Foresight: Rail Vision's Main Line System Secures EU Railway Standards Approval and Certifications
January 25 2024 - 9:15AM
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX)
(“Foresight”), an innovator in automotive vision systems, announced
today that its affiliate, Rail Vision Ltd. (Nasdaq: RVSN) (“Rail
Vision”) has received formal certifications for critical European
Union (EU) railway standards for its Main Line system. This is an
important achievement that underscores Rail Vision’s dedication to
quality, safety, and innovation in the railway technology market.
Foresight owns 10.2% of Rail Vision’s outstanding share capital.
According to the Association of the European
Rail Supply Industry’s (UNIFE) World Rail Market study, the EU
offers vast opportunities for railway technologies and represents
one of the largest markets for rail products and services globally.
According to a 2022 research by MarketsandMarkets, the global
digital railway market size is expected to surpass $100 billion by
2027, growing at a compound annual growth rate of 9.7%.
"Achieving compliance with these EU standards
marks a major milestone for Rail Vision and positions us ahead of
the competition in the railway technology market. ," said Noam
Shloper, Head of Quality and Reliability at Rail Vision. "Our team
is driven by a commitment to support product quality and safety
above all else, and we're pleased to complete this important
milestone that sets the stage for accelerated adoption of our Main
Line system across the vast EU market."
Rail Vision's Main Line system is now certified
in compliance with European standard EN 50155, which sets the
benchmark for hardware equipment in railway applications, ensuring
the robustness and reliability of rolling stock components. This
compliance demonstrates Rail Vision's system's ability to withstand
the rigorous physical demands of railway operations. Additionally,
the system complies with European standard EN 50126, focusing on
the specification and demonstration of reliability, availability,
maintainability, and safety (RAMS). This standard is crucial in the
railway industry, as it guarantees that the system can be relied
upon for consistent performance and safety. Furthermore, Rail
Vision’s system complies with European standard EN 50657 related to
software on-board rolling stock. This compliance ensures that the
software integrated into the Rail Vision's Main Line system meets
the highest levels of safety and functionality, crucial for the
smooth operation of modern trains. The Main Line system also
adheres to European standard EN 45545 related to fire protection on
railway vehicles.
About Rail Vision Ltd.
Rail Vision is a technology company that is
seeking to revolutionize railway safety and the data-related
market. The Company has developed cutting-edge, artificial
intelligence-based, industry-leading technology specifically
designed for railways. The Company has developed its railway
detection and systems to save lives, increase efficiency, and
dramatically reduce expenses for the railway operators. Rail Vision
believes that its technology will significantly increase railway
safety around the world, while creating significant benefits and
adding value to everyone who relies on the train ecosystem: from
passengers using trains for transportation to companies that use
railways to deliver goods and services. In addition, the company
believes that its technology has the potential to advance the
revolutionary concept of autonomous trains into a practical
reality. For more information, please visit
https://www.railvision.io/
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and
TASE: FRSX) is a technology company developing smart multi-spectral
vision software solutions and cellular-based applications. Through
the Company’s wholly owned subsidiaries, Foresight Automotive Ltd.,
Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of
automatic calibration and dense three-dimensional (3D) point cloud
that can be applied to different markets such as automotive,
defense, autonomous vehicles and heavy industrial equipment.
Eye-Net Mobile’s cellular-based solution suite provides real-time
pre-collision alerts to enhance road safety and situational
awareness for all road users in the urban mobility environment by
incorporating cutting-edge AI technology and advanced
analytics.
For more information about Foresight and its
wholly owned subsidiary, Foresight Automotive, visit
www.foresightauto.com, follow @ForesightAuto1 on Twitter, or join
Foresight Automotive on LinkedIn.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 and other
Federal securities laws. Words such as "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates" and similar
expressions or variations of such words are intended to identify
forward-looking statements. For example, Foresight is using
forward-looking statements in this press release when it discusses
that the global digital railway market size is expected to surpass
$100 billion by 2027 and that achieving compliance with EU
standards positions Rail Vision ahead of the competition in the
railway technology market. Because such statements deal with future
events and are based on Foresight’s current expectations, they are
subject to various risks and uncertainties, and actual results,
performance or achievements of Foresight could differ materially
from those described in or implied by the statements in this press
release.
The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading "Risk
Factors" in Foresight's annual report on Form 20-F filed with the
Securities and Exchange Commission ("SEC") on March 30, 2023, and
in any subsequent filings with the SEC. Except as otherwise
required by law, Foresight undertakes no obligation to publicly
release any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to reflect
the occurrence of unanticipated events. References and links to
websites have been provided as a convenience, and the information
contained on such websites is not incorporated by reference into
this press release. Foresight is not responsible for the contents
of third-party websites.
Investor Relations Contact:
Miri Segal-Scharia CEO MS-IR LLC msegal@ms-ir.com
917-607-8654
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