LONDON, UK / ACCESSWIRE / October 17, 2016 / Active Wall St. blog coverage looks at the headline from Neonode, Inc. (NASDAQ: NEON). The company, which specialises in Optical Interactive Sensing Technology, announced on October 14, 2016, that it has bagged a contract with a US based automotive OEM for the supply of its zForce™AIR™ sensor modules for vehicle entry systems. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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The value of the contract is expected to be more than $11 million and would be effective from the third quarter of 2017.
Commenting on the deal, Thomas Eriksson, CEO of Neonode said:
"The automotive industry represents large potential long-term growth and stability in our global expansion plans. Neonode's zForce technology is already installed in over 1 million cars today and its reliability and performance are proven in the industry."
What is zForce™AIR™?
zForce™AIR™ is Neonode's proprietary technology that enables touch, advanced gesture, and object recognition on any surface or mid-air. It is sensor bar that can be integrated into any device or structure. It integrates optics and electronics in a manner that projects an infrared light field on the interactive 2-dimensional area and give accurate X and Y coordinates for touch, gesture or object recognition functionalities.
The zForce™AIR™ technology can be applied to anything from Notebooks, All-In-One, Monitors, Keyboards, eReaders, and Tablets to Printers, Mobile Phones, Gaming Devices, White Goods, and Automotives. This technology is a game changer for OEM's that need low cost touch and proximity solutions.
How it benefits the Automotive OEMs?
The automotive sector is going through an exciting phase of innovation and technological advancement. Neonode's zForce™AIR™ is one such technology with multipurpose applications. Some of the current clients in the automotive sector using the zForce™AIR™ include Volvo, Alpine, Bosch etc. For Automotive manufacturers looking for cost effective and innovative sensors and applications zForce™AIR™ meets the requirements perfectly. The unique feature of zForce™AIR™ is its ease of integration as it is a thin and modular strip that can be easily inserted along the edge of the detection area. Also it can be placed both inside and outside the vehicle for use in multiple areas and multiple units of zForce™AIR™ can be placed strategically within a single vehicle. An auto-manufacturer can offer customized touch or proximity sensing functionality viz. vehicle entry systems, infotainment systems, interactive steering wheels – the possibilities are endless.
Sensing the immense opportunities for the use of zForce™AIR™ in cars of the future including the driverless cars, Neonode had initiated the process to get automotive-class certification for its zForce™AIR™ module production facility in Sweden. Just a day before that is on October 13, 2016, Neonode had announced that it is had relocated the AirBar end assembly process to Malaysia to meet the unprecedented demand for AirBar. AirBar sensors have zForce™AIR™ sensors at their core. The company also said that it will completely focus on manufacturing zForce™AIR™ sensor modules at its automated manufacturing facility in Sweden.
In August 2016, Neonode had raised $8.7 million by way selling its common stock through private placement.
Stock Performance
On Friday, October 14, 2016, Investors were enthused by the latest news related to the company and Neonode's shares surged 24.87%, finishing the day at $1.23 from its previous closing price of $0.99. A total trading volume of 3.98 million shares exchanged hands by the close of the session, which was higher than the 3-month average volume of 194.45 thousand shares. The stock currently has a market cap of $62.84 million.
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