Foresight: Rail Vision Signs Agreement to Supply a Prototype to Rio Tinto Railway Network
May 05 2021 - 8:30AM
Business Wire
Rio Tinto’s automated AutoHaul® long-distance
rail network to harness Rail Vision collision-avoidance
technology
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that its
affiliate, Rail Vision Ltd., signed an agreement with Hitachi Rail
STS Australia Pty Ltd. to supply equipment, services and personnel
to the Australian rail company Rio Tinto Railway Network. According
to the agreement, Hitachi Rail STS, the project integrator, will
provide Rio Tinto with a prototype of Rail Vision’s Collision
Avoidance System to undergo demonstration and feasibility testing
for a proof-of-concept project. Revenue from the project is
expected to total $265,000, with an option for Rail Vision to
furnish additional services for $133,000. Foresight owns 19.36% of
Rail Vision’s outstanding share capital.
Rio Tinto is looking to enhance its current collision detection
system by adding detection capabilities to identify potential
hazards, such as people and vehicles, on or near the train tracks.
Successful demonstrations and testing may lead to Rail Vision
outfitting Rio Tinto’s entire fleet of approximately 220
locomotives with its systems, according to commercial terms to be
determined by the parties. System prices and additional terms are
yet to be specified.
AutoHaul®, the world’s first autonomous heavy haul rail network,
is an open network with 52 public level crossings, with trains
nearly 2.5 kilometers long with three locomotives and 240 wagons,
weighing approximately 37,000 tons per train.
The agreement will be in effect until the completion of the
proof-of-concept project. However, should Hitachi Rail STS place a
purchase order and issue a notice to proceed, Rail Vision will
supply the required equipment and services, as per the terms agreed
by both parties.
The project will consist of three phases: the first phase will
include data acquisition and live demonstrations, followed by a
second stage of preliminary technical work towards installation of
the system on Rio Tinto’s locomotive. Finally, Rail Vision’s system
will be installed at Rio Tinto’s site for an evaluation period of
three months. The expected duration of the project is nine months,
with the installation at the customer’s site, anticipated for the
third quarter of 2021. Via a project-dedicated staff, Rail Vision
will provide customization, development services and support
throughout the project.
Rail Vision was informed that Rio Tinto is examining a competing
system of an Australian company.
Rail Vision is a leading provider of cutting-edge cognitive
vision sensor technology to increase safety in the railway
industry. Rail Vision’s solutions offer detection and
classification of objects or obstacles (e.g., humans, vehicles, and
signals), rail path recognition (i.e., switch state detection),
distance measurement and an opportunity for infrastructure
condition monitoring.
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. 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, sensor fusion and dense 3D point cloud that can be
applied to diverse 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
Rail Vision’s agreement to supply a prototype to Rio Tino Railway
Network, expected revenue from the project, that successful
demonstrations and testing may lead to Rail Vision outfitting Rio
Tinto’s entire fleet of locomotives with it system, expected
duration of the project, and that Rail Vision will provide
customization, development services and support throughout the
project. 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, 2021, 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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