Cyngn and Columbia Vehicle Group to Begin Building Fleet of Autonomous Industrial Vehicles

MENLO PARK, Calif., January 18, 2022 — Cyngn (NASDAQ: CYN), a developer of innovative autonomous driving software solutions for industrial and commercial enterprises, and Columbia Vehicle Group (“Columbia”), an electric vehicle manufacturer serving industrial and commercial environments, announced today that they have kicked-off production of autonomous Columbia Stockchasers powered by Cyngn’s Enterprise Autonomy Suite (“EAS”).

This growing autonomous vehicle (“AV”) fleet will enable Cyngn to make its self-driving solutions on Columbia vehicles available to more customers. The new fleet will be equipped with the latest technologies that coincide with integrating autonomous driving capabilities into industrial vehicles, such as lithium-ion batteries with upgraded chargers and electrified vehicle controls. Furthermore, Cyngn and Columbia are jointly developing intellectual property and making end- of-line adjustments to streamline the AV build process.

In the fall of 2021, Columbia and Cyngn embarked on a partnership that would, among other things, enable select customers to become early adopters of autonomous industrial vehicles. Existing Columbia Stockchasers would be the first vehicles fit with Cyngn’s AV software, with plans to bring AV capabilities to additional vehicles in Columbia’s portfolio — through both retrofit and manufacture.

Lior Tal, Chairman and CEO of Cyngn, stated, “We are pleased to announce this next milestone in the adoption of autonomous industrial vehicles, which comes on the heels of our recent deployment at the Las Vegas warehouse of Global Logistics and Fulfillment (‘GLF’) with whom we are thrilled to be working as their exclusive autonomous vehicle technology partner. GLF plans to expand self-driving capabilities to multiple US-based facilities, and with the development of this new fleet of Cyngn-powered Columbia Stockchasers, we look forward to helping other organizations take advantage of the benefits of autonomous vehicles.”

“Customers have been looking for ways to automate their workflows for years, and we believe that the time is right to bring self-driving capabilities to Columbia vehicles,” said Greg Breckley, Columbia’s Director of Business Development. “By launching production of our first fleet, we’re bringing the full range of Stockchaser’s well-known capabilities and pairing it with autonomous driving technology for a new era of Built for Work vehicles.”

“For us,” added Breckley, “the GLF announcement was a strong indication that our customers are hungry for autonomous vehicle technology. It is time to make this cutting-edge technology available to many more organizations.”

“Our work with Columbia Vehicle Group and GLF has paved the way for expanded deployment of our products in support of the increased demand for autonomous vehicle solutions we are seeing in industrial material handling,” added Cyngn Director of Product, Jordan Stern. “Production of this new AV fleet marks a major step forward in serving that demand. We look forward to tackling an even broader range of use cases for Columbia’s existing customers as well as the new customers we will be onboarding together.”

Cyngn’s Enterprise Autonomy Suite comprises a slate of products that includes DriveMod: Cyngn’s AI-powered AV technology stack and Cyngn Insight: software tools for data analytics, fleet management, and operational insights. EAS is a comprehensive solution that makes it easy to manage an autonomous vehicle fleet and give operators the information they need to run their organizations more efficiently.

Organizations that are interested in signing up for autonomous vehicle deployments can do so by visiting https://cyngn.com/columbia.

About Cyngn

Cyngn is an autonomous vehicle technology company that is focused on addressing industrial uses for autonomous vehicles. Cyngn believes that technological innovation is needed to enable the adoption of autonomous industrial vehicles that will address the substantial industry challenges that exist today. These challenges include labor shortages, lagging technological advancements from incumbents, and high upfront investment requirements. Cyngn addresses these challenges with its Enterprise Autonomy Suite, which includes DriveMod (modular industrial vehicle autonomous driving software), Cyngn Insight (customer-facing software suite for monitoring/managing AV fleets and aggregating/analyzing data), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling).

To learn more, please visit https://cyngn.com/.

About Columbia Vehicle Group

Columbia Vehicle Group is an electric vehicle manufacturer whose history dates back to 1946. Based in Reedsburg, Wisconsin, Columbia manufactures vehicles built for work in industrial and commercial environments. Designed to enhance productivity, comfort and utility, Columbia vehicles optimize operational performance in transporting, carrying, and towing - all with zero emissions. To see Columbia’s full lineup of vehicles, visit www.columbiavehicles.com.

Columbia Vehicle Group is part of the Nordic Group of Companies, a family-owned management and manufacturing business headquartered in Baraboo, Wisconsin with operations extending throughout the United States, Mexico, and Europe.

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 SEC. 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. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results.

For more information, please contact:

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