Foresight Signs Commercial Agreement With SUNWAY-AI for up to $51M

NESS ZIONA, ISRAEL – News Direct – 17 November 2022 – Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight”), an innovator in automotive vision systems, announced today the signing of a joint development and supply agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd. (“SUNWAY”), a global Chinese manufacturer of components for autonomous and unmanned intelligent vehicles. Over the contractual period of four years, the deal may yield up to $51 million in revenue based on demand from SUNWAY.
“Having tested Foresight’s technology extensively for more than a year, we believe that this partnership has great commercial potential in multiple applications and markets. We are completely satisfied with the performance of Foresight’s technology and have selected it because of its accurate point cloud and exceptional obstacle detection capabilities, which consistently outperform competing sensors in adverse weather and poor lighting conditions,” said Mr. Zheng Kui, Executive Director at SUNWAY. “Foresight’s passive, non-emitting sensors are a perfect fit for airport vehicles that employ autonomous systems in sensor-filled environments and can benefit from non-interfering solutions.”
The agreement establishes a joint program for the development and supply of obstacle detection systems and cloud gateway for driverless vehicles, as well as for advanced driver assistance systems (ADAS) for airport ground support vehicles, using both visible light and thermal cameras. Starting in the first half of 2023, SUNWAY will commercialize the ADAS systems to its customers and to third parties in Mainland China, as well as to Hong Kong, Taiwan and Macao. SUNWAY will assume responsibility for all regulatory clearances in connection with commercialization, as well as all installation, deployment, maintenance and support activities. Additionally, and subject to predefined commercial terms, SUNWAY was granted exclusive commercialization rights in China regarding the ADAS systems for ground support vehicles used in airports.
“Foresight’s selection by SUNWAY is a solid endorsement, reflecting recognition of our state-of-the-art vision systems by a Chinese automotive leader. We believe that the installation of our innovative QuadSight technology in various airport vehicles using advanced ADAS systems will bring a new level of safety and reliability to airport ground operations across China,” said Foresight CEO Haim Siboni. “We believe our technology, combined with SUNWAY’s, has a great potential for further deployment in additional applications and markets in China, such as agriculture and infrastructure,” Siboni concluded.
Foresight’s QuadSight® stereoscopic technology, including both proprietary software and cameras, will be licensed to SUNWAY and will serve as the underlying technology for SUNWAY’s ADAS systems, intended for integration into several types of vehicles working closely with aircraft, including fueling vehicles, garbage trucks, boarding vehicles, etc. The QuadSight system allows all obstacle detection in challenging weather and lighting conditions.
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