Foresight: Rail Vision Enters Electrically Powered Light Rail Vehicle Multi-Billion Dollar Market with Order from Knorr-Bremse
December 11 2020 - 8:30AM
Business Wire
Rail Vision will supply two light rail vehicle
system samples and will begin the system industrialization project
for a total of 400,000 Euro
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
affiliate, Rail Vision Ltd., has received an order from
Knorr-Bremse Systeme für Schienenfahrzeuge GmbH, an affiliate of
Knorr-Bremse AG (Frankfurt: KBX), for two samples of their light
rail vehicle (LRV) system. In addition, Knorr-Bremse has ordered
customization of Rail Vision’s LRV system features according to
Knorr-Bremse’s requirements. Revenue from this order is expected to
total approximately 400,000 Euro. Knorr-Bremse, a $17-billion
European-based group, recently invested $10 million in Rail Vision,
as reported by the Company on October 13, 2020. Foresight owns
19.36% of Rail Vision’s outstanding share capital.
The global market for light rail estimated at $8.6 billion in
2020, is projected to reach a revised size of $10.8 billion by
2027, according to a recent market report by Global Industry
Research. Rail Vision’s system for the LRV segment detects and
classifies obstacles at a range of up to 200 meters in all weather
and lighting conditions and generates real-time alerts in case of
obstacle detection within the predefined area of interest. Rail
Vision’s system is based on electro-optic sensor technology
combined with artificial intelligence and deep learning
capabilities.
“Knorr-Bremse continues to show its vote of confidence in Rail
Vision’s unique technology, as this project follows Knorr-Bremse’s
previous investments in the Company. Rail Vision has developed a
solution to address the challenges of the growing LRV market, and
we believe that this commercial cooperation suggests that there may
be potential for long-term growth for Rail Vision’s business,” said
Haim Siboni, CEO of Foresight.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX),
founded in 2015, is a technology company engaged in the design,
development and commercialization of sensors systems for the
automotive industry. Through the company’s wholly owned
subsidiaries, Foresight Automotive Ltd. and Eye-Net Mobile Ltd.,
Foresight develops both “in-line-of-sight” vision systems and
“beyond-line-of-sight” cellular-based applications. Foresight’s
vision sensor is a four-camera system based on 3D video analysis,
advanced algorithms for image processing, and sensor fusion.
Eye-Net Mobile’s cellular-based application is a V2X
(vehicle-to-everything) accident prevention solution based on
real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by
enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Foresight is targeting
the Advanced Driver Assistance Systems (ADAS), the semi-autonomous
and autonomous vehicle markets and predicts that its systems will
revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology.
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
the size of the global market for light rail, commercial
cooperation between Rail Vision and Knorr-Bremse, and long-term
growth for Rail Vision’s business. 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 following factors, among
others, could cause actual results to differ materially from those
described in the forward-looking statements: the overall global
economic environment; the impact of competition and new
technologies in the rail industry; general market, political and
economic conditions in the countries in which Rail Vision operates;
Rail Vision’s projected capital expenditures and liquidity; changes
in Rail Vision’s strategy; and any litigation concerning Rail
Vision.
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 31, 2020, 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.
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Investor Relations Contact: Miri Segal-Scharia CEO MS-IR
LLC msegal@ms-ir.com 917-607-8654
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