Foresight’s affiliate has received an order from Knorr-Bremse worth 400K Euro in revenue.
Shares of Foresight Autonomous Holdings Ltd. (FRSX) are trading with a bullish trend since Nov. 19, 2020. The recent push is driven bythe notable progress in theQ3 2020 outcomes, reported on Nov. 13.
On Friday, FRSX shares rocketed to $2.75, its 52-week high price following the announcement of a new order from, a $17-billion European-based group, Knorr-Bremse. The stock rallied with a heavy volume after the new order update.
Foresight stock soared from the prior close of $1.52 to the day’s opening of $2.55, over 70%. FRSX shares closed the trading at $1.73 with a trading volume of over 107 million, up from the average volume of 3.7 million.
Foresight’s affiliate, Rail Vision Ltd., has obtained an order from an affiliate of Knorr-Bremse AG for two samples of Rail’s light rail vehicle (LRV) system. Moreover, Knorr-Bremse, the company itself has ordered Rail Vision to customize its LRV system features according to Knorr’s requirements.
The expected revenue from the joint order is expected to be around 400,000 Euro. Foresight Autonomous holds 19.36%of Rail Vision’s outstanding share capital.
On Oct 13. 2020, Knorr-Bremse reportedly invested an amount of $10 million in Rail Vision. Knorr is highly confident in Rail Vision’s unique technology and the prior investment and this new order reflect its interest in Foresight’s affiliate.
Rail Vision has introduced a new solution to overcome the problems of the evolving LRV market. The CEO of Foresight, Haim Siboni addressed that this commercial deal will help Rail Vision to diversify its growth opportunity. He suggested that Knorr-Rail collaboration can be potential for long-term growth for Rail Vision’s business.
Rail Vision’s LRV technology has the ability to detect and classify obstacles at a range of over 200 meters in adverse weather conditions. This creates real-time alerts if any problem occurs and is detected by the LRV system within its range.
Rail Vision’s LRV is an efficient and effective system based on itselectro-optic sensor technology combined with artificial intelligence (AI) and deep learning capabilities.
In 2020, the global market value of light rail has reached up to$8.6 billion. While, it is expected to rise up to $10.6 billion by 2027, based on the data reported by Global Industry Research.
The partnership seems to have a long-lasting impact on the light rail industry and will be beneficial for both Knorr-Bremse and Rail Vision. This will also have an impact on Foresight Autonomous Holdings Ltd. (FRSX), as it owns19.36% of Rail Vision.