French robotics company Balyo sealed the deal with Amazon for their revolutionary technology used in ‘self-driving forklift trucks’. This agreement is projected to boost sales of the French firm for the up to seven years in the future.
Amazon has decided that warehouse automation will be one of the most significant ways in which they could make fast deliveries and cut costs at the same time. The premier online retailer in the world use robots made by Kiva Systems, which was sold in 2012 at $775 million.
On Thursday, Balyo Chief Executive Fabien Bardinet stated that the deal with Amazon would present them an opportunity to make their business grow. He also said that the agreement would ensure their investments to improve their robotic ventures and solutions further.
In terms of the agreement, 29 percent of the French firm’s capital will be received by Amazon as “free stock warrants” if they purchase a total of $364 million from Balyo’s products.
Balyo’s navigation system used in forklifts turns the equipment into self-driving machinery. The company also shared that last year’s revenue is expected to be 23.3 million euros, which is 40 percent higher than their income in 2017.