Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems, announced today the signing of a strategic cooperation agreement with Wuhan Guide Infrared Co. Ltd., a $2.7 billion Chinese corporation traded on the Shenzhen Stock Exchange. Guide Infrared, through its subsidiary Global Sensor Technology, develops, manufactures and markets infrared thermal imaging systems.
According to the agreement, the parties will cooperate in the development, marketing and distribution of Foresight’s QuadSight vision system, incorporating Guide Infrared’s solutions, to potential customers in Greater China. For the purposes of such cooperation, the two companies are considering establishing a joint venture in China to leverage each party’s competitive strengths. Foresight and Guide Infrared intend to determine other material terms of collaboration in a future agreement. In addition, Guide Infrared will consider a strategic investment in Foresight.
According to the agreement, Guide Infrared will connect Foresight to the company’s network of Chinese vehicle manufacturers (OEMs), Tier 1 suppliers, as well as commercial vehicle and heavy machinery customers. In addition, Guide Infrared will promote the QuadSight system through exhibitions, conferences and technological demonstrations, and will position Foresight as its official business partner and Tier 1 customer within Greater China.
Both companies will cooperate to optimize the performance of Guide Infrared solutions incorporated into Foresight’s QuadSight system by developing technical hardware and software solutions to cope with all weather and lighting conditions; and developing optical safety solutions targeting Chinese automotive market requirements.
The agreement also includes a safety and regulatory collaboration, wherein both companies will cooperate in order to ensure that the infrared cameras manufactured by Guide Infrared meet the automotive industry’s regulatory standards and end customers’ quality requirements.
“We are very excited to announce our strategic cooperation with Guide Infrared, China’s largest producer of infrared detectors,” said Haim Siboni, CEO of Foresight. “This collaboration will allow us to benefit from Guide Infrared’s widely deployed distribution channels and will open new markets and opportunities, making our advanced vision technology available to the local Chinese automotive industry.”
“Foresight’s innovative vision technology and the superior detection capabilities of the QuadSight system enhance our product offering and will help us to increase our presence in the Chinese automotive market,” said Li Huang, president of Guide Infrared. “Cooperation with Foresight is an important strategic move for our company and we anticipate significant future collaboration.”