Shares of Foresight Autonomous Holdings Ltd.
was up 8.3% in pre-market trading Friday after the Israel-based company announced it had signed a cooperation agreement. Foresight said the deal was with a leading global electric vehicle (EV) original equipment manufacturer (OEM) in China, specializing in electric vehicles, rechargeable batteries and related products, but it did not did not disclose the name of the company. After completing a proof-of-concept project, Foresight announced plans to negotiate a definitive commercial agreement for the joint development, integration and commercialization of Foresight’s technology in OEM automotive vision systems, the company said . The OEM will promote the use of Foresight’s technology among its subsidiaries, customers and partners. Foresight specializes in sensor technology that detects obstacles in harsh weather and lighting conditions.