Foresight Autonomous (NASDAQ:FRSX) stock is heading higher on Friday after revealing details from a pilot project for its accident prevention solution.
The positive news for FRSX stock today comes from Foresight Autonomous’ Eye-Net Mobile subsidiary. The company completed the first part of a pilot program with “a multi-billion-dollar global Japanese vehicle manufacturer.”
That had the company working with the intelligent transport system division of this unnamed company. This saw it looking over the performance of the Eye-Net Protect tech for preventing accidents. The conclusion it came to was that this solution is a valid option for “the safety traffic system of its smart city project.”
Foresight Autonomous notes that the company plans to further discuss the use of the system with the smart city constructor. This could result in the Eye-Net Protect being used in the project.
That alone is great news for FRSX stock but there’s more to it than that. Foresight Autonomous notes that use in this project could act as a launching point for its tech to be used in other smart city systems around the world.
Dror Elbaz, COO and deputy CEO of Foresight Autonomous, said this about the positive news for FRSX stock.
“We are excited to announce the completion of the first phase of our pilot project with the Japanese vehicle manufacturer after successfully meeting the vehicle manufacturer’s key performance indicators. We look forward to completing the next steps defined by the vehicle manufacturer and possibly integrating the Eye-Net technology into the Japanese smart city project.”
FRSX stock was up 12.2% as of Friday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.