Quanergy Troubles

Bloomberg reports about troubling signs at OPA-based LiDAR developer Quanergy that "has raised $160 million to date at a peak valuation of more than $1.5 billion."

"Quanergy has struggled to deliver products along the timelines it has set out for itself, and has shipped devices that don’t work as well as advertised. Numerous employees have left over the last 18 months, including several at key positions. But Quanergy’s biggest challenge is that its autonomous car business hasn’t developed the way it thought it would.

Quanergy has stopped talking about an IPO and has been pursuing new investments in recent months. It has had talks about finding a buyer, according to people with knowledge of the situation. Quanergy backers Samsung Ventures and Sensata Technologies Holding Plc, an auto sensor maker, have expressed disillusionment with the startup, according to people familiar with those firms.

Bloomberg also spoke to a half-dozen former employees, all of whom asked to remain anonymous, most of them citing the fear of retaliation. They said execution was a consistent problem at Quanergy. Several former employees described Eldada [the CEO] as a combustible and intimidating presence, stymying debate about product development and seeing any disagreement as intolerable dissent.

One former employee said he never saw a single device come off the line at Quanergy that met all of its stated specifications, an allegation the company denies."

The company CEO Louay Eldada publishes "Statement from Quanergy on Bloomberg Story" mostly denying Bloomberg analysis and conclusions.