Quanergy Successfully Completes Chapter 11 Sale
Quanergy renews focus on physical security, smart spaces and industrial automation markets
SUNNYVALE, Calif., Feb. 23, 2023 /PRNewswire/ -- A group of investors that includes former Quanergy Systems, Inc. board member Tamer Hassanein has emerged as the winning bidder for Quanergy's assets in an auction administered by the United States Bankruptcy Court for the District of Delaware. Following a competitive process that started with five bidders, the investors' company was confirmed by the Bankruptcy Court as the winning bidder, thus successfully completing Quanergy's Chapter 11 sale.
The company, which also acquired the Quanergy name brand, will remain a leading provider of LiDAR sensors and smart 3D solutions and will build on Quanergy's achievements and momentum to automate critical processes in key markets.
In addition to venture capital, the investors bring decades of expertise in key areas including investment banking, business restructuring, business development, IT and digitalization project management, go-to-market, product development, engineering and technology strategy.
Tamer Hassanein, director of the board, Quanergy, said: "We are extraordinarily excited about Quanergy's future. It has confirmed product market fit in the security market and a superlative list of Fortune 100 customers, and it has established a clear technology lead over industrial incumbents. We are committed to helping the company's management team support and grow the hundreds of customers and partners that have chosen Quanergy, while continuing to invest further in innovative LiDAR solutions."
Enzo Signore, CEO, Quanergy, said: "Quanergy at its core is a solution company that has helped customers around the world solve complex automation processes by integrating our high-resolution M-Series LiDAR sensors with Qortex™, our highly accurate perception software. This is a very exciting new chapter for Quanergy, and we are committed to continuing offering the industry's best price/performance LiDAR solutions in the security, smart spaces and industrial automation market."
Quanergy's solutions are targeted to high-growth, multi billion dollar markets:
Physical Security – Integrated with over 30 VMS, PSIM and camera vendors. Quanergy solutions have been deployed at over 100 critical infrastructure sites such as major datacenters, airports, utilities, prisons and transportation authorities. These solutions have been proven to increase security, reduce false alarms and slash operating costs.
Smart Spaces/Smart Cities – Deployed at some of the busiest public spaces in the globe, Quanergy flow management solutions are designed to increase retail revenues, improve real-estate utilization and reduce queueing time, while offering superior price/performance versus cameras and preserving personal privacy.
Industrial automation – Quanergy's long range, leading angular resolution and accuracy M-Series LIDAR sensors help robots to operate faster, smarter and more accurately. They have been extensively deployed in challenging port automation and innovative mobile robotics applications around the world, by providing superior price/performance when compared with incumbent suppliers.
For more information, visit www.quanergy.com.
About Quanergy
Quanergy's mission is to enhance people's experiences and safety by enabling a new generation of automation processes in the physical security, industrial automation and smart spaces markets. For more information, please visit us at www.quanergy.com.
SOURCE Quanergy Systems
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article