Benzinga | Dec 11, 2020 08:35AM EST

Foresight Announces Its Affiliate Rail Vision Has Received Order From Knorr-Bremse Systeme fr Schienenfahrzeuge GmbH For Two Samples Of Their Light Rail Vehicle System For 00E2400K

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 f?r 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.