Foresight Signs Agreement with Leading Indian Tier-One for Revenue Potential of up to $19.5 Million Between 2025- 2029
Foresight Autonomous Holdings (FRSX) has signed a commercial cooperation agreement with Excava Attachers, a leading Indian Tier-One automotive supplier. The partnership aims to promote Foresight's advanced 3D perception systems across multiple sectors in India, including automotive, off-highway, UAVs, defense, railways, and logistics.
The agreement is expected to generate potential revenues of up to $19.5 million between 2025-2029. Both companies intend to establish a local joint venture in India for manufacturing and sales activities, with Foresight providing technology and know-how while Excava handles manufacturing and sales. Additionally, Excava may consider making a direct strategic investment in Foresight, with terms to be negotiated.
Foresight Autonomous Holdings (FRSX) ha firmato un accordo di cooperazione commerciale con Excava Attachers, un importante fornitore automobilistico indiano di livello uno. La partnership mira a promuovere i sistemi avanzati di percezione 3D di Foresight in diversi settori in India, tra cui automobilistico, off-highway, droni, difesa, ferrovie e logistica.
L'accordo dovrebbe generare potenziali ricavi fino a 19,5 milioni di dollari tra il 2025 e il 2029. Entrambe le aziende intendono creare una joint venture locale in India per le attività di produzione e vendita, con Foresight che fornisce tecnologia e know-how mentre Excava gestisce la produzione e le vendite. Inoltre, Excava potrebbe considerare di effettuare un investimento strategico diretto in Foresight, con termini da negoziare.
Foresight Autonomous Holdings (FRSX) ha firmado un acuerdo de cooperación comercial con Excava Attachers, un importante proveedor automotriz indio de nivel uno. La asociación tiene como objetivo promover los sistemas avanzados de percepción 3D de Foresight en varios sectores en India, incluyendo automotriz, fuera de carretera, UAVs, defensa, ferrocarriles y logística.
Se espera que el acuerdo genere ingresos potenciales de hasta 19,5 millones de dólares entre 2025 y 2029. Ambas compañías tienen la intención de establecer una empresa conjunta local en India para actividades de fabricación y ventas, con Foresight proporcionando tecnología y know-how mientras Excava maneja la fabricación y las ventas. Además, Excava podría considerar realizar una inversión estratégica directa en Foresight, con términos a negociar.
Foresight Autonomous Holdings (FRSX)는 인도의 주요 Tier-One 자동차 공급업체인 Excava Attachers와 상업 협력 계약을 체결했습니다. 이 파트너십은 자동차, 오프 하이웨이, UAV, 방어, 철도 및 물류를 포함한 여러 분야에서 Foresight의 고급 3D 인식 시스템을 홍보하는 것을 목표로 합니다.
이번 계약은 2025년부터 2029년까지 1,950만 달러의 잠재적 수익을 창출할 것으로 예상됩니다. 두 회사는 Foresight가 기술과 노하우를 제공하고 Excava가 제조 및 판매를 담당하는 형태로, 인도에서 제조 및 판매 활동을 위한 현지 합작 회사를 설립할 계획입니다. 또한, Excava는 Foresight에 직접 전략적 투자를 고려할 수 있으며, 조건은 협상될 예정입니다.
Foresight Autonomous Holdings (FRSX) a signé un accord de coopération commerciale avec Excava Attachers, un fournisseur automobile indien de premier plan. Le partenariat vise à promouvoir les systèmes avancés de perception 3D de Foresight dans plusieurs secteurs en Inde, y compris l'automobile, hors route, les UAV, la défense, les chemins de fer et la logistique.
L'accord devrait générer des revenus potentiels allant jusqu'à 19,5 millions de dollars entre 2025 et 2029. Les deux entreprises prévoient de créer une coentreprise locale en Inde pour les activités de fabrication et de vente, Foresight fournissant la technologie et le savoir-faire tandis qu'Excava s'occupe de la fabrication et des ventes. De plus, Excava pourrait envisager de réaliser un investissement stratégique direct dans Foresight, les conditions devant être négociées.
