Knorr-Bremse will act as an integrator to supply Rail Vision’s shunting yard systems for a potential of 2.8 million Euro
NESS ZIONA, Israel--(BUSINESS WIRE)-- Foresight Autonomous Holdings Ltd. (Nasdaq and TASE: FRSX), an innovator in automotive vision systems, announced today that its affiliate, Rail Vision Ltd., has signed a commercial agreement with an affiliate of Knorr-Bremse AG (Frankfurt: KBX), a $17 billion European-based group, to supply Rail Vision’s Assisted Remote Shunting (ARS) systems to a leading European train operator. Foresight owns approx. 24% of Rail Vision’s outstanding share capital.
As announced by the Company on April 27, 2020, Rail Vision received an initial order from the European train operator for an ARS prototype system to be installed on locomotives in switchyards and to execute an Operational Functional Test (OFT) for a total value of approximately 500,000 Euro. Rail Vision has indicated that the prototype system will be delivered in October 2020. Following delivery of a fully functional prototype system, and upon terms set forth in the agreement, the European train operator may place an order for 30 Rail Vision’s ARS systems, for a total value of up to 2.8 million Euro. In addition, the European train operator may choose to exercise its option to purchase an additional 45 ARS systems for a total value of approximately 3.5 million Euro.
Rail Vision’s unique ARS system designed to be installed on locomotives in switchyards monitors the shunting yard for any obstacle and enables railway operators to safeguard and streamline their shunting operations, such as performing checks and maintenance for railcars and locomotives. Combining advanced vision sensors with deep learning technologies, the ARS system automatically detects and classifies objects within a 200-meter range at all times of day and in all weather conditions. Additionally, the solution delivers visual warnings to operators or drivers based on customer needs to ensure a safe and secure environment, while also improving operational efficiency. Moreover, since Rail Vision’s solution enables controlling locomotives remotely, the number of staff required for coupling the locomotive to the railcars is reduced, thus significantly cutting down operating costs.
Rail Vision is a leading provider of cutting-edge cognitive vision sensor technology and safety systems for the railway industry. Rail Vision’s solutions offer detection and classification of objects or obstacles (e.g. humans, vehicles, and signals), rail path recognition (i.e. switch state detection), distance measurement and opportunity infrastructure condition monitoring.