Back to Press Releases

Cyngn Announces Signed Contract with Global Building Materials Manufacturer, Expanding DriveMod to Electric Forklifts

Cyngn announces the signing of a multi-phase contract with a global building materials manufacturer, expanding DriveMod to electric forklifts.

Cyngn |

 

MENLO PARK, Calif.-Cyngn Inc. (the “Company” or “Cyngn”) (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial applications, today announced the signing of a multi-phase contract with a leading global building materials manufacturer that will spearhead the development of the Company’s next DriveMod-enabled vehicle platform: electric forklifts.

The customer manufactures a variety of building materials used in commercial and residential properties and generated over $5 billion in revenues in 2021.

Lior Tal, Cyngn’s CEO, said, “We are excited about this opportunity to provide our industrial AV solutions for a recognized leader in manufacturing and distribution of essential building products. This agreement has been a long time in the making. We have worked closely with their team to understand their operations and apply our Enterprise Autonomy Suite to create differentiated value propositions for their business. Operating a diverse fleet of thousands of industrial vehicles, the customer is already a carbon neutral company that is committed to a future of automation and sustainability. The implementation of autonomous electric vehicles offers considerable economic and safety benefits, particularly as we consider the vast amount of material handling and hauling involved in building materials production processes.”

 

Contacts

Carolyne Sohn
Vice President, The Equity Group
csohn@equityny.com
(415) 568-2255

About Cyngn

Cyngn builds and deploys Autonomous DriveMod Tuggers for industrial organizations. The Company addresses significant challenges facing industrial operations today, including labor shortages and costly safety incidents.

The Autonomous DriveMod Tugger automates the repetitive material handling routes that keep manufacturing and warehouse floors running, without high upfront costs or infrastructure installation, and targets a typical payback period of less than two years.

Through EasyLaunch™, the Company's deployment program, customers can put one tugger on a single route for one monthly payment, with no capital expenditure and no long-term commitment.

Investor Contact

Natalie Russell, CFO

Media Contact

Luke Renner, Head of Marketing

Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 26, 2026. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Press Release Disclosure

This blog post is provided for informational purposes only and is being cross-posted from the investor relations site as a courtesy. In the event of a discrepancy between what you see here and what you will find the investor relations site, the latter version shall control. You may find that version here: https://investors.cyngn.com/press-releases.

Similar posts