Foresight Autonomous Holdings (FRSX) hat eine kommerzielle Kooperationsvereinbarung mit Excava Attachers, einem führenden indischen Tier-One-Automobilzulieferer, unterzeichnet. Die Partnerschaft zielt darauf ab, die fortschrittlichen 3D-Wahrnehmungssysteme von Foresight in mehreren Sektoren in Indien zu fördern, einschließlich Automobil, Off-Highway, UAVs, Verteidigung, Eisenbahnen und Logistik.
Es wird erwartet, dass die Vereinbarung potenzielle Einnahmen von bis zu 19,5 Millionen Dollar zwischen 2025 und 2029 generiert. Beide Unternehmen beabsichtigen, ein lokales Joint Venture in Indien für Produktions- und Verkaufsaktivitäten zu gründen, wobei Foresight die Technologie und das Know-how bereitstellt, während Excava die Herstellung und den Verkauf übernimmt. Darüber hinaus könnte Excava in Erwägung ziehen, eine direkte strategische Investition in Foresight zu tätigen, wobei die Bedingungen noch verhandelt werden müssen.
- Potential revenue generation of up to $19.5 million (2025-2029)
- Strategic entry into the large Indian market through partnership with established Tier-One supplier
- Planned local manufacturing joint venture to reduce costs and improve market access
- Possible strategic investment from Excava indicating strong partnership commitment
- Revenue projections are not guaranteed and subject to market conditions
- Joint venture and strategic investment terms still need to be negotiated
- Implementation timeline and specific details of partnership structure remain uncertain
Insights
Foresight's new agreement with Indian Tier-One supplier Excava marks a potentially transformative development for this microcap company. The projected
This agreement provides the company with multi-year revenue visibility across diverse sectors including automotive, off-highway, UAVs, defense, railways, and logistics. For a small-cap technology firm, securing a partnership that could generate revenues exceeding its entire market value represents substantial validation of its 3D perception technology.
The phased implementation structure suggests a thoughtful approach to market entry. Initial collaboration will focus on joint promotion of Foresight's systems, followed by establishment of a local joint venture for manufacturing and sales pending successful early results. This graduated commitment model reduces immediate capital requirements while creating a framework for deeper integration.
Most intriguing is Excava's consideration of a direct strategic investment in Foresight. While terms remain undefined, such an investment could provide much-needed capital for a company whose current share price (
For investors, this agreement introduces a concrete growth catalyst and potential path to increased valuation through demonstrable commercial traction in a new geographic market.
This agreement represents a classic market-entry strategy leveraging complementary strengths of both partners. Foresight contributes the critical technology and intellectual property while Excava provides manufacturing capabilities and established distribution channels in the Indian market.
The partnership structure effectively addresses several key challenges that small technology companies face when expanding internationally. First, it minimizes capital expenditure requirements by utilizing Excava's existing manufacturing infrastructure rather than building facilities from scratch. Second, it provides immediate access to Excava's relationships with Indian OEMs, accelerating market penetration where building such connections independently could take years.
The intended joint venture approach is particularly well-suited for India's market, where local manufacturing presence and partnerships often yield regulatory advantages and improved market acceptance. The technology transfer component signals a substantial commitment beyond mere distribution rights, suggesting potential for localized product customization to meet specific requirements of the Indian market.
Importantly, the multi-sector approach across automotive, defense, UAVs, and heavy machinery maximizes the total addressable market while diversifying implementation risk. This is especially valuable in emerging markets where adoption rates can vary significantly across industries.
While execution risks remain – particularly around intellectual property protection, quality control across geographies, and finalizing the joint venture terms – the preliminary framework demonstrates strategic foresight in structuring a partnership that addresses both immediate market access and longer-term manufacturing capabilities.
