Foresight to Take Part in Automation of Future Heavy-Duty Vehicles European Project
December 04 2020 - 7:30AM
Business Wire
The Company is expected to receive a grant of
approximately one million USD from the European Commission through
the Horizon 2020 framework program
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an
innovator in automotive vision systems, announced today that the
European Commission, through the Horizon 2020 framework program,
has awarded a funding grant of nearly 20 million Euro for the All
Weather Autonomous Real logistics operations and Demonstrations
(AWARD) consortium to develop and operate safe autonomous
heavy-duty vehicles in harsh weather conditions in a variety of
different scenarios. In the framework of the project, Foresight
will provide its QuadSight® multispectral vision solution, and is
expected to receive approximately one million USD. The AWARD
project will be rolled out in 2021 for a period of three years.
Foresight recently joined the AWARD consortium, as reported by
the Company on May 15, 2020. The European Commission has outlined
the growing need for connected and automated driving systems for
heavy commercial vehicles, citing their great potential for
improving the safety and efficiency of freight transport and making
vehicle operations more comfortable.
Coordinated by EasyMile, the AWARD consortium consists of 29
partners including industry leaders such as Continental (one of the
largest automotive suppliers and experts in automated driving
technologies), Terberg (specialist heavy vehicle manufacturer), and
Applied Autonomy (leading provider of Smart Fleet Management
systems for connected autonomous vehicles).
Foresight will provide its QuadSight multispectral vision
solution, composed of two stereoscopic visible-light cameras and
two stereoscopic thermal long-wave infrared cameras, the latter
provided by FLIR Systems. The QuadSight system offers highly
accurate vision sensors to autonomous freight operators, capable of
detecting any type of obstacle and enabling safe, uninterrupted
driving at all times, even in harsh weather and lighting
conditions.
For additional information about the consortium, please refer to
the December 2nd announcement by EasyMile.
About Horizon 2020
Horizon 2020 is the EU funding program for research and
innovation, running from 2014 to 2020 with an 80 billion Euro
budget. It provides research and innovation funding for
multi-national collaboration projects as well as for individual
researchers and supports SMEs with a special funding
instrument.
For more information on Horizon 2020, please see the H2020
website.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX),
founded in 2015, is a technology company engaged in the design,
development and commercialization of sensors systems for the
automotive industry. 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” cellular-based applications. Foresight’s
vision sensor is a four-camera system based on 3D video analysis,
advanced algorithms for image processing, and sensor fusion.
Eye-Net Mobile’s cellular-based application is a V2X
(vehicle-to-everything) accident prevention solution based on
real-time spatial analysis of clients’ movement.
The company’s systems are designed to improve driving safety by
enabling highly accurate and reliable threat detection while
ensuring the lowest rates of false alerts. Foresight is targeting
the Advanced Driver Assistance Systems (ADAS), the semi-autonomous
and autonomous vehicle markets and predicts that its systems will
revolutionize automotive safety by providing an automotive-grade,
cost-effective platform and advanced technology.
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
joining and collaborating with the AWARD Consortium, winning
funding from the European Commission, and the timing and design of
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 31, 2020, 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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