• Aeva’s High-Resolution FMCW LiDAR Technology Selected for Ability to Detect Overhead Power Lines

MOUNTAIN VIEW, Calif. & SEONGNAM CITY, South Korea / Mar 12, 2024 / Business Wire / Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, and Joowon Industrial, a South Korean global distributor and supplier of world-class testing equipment, today announced that Joowon has selected Aeva’s Aeries II 4D LiDAR for its automated power line inspection and analysis system.

Power line inspection and analysis is a crucial yet predominantly manual process for most utilities. The inspection process entails deploying a considerable number of inspectors who physically survey the utility's service area and assess the condition of the lines. Their tasks encompass identifying worn components, pinpointing hot spots that may signify issues, and noting potential interference from vegetation. This process is costly and time-intensive, necessitating regular inspection to uphold the reliability of the power grid.

Joowon Industrial's TADS (Thermography Auto analysis Diagnosis System) is an automated solution for this process. A vehicle outfitted with sensors including GPS, azimuth sensors, traditional cameras, infrared sensors and LiDAR automatically capture images of the lines and analyze them for potential issues. According to Joowon, the automated TADS system can process up to three-times more locations than the previous manual process, and the system improves the issue detection rate from 120%-200%. TADS empowers electric contracting companies to achieve approximately 80% savings on overhead power line inspection and management. Recently, Joowon's TADS system adopted Aeva’s 4D LiDAR technology to construct a multi-dimensional model of power lines and the surrounding vegetation swiftly and accurately. This advancement is expected to yield further reductions in costs and enhancements in the quality of powerline inspection processes.

“Joowon’s TADS system represents a step-change in bringing safety and convenience to power grid maintenance, and with the use of Aeva’s 4D LiDAR technology, a new layer of accuracy and reliability is added,” said Barrs Lang, Vice President of Global Sales at Aeva. “We look forward to working with Joowon to help them scale their solution in the market.”

“We selected Aeva’s 4D LiDAR technology because its Ultra Resolution feature delivers high resolution sensing capabilities at long ranges, easily capable of detecting overhead power lines. This allows us to detect potential areas of concern more clearly so our global customers can ensure the reliability of their power grid,” said Mr. Doo Hoon Yoon, Joowon Industrial's President. “We are pleased with the results and look forward to a long-standing collaboration with Aeva as we continue to bring innovative solutions to market to improve the quality of life in the 21^st century.”

About Joowon Industrial

Joowon Industrial Co., Ltd. is a distributor supplying world-class test equipment to customers in various fields in Korea. In particular, we are focusing on product sales activities to customers of the global environment, automation, safety, and energy sectors to improve the quality of life in the 21st century.

In partnership with KEPCO (Korea Electrical Power Corporation), Joowon is one of the leading manufacturers and developers of advanced equipment of thermal imaging solutions for inspection of customers' facilities in South Korea and several countries around.

Joowon is committed to technology development and innovation to provide the best quality products and future-oriented solutions to our customers.

For more information, visit www.joowon.co.kr

About Aeva Technologies, Inc. (NYSE: AEVA)

Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.

Aeva, the Aeva logo, Aeva 4D LiDAR, Aeva Atlas, Aeries, Aeva Ultra Resolution, Aeva CoreVision, and Aeva X1 are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

Forward looking statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include our beliefs regarding our product features, performance and our relationship with Joowon. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the ability to manufacture at volumes and costs needed for commercial programs, (vi) no assurance or guarantee that any of our customers, including any programs which we included in our order book estimates will ever complete such testing and validation with us or that we will receive any billings or revenues forecasted in connection with such program, and (vii) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.