Foresight, GINT and KONEC Announce Collaboration Agreement to Revolutionize Autonomous Tractors in South Korea

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Foresight Autonomous Holdings Ltd.
Foresight Autonomous Holdings Ltd.

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.