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Following the company's announcement of a cooperation with an Indian drone manufacturer supplying the Ministry of Defense, Foresight Autonomous Holdings (FRSX, Financials) shares increased 8% to $1.35 as of 1:55 p.m. GMT-5 on Tuesday. With possible income of up to $2.5 million by 2026 and $16 million by 2029, a statement from Foresight claims the arrangement seeks to combine its 3D vision technology into autonomous drones.
The business said that the cooperation would use stereoscopic long-wave infrared technology to improve drone performance in challenging environments like limited visibility, high heat, and thick smoke. Foresight pointed out that the technology would let the drones identify people and provide real-time geographical location. With future intentions to investigate production, marketing, and distribution, the statement also stated that the first phase would concentrate on the Indian military market.
Foresight said that the partnership fit with its larger plan to extend its 3D vision technologies beyond the automotive industry into areas like drones and autonomous vehicles.
Through subsidiaries Foresight Automotive LTD., Foresight Changzhou Automotive LTD., and Eye-Net Mobile LTD., the business develops multi-spectral vision and cellular-based solutions. Foresight said, these technologies are meant to improve situational awareness and accident avoidance.
This article first appeared on GuruFocus.