Foresight Autonomous Holdings Ltd (NASDAQ: FRSX) is trading sharply higher in the opening session after the news.
Foresight Chosen by Leading European Car Manufacturer for Joint POC Project
- The project will potentially augment the manufacturer’s safety capabilities through Foresight’s stereoscopic technology.
- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today the signing of a joint proof of concept (POC) project with an American subsidiary of a leading European passenger car manufacturer.
- The project is meant to test Foresight’s stereoscopic technology abilities to enhance the vehicle manufacturer’s existing active safety features without requiring additional sensors and infrastructure. Following successful completion of the project and satisfactory outcome, the vehicle manufacturer may consider integrating Foresight’s solutions into its vehicle safety applications.
- The project, which is based on a predefined technological statement of work, consists of two phases: a feasibility testing phase followed by a simulation and real-life testing phase. Total expected consideration for the POC is up to $120,000.
As of 9:49, FRSX stock went up 10.43% to $4.55. The stock has traded 2.33 shares, compared to its average volume of 3.47 million shares. After opening at $4.35, the stock has moved within a wide range of $ 4.3200 – 4.9450.