NESS ZIONA, Israel--(BUSINESS WIRE)--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.
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.
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.