Foresight Autonomous (NASDAQ:FRSX) stock is taking off on Wednesday after announcing a deal with a major automotive company.
A Foresight Autonomous news release reveals that subsidiary Eye-Net Mobile signed a deal to test out its Eye-Net Protect accident prevention system. The company doesn’t say who this deal is with, only that it’s a “multi-billion-dollar global Japanese vehicle manufacturer.”
Eye-Net Protect is the company’s accident prevention system that allows for alerts of incoming objects. The system will undergo a pilot phase with the Japanese vehicle company and is also already in use by two other companies.
Foresight Autonomous is targeting the autonomous and semi-autonomous vehicle market with its products. Its goal is to increase saturation in one market, which it believes will lead to fewer accidents and help it expand further in the future.
Dror Elbaz, the COO and deputy-CEO of Eye-Net Mobile, said this about the deal pumping FRSX stock up today.
“This first pilot with a top global vehicle manufacturer opens a new market for Eye-Net Mobile and demonstrates a need in the automotive industry for a readily-available software-based solution that provides real-time pre-collision alerts and enhances the safety of drivers and other vulnerable road users.”
FRSX stock is also seeing heavy trading in the early hours of the morning. As of this writing, more than 4.5 million shares have changed hands. While that’s not above its daily average trading volume of 8.7 million shares, it puts it well on its way to beating that with how much of the day remains.
FRSX stock was up 9.4% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.