Balyo, a French developer of robotic solutions for material handling trucks, has signed a seven-year commercial agreement with Amazon.
Under the agreement, Amazon will obtain the right to subscribe up to 29% of Balyo’s capital depending on the level of potential future orders by Amazon up to €300m (£253m).
Fabien Bardinet, chairman and CEO of Balyo, said: “This agreement represents an unprecedented opportunity for Balyo to grow its business and supports the soundness of our investments over the years to perfect our robotic solutions.”
All Baylo shareholders will be given the opportunity to vote on the resolution to grant reserved free stock warrants to Amazon at an Extraordinary General Meeting, held at the end of February 2019. A two-thirds majority will be required to pass the resolution.
To date, Baylo industrial partners and shareholders Hyster-Yale and Linde Material Handling, as well as company founders and major financial shareholders, Seventure Partners and Bpifrance Investissement, have committed to vote in favour of the resolution.
These voting commitments together represent approximately 55% of Balyo’s voting rights.
Balyo, whose navigation system turns forklifts into self-driving vehicles, said it expected 2018 revenue to come in at €23.3m (£19.6m), up 40% on the previous year.
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