Foresight, GINT and KONEC Announce Collaboration Agreement to Revolutionize Autonomous Tractors in South Korea
Foresight Autonomous Holdings (Nasdaq: FRSX) announced a three-way collaboration agreement with GINT and KONEC to develop advanced 3D perception solutions for autonomous tractors and construction equipment in South Korea. The initial phase focuses on designing autonomous tractor kits integrating Foresight's 3D perception capabilities, including visible-light and thermal infrared cameras. The parties aim to expand into semi-autonomous and fully autonomous solutions for the automotive industry. A commercial agreement is expected to be finalized by the end of Q1 2025, with KONEC leading market penetration and GINT integrating Foresight's technology into their autonomous control logic units.
Foresight Autonomous Holdings (Nasdaq: FRSX) ha annunciato un accordo di collaborazione tripartito con GINT e KONEC per sviluppare soluzioni avanzate di percezione 3D per trattori autonomi e attrezzature da costruzione in Corea del Sud. La fase iniziale si concentra sulla progettazione di kit per trattori autonomi che integrano le capacità di percezione 3D di Foresight, incluse telecamere a luce visibile e infrarossa termica. Le parti mirano ad espandersi in soluzioni semi-autonome e completamente autonome per l'industria automobilistica. Si prevede che un accordo commerciale sarà finalizzato entro la fine del primo trimestre del 2025, con KONEC che guiderà la penetrazione nel mercato e GINT che integrerà la tecnologia di Foresight nelle loro unità di logica di controllo autonomo.
Foresight Autonomous Holdings (Nasdaq: FRSX) anunció un acuerdo de colaboración tripartito con GINT y KONEC para desarrollar soluciones avanzadas de percepción 3D para tractores autónomos y equipos de construcción en Corea del Sur. La fase inicial se centra en el diseño de kits de tractores autónomos que integran las capacidades de percepción 3D de Foresight, incluyendo cámaras de luz visible e infrarrojos térmicos. Las partes tienen como objetivo expandirse a soluciones semi-autónomas y completamente autónomas para la industria automotriz. Se espera que un acuerdo comercial se finalice para finales del primer trimestre de 2025, con KONEC liderando la penetración en el mercado y GINT integrando la tecnología de Foresight en sus unidades de lógica de control autónomo.
포레사이트 자율 홀딩스 (Nasdaq: FRSX)는 GINT 및 KONEC와 협력하여 한국의 자율 트랙터 및 건설 장비를 위한 고급 3D 인식 솔루션 개발을 위한 3자 협력 계약을 발표했습니다. 초기 단계는 가시광선 및 열 적외선 카메라를 포함하여 포레사이트의 3D 인식 기능을 통합하는 자율 트랙터 키트 설계에 초점을 맞추고 있습니다. 해당 당사자들은 자동차 산업을 위한 반자율 및 완전 자율 솔루션으로의 확장을 목표로 하고 있습니다. 상업적 계약은 2025년 1분기 말까지 최종화될 것으로 예상되며, KONEC가 시장 진입을 주도하고 GINT가 포레사이트의 기술을 자율 제어 논리 장치에 통합할 것입니다.
Foresight Autonomous Holdings (Nasdaq: FRSX) a annoncé un accord de collaboration tripartite avec GINT et KONEC pour développer des solutions avancées de perception 3D pour des tracteurs autonomes et des équipements de construction en Corée du Sud. La phase initiale se concentre sur la conception de kits de tracteurs autonomes intégrant les capacités de perception 3D de Foresight, y compris des caméras à lumière visible et infrarouge thermique. Les parties visent à s'étendre vers des solutions semi-autonomes et entièrement autonomes pour l'industrie automobile. Un accord commercial devrait être finalisé d'ici la fin du premier trimestre 2025, avec KONEC prenant la tête de la pénétration du marché et GINT intégrant la technologie de Foresight dans leurs unités de logique de contrôle autonome.
