Quanergy Systems Adds 13% On Deal With Digital Mortar

Shares of Quanergy Systems, Inc. (QNGY) are rising more than 13% Wednesday morning after the LiDAR sensors and smart 3D solutions provider said it has been selected by Digital Mortar to provide a broad range of flow management solutions for retail applications.

Digital Mortar’s platform called DM1, that includes the 3D capabilities of Quanergy’s M-Series sensors and Qortex DTC perception software, that together can track, detect and classify hundreds of people in crowded environments under any lighting conditions while preserving people’s privacy.

“We’re seeing remarkably rapid adoption of LiDAR as a people-measurement technology. That adoption is driven by LiDAR’s environmental flexibility, coverage advantage in comparison to traditional camera, and privacy compliance. We expect Quanergy LiDAR products to account for 30-40% of sensors we’ll install in 2022,” said Gary Angel, CEO of Digital Mortar.

QNGY, currently at $3.56, has been trading in the range of $2.68-$11.75 in the past one year.

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