15th Mar 2023 11:45
(Alliance News) - Cordel Group PLC on Wednesday announced it has been awarded a contract by Amtrak to supply a fully-automated software suite for survey and clearance management.
Amtrak is a provider of intercity passenger rail services in the US with a 21,000 miles network that connects 46 states and three Canadian provinces. Cordel is a London-based company that provides an artificial intelligence platform for transport corridor analytics.
The contract is valued at USD6.7 million, with an 18-month configuration and reporting phase followed by a 5-year software-as-a-service phase.
Shares in Cordel jumped 28% at 8.30 pence in London on Wednesday morning.
Cordel said it will deliver to Amtrak an automated clearance system that uses artificial intelligence and automated LiDAR data capture, a type of laser scanning. It added it will work with its UK clearance assessment partner, DGauge Ltd, to manage and optimise the clearance data.
Chair Ian Buddery said: "This contract validates our investment in the US Railroad market and its recognition of our advanced capabilities. Running on almost 140,000 route miles, the US rail network is widely considered the largest, safest, and most cost-efficient freight system in the world. We will continue to invest and expand in the US, reaching out to operators as demand for our advanced technology grows."
By Heather Rydings, Alliance News senior economics reporter
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