Foresight Autonomous Holdings (Nasdaq: FRSX) gab eine dreiseitige Kooperation mit GINT und KONEC bekannt, um fortschrittliche 3D-Wahrnehmungslösungen für autonome Traktoren und Baumaschinen in Südkorea zu entwickeln. Die erste Phase konzentriert sich auf die Gestaltung von autonomen Traktor-Kits, die die 3D-Wahrnehmungsfunktionen von Foresight integrieren, darunter sichtbare Licht- und thermische Infrarotkameras. Die Partner streben an, in semi-autonome und vollständig autonome Lösungen für die Automobilindustrie zu expandieren. Ein kommerzieller Vertrag wird bis Ende des ersten Quartals 2025 endgültig sein, wobei KONEC die Marktdurchdringung leitet und GINT die Technologie von Foresight in ihre autonomen Regelungseinheiten integriert.
- Strategic partnership with South Korea's leading tractor kit manufacturer GINT
- Expansion into the growing autonomous agricultural machinery market
- Collaboration with KONEC, a Tesla and Hyundai supplier, providing access to major automotive customers
- Potential revenue stream from commercial agreement expected by Q1 2025
- Commercial agreement still under negotiation, not finalized
- No immediate revenue impact disclosed
Insights
This strategic collaboration marks a significant entry into South Korea's agricultural automation market, targeting a growing sector with substantial potential. The partnership combines GINT's established presence in autonomous tractor kits with KONEC's Tier-One automotive credentials and Foresight's 3D perception technology. The deal structure is particularly noteworthy as it provides multiple revenue streams through both immediate agricultural applications and future automotive sector expansion.
The timing aligns with increasing demand for autonomous agricultural solutions in Asia, where labor shortages and efficiency requirements are driving automation adoption. With KONEC's existing relationships with major automotive players like Tesla, Hyundai and Kia, the partnership offers strong commercialization potential beyond the initial agricultural focus. However, investors should note that the commercial agreement won't be finalized until Q1 2025, indicating a longer timeline for revenue realization.
The technical synergy in this collaboration is compelling. Foresight's multi-spectral vision technology, combining visible-light and thermal infrared cameras, addresses critical challenges in agricultural automation where environmental conditions can be extreme. The integration with GINT's autonomous control logic units creates a robust solution for precise operation in varying weather and lighting conditions.
The planned expansion into semi-autonomous and fully autonomous solutions for commercial vehicles represents a strategic technical progression. The technology stack being developed for agricultural applications provides a proven foundation for adaptation to broader automotive applications, potentially accelerating development cycles and reducing market entry barriers in multiple sectors.
Initially the parties will collaborate to design and commercialize autonomous tractor kits, with plans to expand their offerings into semi- and fully autonomous solutions for the automotive industry
Ness Ziona, Israel, Dec. 02, 2024 (GLOBE NEWSWIRE) -- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in 3D perception systems, announced today the signing of a three-way multi-phase cooperation agreement with GINT Ltd. (“GINT”), a South Korean company specializing in automation technologies for agricultural machinery, construction equipment and automobiles, and KONEC Ltd. (“KONEC”), a leading South Korean Tier-One automotive supplier, to develop advanced 3D perception solutions for autonomous tractors and construction equipment.
In the short term, the parties will collaborate to design and commercialize autonomous tractor kits that integrate Foresight's 3D perception capabilities, including visible-light and thermal infrared cameras. This integration aims to enhance operational safety, detection accuracy, and efficiency in GINT's equipment, which often operates under challenging environmental conditions. Looking ahead, the parties will work together to expand their offerings into semi-autonomous and fully autonomous solutions for the automotive industry, including commercial vehicles and fleet management.
Foresight, GINT, and KONEC will negotiate a commercial agreement to jointly develop advanced 3D perception solutions for agricultural machinery and construction equipment. This collaboration will integrate Foresight's technology into GINT's autonomous control logic units, with KONEC leading the penetration into the agricultural, heavy equipment, passenger and commercial vehicle markets. The parties aim to finalize a commercial agreement by the end of the first quarter of 2025, paving the way for innovative advancements in agricultural technology.
About GINT
GINT develops technology to increase efficiency and create value for traditional transportation and production equipment, including tractors, agricultural machinery, construction equipment, and automobiles. GINT offers “Pluva Auto” - South Korea's No. 1 selling autonomous driving tractor kit. GINT's solutions include telematic devices, electronic control units and cloud-based fleet management systems for agriculture mobility.
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.
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 the parties’ future obligations and objectives with respect to the collaboration agreement and their aim to finalize a commercial agreement by the end of the first quarter of 2025. 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 for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on March 27, 2024, 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.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
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