Cyngn Completes First Paid DriveMod Forklift Deployment at Customer Facility

Core Insights - Cyngn has successfully completed its first paid deployment of the DriveMod Forklift at a customer facility, marking a significant milestone in the commercialization of its Enterprise Autonomy Suite (EAS) [1][2] - The DriveMod Forklift is designed to autonomously handle material moving flows without human intervention, targeting heavy loads on non-standard pallets, which positions it uniquely in the market [2][4] - The company plans to build and sell additional units of the DriveMod Forklift, with integration into the customer's operations expected in the first half of 2025 [1][3] Company Overview - Cyngn develops scalable autonomous vehicle technology aimed at improving productivity and efficiency for industrial organizations, addressing challenges such as labor shortages and safety incidents [4] - The DriveMod Forklift can handle loads over 10,000 lbs (4,545 kg) and is controlled via Cyngn Insight, a fleet management system that provides real-time monitoring and operational analytics [2][4] - The company has a history of successful advancements, including a contract signed in fall 2022 with a building materials manufacturer, Arauco, which pre-ordered 100 DriveMod Forklifts by summer 2023 [3]