Foresight Autonomous Holdings Ltd (TA:FRST) has announced an agreement with one of the top three Chinese vehicle manufacturers for the promotion of its advanced driver assistance (ADAS) software for stereo cameras, as well as a potential investment in the company of up to $15m.
The agreement means the OEM will demonstrate the capabilities of Foresight’s software in its vehicles, and paves the way for a potential pilot project of FRST’s systems. According to Foresight, the state-owned auto maker manufactures millions of vehicles under its own brands as well as vehicles for leading European and South Korean OEMs for sale in the Chinese market.
The agreement follows another signed with a Chinese OEM in mid-September to assist the company in its penetration of the Chinese market. This deal looks to have greater scope given the size of the manufacturer and the potential for this to result in very sizeable orders for FRST’s software, given this manufacturer’s output of own-branded vehicles.
It also provides the foundation for further collaboration in the development, marketing and sales of driver assistance systems in China. FRST may also derive a potential further source of equity funding in addition to its current plans to undertake a $7-10m equity issue and NASDAQ listing later this year.
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