Benzinga | Jan 12, 2022 08:27AM EST

Foresight And Sunway-AI Collaborate To Commercialize Autonomous Technologies To The Chinese Agriculture Market

Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) ("Foresight"), an innovator in automotive vision systems, announced today the signing of a multiphase business cooperation agreement with SUNWAY-AI Technology (Changzhou) Co., Ltd. ("SUNWAY"), a global Chinese manufacturer of autonomous and unmanned intelligent vehicle products.

The first phase will consist of a proof of concept (POC) project in which SUNWAY will test the QuadSight(r) vision prototype system and evaluate Foresight's technology and its further potential integration into SUNWAY's products and services. Upon successful evaluation, the parties intend to enter into a partnership agreement, including collaborative projects 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.

"This cooperation agreement in China with SUNWAY, a leading automotive-related manufacturer and integrator, opens the door to the growing market of automated machines and autonomous agriculture. This opportunity has the potential to enhance our footprint in the Chinese market by expanding our solution offerings. Our advanced 3D vision technologies, and particularly our thermal stereo vision system, address detection challenges that are caused by dust and fertilizer particles, harsh weather and lighting conditions, potentially bringing added value to automated machines and autonomous agriculture," stated Haim Siboni, Chief Executive Officer of Foresight.

About SUNWAY-AI Technology

Sunway-AI Technology (Changzhou) Co., Ltd. focuses on research and development, design, manufacturing and sales of intelligent vehicle technology and products. The company's employees include technicians from the Institute of automation of the Chinese Academy of Sciences, Tsinghua Automobile Research Institute, BAIC and China automobile. SUNWAY's technologies and products can be applied to autonomous vehicles, unmanned logistics and transportation vehicles and unmanned commercial vehicles. Commercial cooperation to date includes well-known domestic enterprises such as XCMG group, Liugong group and Shenzhen airport.