Foresight: Rail Vision Signs Agreement to Supply a Prototype to Rio Tinto Railway Network
Rio Tinto’s automated AutoHaul
® long-distance rail network to harness Rail Vision collision-avoidance technology
NESS ZIONA, Israel--(BUSINESS WIRE)--$FRSX--Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its affiliate, Rail Vision Ltd., signed an agreement with Hitachi Rail STS Australia Pty Ltd. to supply equipment, services and personnel to the Australian rail company Rio Tinto Railway Network. According to the agreement, Hitachi Rail STS, the project integrator, will provide Rio Tinto with a prototype of Rail Vision’s Collision Avoidance System to undergo demonstration and feasibility testing for a proof-of-concept project. Revenue from the project is expected to total $265,000, with an option for Rail Vision to furnish additional services for $133,000. Foresight owns 19.36% of Rail Vision’s outstanding share capital.