SUNNYVALE, Calif. – Feb. 23, 2023 – A group of investors that includes former Quanergy Systems, Inc. board member Tamer Hassanein has emerged as the winning bidder for Quanergy’s assets in an auction administered by the United States Bankruptcy Court for the District of Delaware. Following a competitive process that started with five bidders, the investors’ company was confirmed by the Bankruptcy Court as the winning bidder, thus successfully completing Quanergy’s Chapter 11 sale. “We are extraordinarily excited about Quanergy’s future. It has confirmed product market fit in the security market and a superlative list of Fortune 100 customers, and it has established a clear technology lead over industrial incumbents. We are committed to helping the company’s management team support and grow the hundreds of customers and partners that have chosen Quanergy, while continuing to invest further in innovative LiDAR solutions.” Tamer Hassanein, director of the board, Quanergy
Quanergy’s smart perception 3D LiDAR solutions solve some of the most challenging applications in five primary areas: smart cities and spaces, physical security, mapping, industrial automation, and transportation. We serve more than 30 industry verticals, helping our customers improve safety, efficiency, and performance, while reducing costs.
