(CNBC) Shares of tech start-up Luminar rose more than 18% on Thursday after Mercedes-Benz said it will use its lidar technology.
Under the terms of the deal, Mercedes will buy up to 1.5 million Luminar shares over time, with the companies also agreeing to share data.
It is not clear when Mercedes will start using the lidar technology, with Luminar already gearing for the serial production later in the year.
Luminar founder and CEO Austin Russell touted the deal as a commercial win for the company, which also inked a similar deal with Volvo last year.
LAZR: NASDAQ is up +18.80%, DAI: ETR is down -1.68%.
