5th Jul 2022 09:55
Cordel Group PLC - London-based artificial intelligence platform for transport corridor analytics - Shares surge after winning one-year contract to deliver light detection and ranging-based solutions to One Rail Australia. One Rail Australia is Australia's largest rail freight service provider with about 2,300 miles of owned and leased track and carries 55 million tonnes of freight per year, Cordel explains. One Rail Australia operates in South Australia and the Northern Territory.
"Following six months of detailed product development and testing, Cordel's technology allows the acquisition and processing of thousands of miles of railway ballast condition data completely automatically using Cordel's proprietary machine learning technology," says Chief Executive Officer Nick Smith. Firm explains it delivers high-definition video and automated ballast assessments.
The sum of the deal is undisclosed.
Current stock price: 5.00 pence, up 11% on Tuesday
12-month change: down 60%
By Tom Budszus; [email protected]
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