Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares rose sharply in Tuesday mid-morning. Foresight signed a Memorandum of Understanding with a leading car importer in Israel for first sales of Eyes-On system.
The non-binding MOU covers the terms of an agreement for the sale of Foresight’s Eyes-OnTM system for aftermarket configuration (installation of the product in vehicles after leaving the production line) and integration into the importer's vehicles in Israel.
As a first step, once a binding agreement is signed, Foresight and the importer will carry out a pilot project using a beta version of the Eyes-OnTM system where the system will be integrated into a number of models from the importer’s fleet of vehicles (up to 25 vehicles).
According to the memorandum of understanding, the binding agreement shall stipulate the terms upon which Foresight will provide the importer with the Eyes-OnTM system, following successful completion of the pilot test according to predetermined criteria. In addition, the importer will carry out promotional activities to integrate Foresight’s products into the production lines of the vehicle manufacturers it represents in Israel.
According to preliminary estimates by the importer, the importer's purchasing potential is approximately 21,000 systems over a period of three years from the signing of the binding agreement.
Foresight, a company only three years old, is engaged in the design, development and commercialization of stereo/quad-camera vision systems and V2X cellular-based solutions for the automotive industry.
Foresight’s vision systems are based on 3D video analysis, advanced algorithms for image processing and sensor fusion.
The stock climbed 30.5 cents, or 8.9%, to $3.73.
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