Foresight Autonomous Holdings Ltd (NASDAQ:FRSX) has signed an exclusive commercialization agreement with Elbit Systems Land Ltd, a subsidiary of Elbit Systems Ltd (NASDAQ: ESLT).
The agreement is for the integration, marketing and licensing of Foresight’s image processing software solution.
Elbit will commercialize Foresight’s software solution, exclusively and globally, as a software license.
Elbit will have exclusive rights to market and sell Foresight’s image processing software in the ESL Field globally for five years.
Foresight’s solution will be offered to Elbit’s end customers in advanced driver assistance systems (ADAS) for driving safety and as a solution for semi- and fully-autonomous platforms.
Foresight expects revenues of up to $4 million, over a contractual period of five years, with minimum guaranteed revenues of $1 million over the time period.
It expects to start recognizing initial revenues from its agreement with Elbit during the second half of 2023.
Price Action: FRSX shares are trading higher by 19.6% at $3.17 on the last check Monday.
