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NEWS
Tier-One Supplier KONEC to Distribute Foresight's Technology and Products with Revenues up to $7 Million in South Korea
Monday, 9th December at 8:03 am
The agreement aims to integrate advanced 3D perception solutions into the vehicles and solutions of KONEC's customers and partners across a wide range of sectors, including passenger andcommercial vehicles, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery
Ness Ziona, Israel, Dec. 09, 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 commercial cooperation agreement with KONEC Co. Ltd. ("KONEC"), a leading South Korean Tier-One automotive supplier, to bring to market advanced 3D perception solutions to be integrated into the vehicles and machinery of KONEC's customers and business partners in the Republic of Korea. These solutions are designed for a wide range of sectors, including passenger vehicles, commercial vehicles such as trucks and buses, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery.
Pursuant to the terms of the agreement, KONEC forecasts commercial sales of $1.5 million by 2027, with anticipated revenues from various advanced solutions, including supply of products, software license fees, non-recurring engineering services, and development fees, projected to grow up to $7 million by 2029. KONEC has already placed orders to achieve its sales target for 2024 and has exclusivity for 2025.
Monday, 9th December at 8:03 am
The agreement aims to integrate advanced 3D perception solutions into the vehicles and solutions of KONEC's customers and partners across a wide range of sectors, including passenger andcommercial vehicles, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery
Ness Ziona, Israel, Dec. 09, 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 commercial cooperation agreement with KONEC Co. Ltd. ("KONEC"), a leading South Korean Tier-One automotive supplier, to bring to market advanced 3D perception solutions to be integrated into the vehicles and machinery of KONEC's customers and business partners in the Republic of Korea. These solutions are designed for a wide range of sectors, including passenger vehicles, commercial vehicles such as trucks and buses, autonomous logistics vehicles, geofenced autonomous vehicles, as well as agriculture and heavy machinery.
Pursuant to the terms of the agreement, KONEC forecasts commercial sales of $1.5 million by 2027, with anticipated revenues from various advanced solutions, including supply of products, software license fees, non-recurring engineering services, and development fees, projected to grow up to $7 million by 2029. KONEC has already placed orders to achieve its sales target for 2024 and has exclusivity for 2025.
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