Foresight Inks MOU For Joint Development Of Autonomous Solutions

Foresight Autonomous Holdings Ltd FRSX has signed a memorandum of understanding (MOU) with Shandong Research Institute and Beidou Tech.
The parties will jointly develop 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, radar, laser scanning technology LiDAR, and Beidou Tech's vehicle navigation and positioning system.
The resulting system is intended for use in autonomous vehicles, trucks, passenger cars, and other vehicles in Shandong Province, China.
In addition, the parties plan to negotiate a definitive deal to develop the new collaboratively produced system and establish a joint venture in Shandong.
Price Action: FRSX shares are trading higher by 7.30% at $0.6895 on the last check Thursday.