NOVELIC Partners With Sona Comstar for Its Next Phase of Growth
Belgrade, Serbia, January 10th, 2023: NOVELIC, a leading provider of mmWave radar sensors, perception solutions and full-stack embedded systems, has partnered with Sona Comstar, one of the leading global providers of automotive technology solutions. Sona Comstar is a global leader in transmission solutions for Battery Electric Vehicles (BEV) and a leader in drive motors for EVs in India. As part of the agreement, Sona Comstar will make a strategic equity investment in NOVELIC.
This is a significant step forward for NOVELIC that aligns with the company’s plan to make a strategic shift toward product development. With additional resources and guidance from Sona Comstar, NOVELIC will further industrialize its products and continue to develop its technology, know-how, and systems, and invest in hiring top talent.
While NOVELIC has become a part of Sona Comstar Group, we will continue to work as a fully independent entity that will operate under the existing management: Mr. Darko Tasovac, Mr. Veljko Mihajlovic, and Dr. Veselin Brankovic. There will be no changes to the company’s organization or structure; we will proceed to operate as we did previously, ensuring continuity while leveraging Sona Comstar’s scale and customer access for business development. NOVELIC and Sona Comstar share a commitment to innovation, technology, and customer excellence.
Sona Comstar has strong R&D, engineering and technological capabilities in precision forging, mechanical, electrical and electronic systems, and base and application software development. It is headquartered in India and has ten manufacturing and assembly facilities across India, USA, Mexico and China. It has deep customer relationships as it supplies to most of the major global OEMs across passenger vehicles, off-highway vehicles and commercial vehicles.
Sona Comstar is committed to play an important role in accelerating the global transition to greener and safer mobility. The company had identified electrification of powertrains as an irreversible mega-trend in the automobile industry as early as in 2016 and made it a strategic priority for the business. Backed by its investments in R&D and innovation, it is one of the leading global providers of transmission solutions for BEVs. With the investments in NOVELIC, Sona Comstar is foraying into ADAS Sensors and Software technologies.
Management Comment
Mr Veljko Mihajlovic, Co-Founder and CTO of NOVELIC, said: “NOVELIC was founded with a clear mission to develop end-to-end capabilities in mmWave radar technology and to commercialize it through various product lines. We started as a team of 5, and today we have a large pool of the best talent in multidisciplinary teams developing product platforms at various European locations. We have managed to do it organically by providing value to our customers and generating and growing our revenue and profit year after year. For moving to the next phase of our growth, we are delighted to have a strategic partner in Sona Comstar which shares the same commitment to innovation and technology and will support us in scaling up our business. The moment we first interacted with the Sona Comstar team, we knew this was ‘the one’ because we had a great alignment of core values.”
Commenting on the partnership, Mr Vivek Vikram Singh, MD & Group CEO of Sona Comstar, said: ” I am excited to welcome NOVELIC to the Sona Comstar family. With this acquisition, we have added market-leading in-cabin radar-sensing technology to our technology offering. Increasing vehicle autonomy and automation is an emerging technology revolution in our industry. As we had done with EVs in 2016, we are taking a meaningful early step in the direction of the Electrified Autonomous Vehicle or e-AV. NOVELIC adds the hardware and software capabilities to design integrated systems for autonomous driving, including AI and ML as well as ASIC experience, to what we already have in mechanical, electric and electronic abilities. It is the beginning of building our third business vertical of sensors and software. In addition to its technology prowess, Novelic is unique in its approach to profitability and sustainable growth. In many ways, NOVELIC is like Sona in how we value money, technology and growth.”
About NOVELIC
NOVELIC is the world’s leading self-sustaining provider of mmWave radar sensors, perception solutions, and full-stack embedded systems.
During more than ten years of market presence, NOVELIC has built an extensive portfolio of mmWave radar solutions and perception platforms that enable off-the-shelf and custom products focused on autonomous driving and automation. The specialty of the company are radars used for short-range application and people detection in various environments, including in-cabin monitoring.
NOVELIC also does full-cycle development of electronics and software services based on its hardware-in-loop (HIL) systems, control system, ECU hardware/software platform, annotation tools, and other in-house platforms.
The company has a large pool of the best talent in multidisciplinary teams including software, algorithms, PCB, mechanics, RF and antenna design, to FPGA and ASIC design teams, accompanied by testing, system, and project teams – able to deliver pioneering product and services for automotive, robotics, Industry 4.0, and IoT verticals.
For more information about NOVELIC, please visit www.novelic.com
About Sona BLW Precision Forgings Limited
Sona BLW Precision Forgings Limited (Sona Comstar) is one of the world’s leading automotive technology companies. It was founded in 1995 and has its headquarters in Gurugram, India. Sona Comstar has emerged as a global supplier with nine manufacturing and assembly facilities across India, the USA, Mexico, and China.
Sona Comstar is primarily engaged in designing, manufacturing and supplying highly engineered, mission-critical automotive systems and components to automotive OEMs. Sona Comstar is a leading supplier to the fast-growing global Electric Vehicle (EV) market. The company has strong R&D, engineering and technological capabilities in precision forging, mechanical and electrical systems, and base and application software development. It is diversified across geographies, products, vehicle segments and customers.
Sona Comstar is listed on BSE Ltd (BSE) (Code: SONACOMS/543300) and the National Stock Exchange of India Ltd. (NSE) (Symbol: SONACOMS).
For more information about us, please visit www.sonacomstar.com or contact:
DISCLAIMER:
Certain statements in the press release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. Sona BLW Precision Forgings Ltd. will not be responsible, in any manner for any reason whatsoever, for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
