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Velodyne Lidar Spikes on Accord with UAV Producer AGM

Velodyne Lidar is higher after unveiling a multiyear agreement with AGM Systems, a maker of unmanned aerial vehicles.

Velodyne Lidar  (VLDR) - Get Velodyne Lidar Inc. Report is higher on Thursday after unveiling a multiyear agreement with AGM Systems, a maker of unmanned aerial vehicles.

At last check Velodyne Lidar shares were trading 13% higher at $12.86. They have traded on Thursday up as much as 19% at $13.55.  

Under the agreement AGM will use Velodyne’s Ultra Puck lidar sensor to power the mapping solution in its AGM-MS3 UAVs, Bloomberg News reports.

Lidar, or light detection and ranging sensors, create 3-D maps of an environment, Velodyne explains.

A Lidar sensor does this by bouncing pulsed light waves off surrounding objects.; measuring the time each pulse takes to return to the sensor, and calculating the distance it traveled.

"Repeating this process millions of times per second creates a precise, real-time 3D map of the environment," the company says,

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AGM, a Russian company, provides hardware and software technology to collect, process and analyze air and mobile mapping data, Velodyne said in a statement.

Its solution is a prominent scanning technology for mapping in the country, Velodyne says.

Specialists in fields including physics, geodesy, and applied mathematics, use AGM Systems solutions, the company says.

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This deal is one of many signaling a turnaround for Velodyne. After securing three contracts in 2020, the San Jose, Calif., company has signed 26 new contracts so far this year, Investor Place reported.

Velodyne is also set to provide its sensors to firms in the autonomous-driving industry. The company is currently working on a deal with the Chinese tech brand Baidu  (BIDU) - Get Baidu Inc. Report, the publication added.