Foresight Autonomous Holdings Ltd., an innovator in 3D perception systems, announced the signing of a commercial cooperation agreement with KONEC Co. Ltd. (“KONEC”), a leading South Korean Tier-One automotive supplier, to bring to market advanced 3D perception solutions to be integrated into the vehicles and machinery of KONEC’s customers and business partners in the Republic of Korea.
These solutions are designed for a wide range of sectors, including passenger vehicles, commercial vehicles such as trucks and buses, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery.
Pursuant to the terms of the agreement, KONEC forecasts commercial sales of $1.5 million by 2027, with anticipated revenues from various advanced solutions, including supply of products, software license fees, non-recurring engineering services, and development fees, projected to grow up to $7 million by 2029. KONEC has already placed orders to achieve its sales target for 2024 and has exclusivity for 2025.
Furthermore, Foresight’s cutting-edge 3D perception solutions will be exclusively distributed in South Korea by KONEC. This distribution agreement covers KONEC’s existing customer base, with a focus on original equipment manufacturers, as well as its business partners and potential new clients. The exclusivity commitment is subject to KONEC meeting certain sales targets determined in the agreement.
This agreement follows a successful co-development agreement with KONEC, sponsored by Hyundai’s Foundation of Korea Automotive Parts Industry Promotion, which integrated Foresight’s 3D perception technology into a conceptual autonomous driving vehicle, as reported by the Company on May 29, 2024.
The parties are also contemplating establishing a joint venture in South Korea, equally owned by both parties, in order to facilitate and promote their business cooperation, including establishing a factory for manufacturing of the advanced solutions.
“This strategic agreement with Foresight marks a significant milestone in our commitment to innovation and technological advancement. By integrating Foresight’s cutting-edge 3D perception solutions into our partners’ solutions, we aim to enhance operational efficiency, improve product quality, and unlock new possibilities in various sectors, from automotive to agriculture and heavy machinery in the Republic of Korea. We’re excited about the potential this agreement holds for autonomous driving growth and creating value for all stakeholders involved,” said Mr. Jaeho Moon, Chief Technology Officer of KONEC.
“We are proud to announce this strategic agreement in South Korea, a market known for its focus on technological innovation. This commercial agreement follows our successful co-development collaboration, which has laid a strong foundation for bringing our advanced 3D perception solutions to market. We believe there are substantial revenue opportunities arising from this collaboration and we look forward to playing a key role in South Korea’s continued technological leadership”, said Mr. Oren Bar-On, Chief Executive Officer of Foresight Changzhou Automotive Ltd.
About KONEC
KONEC is a leading Tier-One automotive supplier that manufactures automobile parts for eco-friendly vehicles using a high-pressure die-casting process. KONEC has established a batch production system for lightweight metal raw materials, molds, castings, processing, and assembly through cooperation among its group affiliates. Major customers include Tesla, Hyundai Motor, and Kia. In addition to the existing business scope of lightweight metal body, chassis, and body parts, KONEC is venturing into new industries in line with the electrification of mobility and software advancements.
About Foresight
Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through the Company’s wholly owned subsidiaries, Foresight Automotive Ltd., Foresight Changzhou Automotive Ltd. and Eye-Net Mobile Ltd., Foresight develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions.
Foresight’s vision solutions include modules of automatic calibration and dense three-dimensional (3D) point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net Mobile’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge AI technology and advanced analytics.
For more information about Foresight and its wholly owned subsidiary, Foresight Automotive, visit www.foresightauto.com, follow @ForesightAuto1 on “X” (formerly Twitter), or join Foresight Automotive on LinkedIn.