Driver assistance systems developer MobilEye NV is expanding its presence in the Israeli market. Eldan Rent-a-Car Ltd. will install the company’s Accident Warning And Control System (AWACS) in its rental and leasing fleets.
Eldan will offer the AWACS to customers seeking to improve the safety of their company cars, and will charge a premium rate for cars with the system. Eldan says, “Use of a reliable warning technology will substantially reduce drivers’ involvement in accidents, and reduce damage from accidents.”
Many cars on Israel’s roads are leased or rentals, so that installing the AWACS will improve driver and road safety in general.
The Eldan contract is MobilEye’s second large contract in Israel. The company is installing the AWACS in cars sold by Delek Automotive Systems Ltd. (TASE: DLEA), which offers the system to customers in a pilot program. Each system costs $2,500.
AWACS provides three types of warnings: deviation from the lane, headway monitoring and warning from the vehicle ahead, and forward collisions warning. The technology uses a small camera installed by the windshield, and software that processes the image and sends warnings about dangerous situations.
Last week, Goldman Sachs Group Inc. (NYSE:GS) announced that it would invest $100 million MobilEye at a company value of $600 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 22, 2007
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