Benzinga | Jan 12, 2022 01:19PM EST

Foresight Inks Business Cooperation Agreement With SUNWAY-AI Technology

* Foresight Autonomous Holdings Ltd (NASDAQ:FRSX) has signed a multiphase business cooperation agreement with SUNWAY-AI Technology Co Ltd., a Chinese manufacturer of autonomous and unmanned intelligent vehicle products. The financial terms were not disclosed.

* The first phase will consist of a proof of concept (POC) project in which SUNWAY will test the QuadSight vision prototype system and evaluate Foresight's technology.

* Upon successful evaluation, the parties plan to develop and commercialize solutions focused on the Chinese agriculture and heavy machinery markets.

* SUNWAY designs and develops autonomous farms in China, among other projects, and intends to incorporate Foresight's stereo technology into its unmanned autonomous agricultural vehicles.

* Price Action: FRSX shares are trading higher by 0.90% at $1.69 on the last check Wednesday.