Foresight Autonomous Holdings Ltd. (NASDAQ: FRSX) shares cleared breakeven Thursday. The Israeli-based company, an innovator in three-dimensional perception systems, announced the signing of non-binding memorandum of understanding with a prominent Indian drone manufacturer to establish a framework for collaboration as part of the India-Israel Industrial research & development (R&D) and Technological Innovation Fund (“I4F”) program.
This project follows Foresight’s signing of a commercial agreement with the same Indian drone manufacturer, as previously reported by the Company on January 14.
This morning’s news release said the joint project aims to develop rugged, autonomous industrial inspection drones equipped with visible-light and thermal sensors. According to a February 2023 market report by Markets and Markets, the global drone inspection and monitoring market, encompassing key industries such as oil and gas, mining, critical infrastructure, and manufacturing, was valued at approximately $10.5 billion in 2022 and is projected to reach $21.3 billion by 2027, growing at a compound annual growth rate (CAGR) of 15.1% during this period.
This growth is driven by the increasing adoption of drones for their cost-effectiveness, efficiency, and safety benefits in hazardous environments. Based on projections made by the Indian drone manufacturer, revenues generated from the commercialization of the jointly developed technology may reach up to $32 million by 2031. To support development, the parties have applied for $5 million in funding from I4F.
FRSX shares inched up two cents, or 2.9%, to 63 cents.