Cordel inks deal with Middle East customer

18th Jun 2024 13:37

(Sharecast News) - Transport technology and artificial intelligence (AI) specialist Cordel Group announced a significant new customer contract in the Middle East on Tuesday.

The AIM-traded firm said the contract, valued at £0.37m for an initial six-month project, represented its first engagement in the region with a major rail network operator.

Under the deal, Cordel would provide LiDAR data, high-resolution video, and gauging surveys.

The company said it would deploy its 'Rugged LiDAR' system, which had been rigorously tested over more than one million kilometres in diverse environments across Australia, the US and the UK.

It said the system had proven effective in extreme conditions, including temperatures exceeding 50-degrees Celsius.

Cordel said the project also strengthened its strategic partnership with D/Gauge, the UK's leading rail gauging services company and part of the TUV Rheinland Group.

D/Gauge's clearance capabilities would enhance Cordel's AI-driven rail corridor asset detection technology and automated clearance datasets.

Together, they would enable railway operators to efficiently access safety-critical gauging and clearance information for projects, plans, and routes within their networks.

"We are thrilled to establish our presence in the Middle East, an important target geography, with this significant customer engagement," said chief executive officer John Davis.

"Our enhanced product positioning and strong partnerships enable us to enter new markets rapidly, as evidenced by our recent successes in Mexico and now the Middle East.

"We look forward to delivering exceptional value to our new customers and further expanding our footprint in this strategic region."

At 1127 BST, shares in Cordel Group were up 3.85% at 4.73p.

Reporting by Josh White for Sharecast.com.