, Challenges, and Crowdsourcing program in the Space Technology Mission Directorate. NASA contracted HeroX to support the administration of this challenge.

For more information on NASA’s Watts on the Moon Challenge, visit:

https://www.nasa.gov/wattson

 

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SOURCE NASA

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Kits Eyecare Ltd. Files Final Prospectus For Secondary Offering of Common Shares

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Final Short Form Prospectus Accessible on SEDAR+

/THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES/

VANCOUVER, BC, Sept. 20, 2024 /CNW/ – Kits Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a leading vertically integrated eyecare provider, is pleased to announce that it has filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec, and obtained a receipt for, a final short form prospectus (the “Final Prospectus”) in connection with the previously announced secondary offering of common shares of the Company (the “Common Shares”) pursuant to which Canaccord Genuity Corp., as sole bookrunner and co-lead underwriter, together with Beacon Securities Limited, as co-lead underwriter, on behalf of a syndicate of underwriters (collectively, the “Underwriters”) have agreed to purchase, on a bought deal basis, an aggregate of 1,125,000 Common Shares held by Roger Hardy and entities managed by Roger Hardy (the “Hardy Shareholders”), LD Group Holdings Ltd. (“LD Group”) and Joseph Thompson (together with the Hardy Shareholders and LD Group, the “Selling Securityholders”) at an offering price of $10.15 per share (the “Offering Price”) for total gross proceeds to the Selling Securityholders of $11,418,750 (the “Offering”). KITS will not receive any proceeds from the Offering.

The Underwriters have also been granted an over-allotment option (the “Over-Allotment Option”) to purchase up to an additional 168,750 Common Shares from the Selling Securityholders at the Offering Price for additional gross proceeds of $1,712,812.50 if the Over-Allotment Option is exercised in full. The Over-Allotment Option can be exercised at any time, in whole or in part, for a period of 30 days from the closing date of the Offering, which is expected to occur on or about September 26, 2024 and is subject to certain customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the 1933 Act or under any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, and applicable U.S. state securities laws.

Access to the Final Prospectus and any amendment is provided in accordance with securities legislation relating to procedures for providing access to a short form prospectus and any amendment. The Final Prospectus is accessible on SEDAR+ at www.sedarplus.ca. An electronic or paper copy of the Final Prospectus and any amendment may be obtained, without charge, from Canaccord Genuity Corp. at ecm@cgf.com by providing the contact with an email address or address, as applicable.

About KITS

KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.kits.com.

Forward-Looking Information

Certain information in this press release, including statements relating to the closing date of the Offering, and the exercise by the Underwriters of the Over-Allotment Option, constitutes forward-looking information. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by KITS as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the factors described in greater detail under the “Risk Factors” sections of the management’s annual information form, discussion and analysis of financial condition and results of operations of KITS for the 3-month and 6-month periods ended June 30, 2024, each available at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect KITS; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. In particular, the closing of the Offering is subject to customary closing conditions and there can be no assurance that all such conditions will be satisfied. The forward-looking statements contained in this press release are made as of the date of this press release, and KITS expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE KITS Eyecare Ltd.

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Disparities Narrowing Among Patients Undergoing Blood Stem Cell Transplant, Roswell Park Study Reveals

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Historically, some patients with blood cancers have been less likely than others to receive stem cell transplant, also known as bone marrow transplant. Theresa Hahn, PhD, of Roswell Park is lead author of a new study showing that older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

BUFFALO, N.Y., Sept. 20, 2024 /PRNewswire-PRWeb/ —

Study led by Dr. Theresa Hahn published in JAMA Network OpenNumber of transplants for blood cancers rose from 2009 to 2018Research team analyzed trends in transplant utilization for that period

Every year, more than 22,000 patients in the U.S. undergo a potentially lifesaving blood stem cell transplant — often called a “bone marrow transplant” — for the treatment of hematologic diseases. But historically, some patients with blood cancers have been less likely than others to receive the treatment. Theresa Hahn, PhD, of Roswell Park Comprehensive Cancer Center is lead author of a new study in the journal JAMA Network Open showing that while progress has been made in reducing those disparities, older adults and Black patients are much less likely than people from other groups to receive a blood stem cell transplant.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages.” — Theresa Hahn, PhD, Roswell Park Comprehensive Cancer Center

The research team analyzed data provided by the Center for International Blood and Marrow Transplant Research (CIBMTR) for 136,280 patients who underwent hematopoietic cell transplant (HCT) in the U.S. between 2009 and 1018, comparing those numbers with the incidence of six blood cancers (acute myeloid and lymphoblastic leukemia, multiple myeloma, Hodgkin and non-Hodgkin lymphoma and myelodysplastic syndrome) in various age, race and ethnic groups the U.S. as reported by the National Cancer Institute’s Surveillance Epidemiology and End Results (SEER) Program.

The team found that during that period, the use of HCT increased for the treatment of most blood cancers — and rose among all age, race and ethnic groups.

The researchers also discovered that in the most recent years analyzed, from 2017-2018:

The rate of HCT utilization for blood cancers rose among Hispanic and younger patients to equal the rate of non-Hispanic white patients.Non-Hispanic Black patients had a lower rate of HCT for all six diseases studied.Pediatric, adolescent and young adult patients had a higher rate than adult patients of allogeneic HCT, which involves receiving cells from a healthy donor.

“This study shows that while progress has been made to reduce disparities among racial and ethnic groups, there’s a need to improve hematopoietic cell transplant utilization rates in older adults and in Black patients of all ages,” says Dr. Hahn, Professor of Oncology in the Department of Cancer Prevention and Control at Roswell Park and the study’s first author.

The research team also include Dr. Hahn’s Roswell Park colleague Megan Herr, PhD, and collaborators from the Medical College of Wisconsin, Milwaukee; the CIBMTR; and the Mayo Clinic.

From the world’s first chemotherapy research to the PSA prostate cancer biomarker, Roswell Park Comprehensive Cancer Center generates innovations that shape how cancer is detected, treated and prevented worldwide. Driven to eliminate cancer’s grip on humanity, the Roswell Park team of 4,000 makes compassionate, patient-centered cancer care and services accessible across New York State and beyond. Founded in 1898, Roswell Park was among the first three cancer centers nationwide to become a National Cancer Institute-designated comprehensive cancer center and is the only one to hold this designation in Upstate New York. To learn more about Roswell Park Comprehensive Cancer Center and the Roswell Park Care Network, visit http://www.roswellpark.org, call 1-800-ROSWELL (1-800-767-9355) or email ASKRoswell@RoswellPark.org.

Media Contact

Julia Telford, Roswell Park Comprehensive Cancer Center, 716-845-4919, julia.telford@roswellpark.org, roswellpark.org

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SOURCE Roswell Park Comprehensive Cancer Center

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