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Amazon to invest in French firm's technology for self-driving forklifts

Amazon will receive free stock warrants representing up to 29% of Balyo's capital


Amazon logo on the facade of one of their office buildings located in Silicon Valley, San Francisco bay area | Photo: Shutterstock

could build a stake of almost a third in warehouse robotics firm in the next seven years, as part of a deal that could boost sales of the French company's technology for self-driving

is a key element in efforts by to cut costs and speed up deliveries. The world's biggest online retailer currently uses robots developed by Kiva Systems, a company it bought for $775 million in 2012.

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"This agreement ... represents an unprecedented opportunity for to grow its business and supports the soundness of our investments over the years to perfect our robotic solutions," Chief Executive said on Thursday.

Under the terms of the deal, will receive free stock warrants representing up to 29 per cent of Balyo's capital which it can exercise depending on orders of the company's products.

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The full 29 per cent would be exercised if Amazon orders up to 300 million euros ($346 million) of Balyo's enabled products.

Balyo, whose navigation system turns into self-driving vehicles, said it expected 2018 revenue to come in at 23.3 million euros, up 40 per cent on the previous year.

First Published: Thu, January 10 2019. 14:32 IST