Quanergy Demonstrates the Industry First OPA-based Solid State

Quanergy Demonstrates the Industry First OPA-based Solid State LiDAR with 100 Meter Range

SUNNYVALE, Calif. — (BUSINESS WIRE) — August 3, 2021 — Quanergy Systems, Inc., a leading provider of OPA-based solid state LiDAR sensors and smart 3D solutions for automotive and IoT, today announced the successful driving demonstration of its S3 Series LiDAR, a true solid state LiDAR sensor using an industry-first Optical Phased Array (OPA) technology and a scalable CMOS silicon manufacturing process for cost-effective, mass-market production.

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Quanergy Demonstrates the Industry First OPA-based Solid State LiDAR with 100 Meter Range (Photo: Business Wire)

The demonstration was conducted in partnership with Zero Electric Vehicle Inc. ( ZEV), an innovative sustainable energy company that provides fleet electrification and EV platforms for companies looking to maximize their existing assets while transitioning to electric transportation.

For this test, a solid-state LiDAR test platform with single scanning beam was mounted on a vehicle, along with additional cameras to facilitate visual viewing. The test vehicle followed a target vehicle driving in bright sunlight at a variety of ranges--from a close proximity to a distance of 100 meters--while maintaining safety at all times. A target with 10% reflectivity was chosen to simulate very difficult-to-detect objects.

“Quanergy’s CMOS-based OPA technology has demonstrated significant improvement towards its adoption in long range automotive applications,” said Jim Maury, President at ZEV. “We believe Quanergy’s OPA technology provides a highly reliable and cost-effective 3D LiDAR solution that is critically important for the automotive industry.”

Quanergy’s S3 Series LiDAR sensor is designed to meet the most stringent automotive requirements for object detection and collision avoidance. The sensor’s unique electronic beam steering without any moving parts offers immunity to shock and vibration. The S3 Series provides over 100,000 hours MTBF (mean time between failures), and it is targeting a price of $500 for mass-market production.

“We are very excited about this industry-first demonstration of 100-meter range achieved in full daylight with Quanergy’s OPA-based solid-state technology,” said Dr. Tianyue Yu, Quanergy Co-founder and Chief Development Officer. “Our team is now working towards even more aggressive performance targets, including longer range, increased vertical field of view and data rate. Stay tuned for more news!”

In addition to advancing the OPA technology for automotive applications, Quanergy is quickly expanding its reach and bringing Smart LiDAR solutions to many IoT applications. In addition to the strategic partnership with Sensata, Quanergy’s recent commercial IoT deployments include the:

For more information, visit www.quanergy.com

In June, Quanergy entered into a definitive merger agreement with CITIC Capital Acquisition Corp. (NYSE: CCAC) (“CCAC”). Upon closing of the transaction, the combined company will be named Quanergy Systems, Inc. and is expected to be listed on the New York Stock Exchange (NYSE) under the ticker symbol “QNGY.” The transaction is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions.

About Quanergy Systems, Inc.

Quanergy Systems’ mission is to create powerful, affordable smart LiDAR solutions for automotive and IoT applications to enhance people’s experiences and safety. Quanergy has developed the only true 100% solid state CMOS LiDAR sensor built on optical phased array (OPA) technology to enable the mass production of low-cost, highly reliable 3D LiDAR solutions. Through Quanergy’s smart LiDAR solutions, businesses can now leverage real-time, advanced 3D insights to transform their operations in a variety of industries including industrial automation, physical security, smart cities, smart spaces, and much more. Quanergy solutions are deployed by over 350 customers across the globe. For more information, please visit us at www.quanergy.com.

About ZEV

Zero Electric Vehicles INC. (“ZEV”) is an Arizona based Software-Defined Electric Vehicle manufacturer. ZEV’s proprietary manufacturing process enables rapid development and training of EV system models to meet the demands of new EV customers. ZEV’s extensive technology portfolio in applied power management intelligence and BEV thermal control delivers a highly scalable and configurable EV for commercial and consumer customers.

ZEV aspires to the highest standards for ‘next gen’ EVs by delivering high-value trust worthy products to global customers. ZEV – EV For All. http://www.zeroevcorp.com/

Important Information about the Business Combination and Where to Find It

CCAC has filed a registration statement on Form S-4, which contains a proxy statement/prospectus and other relevant materials, and plans to file with the SEC an amendment to the registration statement as well as other documents regarding the proposed transaction with Quanergy. CCAC urges its investors, shareholders and other interested persons to read, when available, the proxy statement/prospectus filed with the SEC and documents incorporated by reference therein because these documents will contain important information about CCAC, Quanergy and the proposed business combination. After the registration statement is declared effective by the SEC, the definitive proxy statement/prospectus and other relevant documents will be mailed to the shareholders of CCAC as of the record date established for voting on the proposed business combination and will contain important information about the proposed business combination and related matters. Shareholders of CCAC and other interested persons are advised to read, when available, these materials (including any amendments or supplements thereto) and any other relevant documents in connection with CCAC’s solicitation of proxies for the meeting of shareholders to be held to approve, among other things, the proposed business combination because they will contain important information about CCAC, Quanergy and the proposed business combination. Shareholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other relevant materials in connection with the transaction without charge, once available, at the SEC’s website at www.sec.gov or by directing a request to: CITIC Capital Acquisition Corp., 28/F CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong, Attention: Fanglu Wang, telephone: +852 3710 6888. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

CCAC, Quanergy and their respective directors and executive officers may be deemed participants in the solicitation of proxies from CCAC’s shareholders in connection with the proposed business combination. CCAC’s shareholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of CCAC in CCAC’s final prospectus filed with the SEC on February 12, 2020 in connection with CCAC’s initial public offering. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to CCAC’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/prospectus that CCAC intends to file with the SEC. You may obtain free copies of these documents as described in the preceding paragraph.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of CCAC or Quanergy, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

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