Foresight and Excava, a leading Indian Tier-One Supplier, intend to establish a locally incorporated partnership or joint venture to invest in manufacturing and sales activities in India. Foresight will be responsible for the technology and know-how transfer while Excava will handle manufacturing and sales activities in the Indian market.
Ness Ziona, Israel, March 13, 2025 (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 commercial cooperation agreement (the “Agreement”) with Excava Attachers Pvt. Ltd. (“Excava”), a leading Indian Tier-One automotive supplier. Under the Agreement, both parties will cooperate to promote Foresight’s advanced 3D perception systems across a wide range of sectors, including automotive, off-highway, unmanned aerial vehicles (UAVs), defense, railways and logistics, including autonomous and heavy machinery in India.
Pursuant to the Agreement, the parties will jointly promote Foresight’s 3D perception systems in India, which are expected to generate potential revenues of up to
Based on initial results of the cooperation under the Agreement between the parties, Foresight and Excava intend to form a local joint venture in India to manufacture and sell advanced perception solutions. The partnership would be based on a jointly developed strategy and business plan and its aim would be to enhance cooperation between both parties, with details on funding and operations to be finalized by both parties. Additionally, Excava may consider a direct strategic investment in Foresight, with the amount and terms to be negotiated in the future. This potential partnership aims to leverage both parties' strengths to drive innovation and growth in the industry.
"We are excited about our strategic cooperation with Foresight, which may open exciting new possibilities for both parties. By integrating Foresight's advanced 3D perception technology into our partners' offerings, we shall aim to enhance efficiency, improve quality, and unlock opportunities across diverse segments such as drones, commercial vehicles, agriculture, and heavy machinery in India,” said Karan Lamba, director of Excava.
“We are proud to announce our strategic cooperation with Excava, which represents an important step in our efforts to innovate and expand into the Indian market and beyond. The potential investment from Excava is a strong vote of confidence in our capabilities and future potential. Moreover, the intended joint venture presents an opportunity to collaborate on advanced perception solutions that could set new benchmarks for industry standards. We believe that this cooperation will drive progress for both companies and support technological advancements in the industries we serve. Together, we aim to deliver innovative solutions to the market,” said Mr. Oren Bar-On, Chief Executive Officer of Foresight Changzhou Automotive Ltd.
About Excava
Excava Attachers Pvt. Ltd. is a leader in providing durable and reliable attachment solutions for the excavation and construction industries. Excava’s mission is to supply products that stand the test of time and enhance operational efficiency. Excava offerings range from light, precise sheet metal parts to the heaviest fabricated components, including Excava renowned VIBRO RIPPER. Engineered for endurance, the VIBRO RIPPER features a mix of in-house developed parts and exclusive, patented components from Excava partnership with a Korean firm.
Through Excava’s relationship with JCB INDIA LTD, Excava has also ventured into the development of a prototype rock breaker, further cementing its reputation for reliability in the construction sector.
Excava specializes in providing precision products for the off-highway equipment market segment, with a unique focus on serving the Indian market.
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 contents of the Agreement and the potential joint venture and collaboration with Excava, Excava’s potential strategic investment, the potential benefits of the joint venture and collaboration, the potential revenues to be derived from the collaboration and the timing thereof, the belief that the intended joint venture presents an opportunity to collaborate on advanced perception solutions that could set new benchmarks for industry standards, the belief that this cooperation will drive progress for both companies and support technological advancements in the industries it serves, and the belief that this cooperation may lead to delivering innovative solutions to the market. The Company may not enter into or complete a definitive agreement based on the Agreement. 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
FAQ
What is the potential revenue for FRSX from the Excava partnership between 2025-2029?
What sectors will FRSX's 3D perception systems target in the Indian market?
What are the roles of FRSX and Excava in the planned joint venture?
Will Excava make an investment in FRSX as part of the agreement?
