Investors in Neonode, Inc (NASDAQ:NEON) should be smiling from ear to ear today following the news that the company has signed a contract to supply its zForce AIR™ sensor modules to a US-based automotive OEM for vehicle entry systems. The value of the contract exceeds $11 million over its term starting in Q3, 2017.
Neonode shares reacted to the news, jumping nearly 23% to $1.21 in Friday’s session.
“We are extremely pleased to have our new sensors leading the way for entry systems in the automotive industry. We see this new supply contract as further evidence that Neonode will be a solid force in the automotive segment,” said Gunnar Fröjdh, VP Automotive Sales.
“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,” concluded Thomas Eriksson, Neonode CEO.
Neonode, Inc. develops and licenses user interfaces and optical interactive touch solutions. It offers solutions for handheld, small to midsized industrial electronic devices. The company business activities are conducted through original equipment manufacturers and original design manufacturer who develop and sell electronic devices that use touchscreen technology. It develops and licenses the next generation of user interfaces and optical multi touch solutions for some of the world’s consumer brands, including Sony, Barnes&Noble, Kobo, Oregon Scientific, Alpine, Sonim and Amazon. The company’s products cover zForce and multi-sensing technology which applies into household’s appliances, mobiles and others.