Cyngn Successfully Completes Initial Deployment of DriveMod Tugger with Major Defense Contractor

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Nov 01, 2024, 07:05 ET

MENLO PARK, Calif., Nov. 1, 2024 /PRNewswire/ -- Today, Cyngn Inc. (Nasdaq: CYN) announced that it successfully deployed its DriveMod Tugger at a defense contractor's facility.

While details are not being disclosed for security reasons, the engagement highlights the applicability of Cyngn's autonomous vehicle technology to address the rigorous operational needs of defense industry manufacturing applications, which can be particularly stringent work environments with high associated costs.

Cyngn Successfully Completes Initial Deployment of DriveMod Tugger with Major Defense Contractor

The aerospace and defense industry continues to be a significant economic force in the United States. In 2023, the industry generated an impressive $955 billion in total business output, showcasing its substantial impact on the economy. The sector employs over 2.2 million people, representing about 1.4% of the nation's total employment base.

About Cyngn
Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce.

Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments.

Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

Where to find Cyngn:

Website: cyngn.com
Twitter: twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq

Investor Contact:
Don Alvarez, CFO
[email protected]

Media Contact:
Luke Renner, Head of Marketing
[email protected]

Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 7, 2024. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Cyngn is not responsible for the contents of third-party websites.

SOURCE Cyngn