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Foresight enters MOU for joint development of autonomous solutions in Shandong province, China

Shandong Research Institute, Beidou Tech and Foresight will collaborate on obstacle detection and intelligent navigation based on multi-sensor fusion

NESS ZIONA, ISRAEL  – 12 July 2022 – Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX) (“Foresight” or the “Company”), an innovator in automotive vision systems, announced today the signing of a memorandum of understanding (MOU) with Shandong Industry Research Information and Artificial Intelligence Integration Research Institute Co., Ltd (“Shandong Research Institute”), a professional research institute wholly owned by Shandong Industrial Technology Research Institute, and Beidou Jingzong Technology (Shandong) Co., Ltd (“Beidou Tech”), a company mainly engaged in the research of high-precision seamless positioning, real-time accurate regeneration of scene targets, and control of scene target position.

The MOU establishes the joint development of an obstacle detection system and all-weather, high-precision positioning for unmanned vehicles based on multi-sensor fusion. The new system will combine Foresight’s stereoscopic technology (using both visible light and thermal cameras), radar, and the laser scanning technology LiDAR, as well as Beidou Tech’s vehicle navigation and positioning system. The collaboratively produced system will aim to provide vehicle manufacturers with multi-sensor intelligent navigation to deploy in smart transportation, active safety automotive systems, and unmanned driving. The resulting system is intended for use in autonomous vehicles, trucks, passenger cars, and other vehicles in Shandong Province, China.

Furthermore, the Chinese parties applied for the endorsement and financial support of the province to underwrite and otherwise advance the project. Meanwhile, the parties intend to negotiate a definitive agreement to develop the above-mentioned system and to establish a joint venture in Shandong.

This MOU follows several projects in China reported by Foresight over the past year and supports the Company’s strategy to expand its presence in China and become a dominant player in the Asia-Pacific automotive market.

SOURCE:  Foresight Autonomous

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