CORRECTION -- Mekorot and Watersight Expand Partnership with AquaRing Deployment at New Locations in Israel

Installations targeted for additional Mekorot water monitoring stations in northern Israel

NESS ZIONA, Israel, May 31, 2023 (GLOBE NEWSWIRE) -- In a release issued by Vision Sensing Acquisition Corp. under the same headline earlier today, please note that the statement by Yossi Yaacoby, VP of Engineering of Mekorot, in the fifth paragraph was corrected. All other information remains the same. The full release follows.

Mekorot, the Israeli national water company, and Watersight LTD, a joint venture company of Mekorot and Newsight Imaging Ltd. and leading provider of online water AI condition-based water monitoring solutions, today announced the planned installation of the AquaRing system at new locations in Israel, targeting additional Mekorot water monitoring stations.

Watersight's patent-pending AquaRing is based on the game-changing spectral chips developed by Newsight, powered by Machine Learning and AI, and supported by a cloud-based dashboard. The device provides an advanced Real-Time, IoT monitoring solution that provides alerts based on water conditions. From source to tap, inlet to outlet, Watersight's solution is fast, smart, and scalable at a market-leading price.

The AquaRing pilot program was launched in November 2022, and has since attracted some of the leading U.S and Europe water and beverage industry companies. The pilot program’s positive results have led Mekorot and Watersight to expand AquaRing installations with early product deployments at additional Mekorot remote locations in northern Israel.

Watersight’s program is targeting key strategic markets including the water utilities, beverage and water purifier industries. Globally, the water and wastewater utility sector expenditure on digital solutions is forecasted to grow 8.8% annually, from US$25.9B in 2021 to US$55.2B in 2030, according to a report from Bluefield Research. Revenue in the Beverages segment is projected to reach US$235.0B in 2023 according to Statista, which relies on beverage quality process water checks during production. Watersight recently released a new use case support of monitoring the efficiency of water purifying systems, recognizing the global water purifier market size has reached US$46.3B in 2022, with Research and Markets expecting the market to reach US$78.1B by 2028, exhibiting a CAGR of 9.11%.