Luminar Technologies (LAZR) - Get Report was climbing Wednesday after the autonomous vehicle sensor and software maker said its relationship with Intel's (INTC) - Get Report Mobileye was moving "full speed ahead."
Shares of Orlando, Florida-based Luminar were rising 9.31% to $25 in premarket trading.
Luminar had taken a hit following news accounts that said Mobileye, which makes self-driving car and advanced driver-assistance systems, planned to develop its own sensors.
In a statement, Luminar said it was providing its technology to Mobileye for its autonomous vehicle series solution, which be used to enable Mobileye's True Redundancy capability.
The two companies have been working together for nearly two years and on Nov. 20, Luminar signed a contract with Mobileye to provide its Light Detection and Ranging (lidar) in production volumes at sub-$1,000 cost.
"Luminar is the first and only company that meets the stringent performance, safety, and economic requirements for autonomous production vehicles, and is proud to count Mobileye as a cornerstone launch program for Luminar," Austin Russell, founder and CEO, said in a statement. "It takes intense dedication on all sides to see such a significant and bold program through, and the collaboration is only accelerating as we begin our work on the production solution and get closer to launch."
Amnon Shashua, Mobileye CEO and Intel senior vice president, said "high performance lidar is an important part of our autonomous vehicle solution and we have worked closely with Luminar for our next phase of driverless car development."
"In tandem, Mobileye has independently been working on silicon photonics based lidar that could be part of our future solutions," Shashua said. "This has been public for some time and does not change our plans to use Luminar."
Luminar recently went public through a special purpose acquisition company (SPAC) called Gore Metropolous.