08:50 AM EDT, 09/17/2024 (MT Newswires) -- Valens Semiconductor ( VLN ) said Tuesday that it has won three automotive deals from European original equipment manufacturers for its VA7000 MIPI A-PHY chipsets.

Each OEM plans to incorporate the chipsets into specific vehicle models beginning in 2026, with an annual production volume of 500,000 vehicles, Valens said. The involved OEMs were not identified.

The deals are expected to generate more than $10 million in annual revenue within 5 to 7 years of commercialization, the company said.

Shares of the company were up 13% in recent Tuesday premarket activity.

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