Cordel secures North American railroad contract

10th Jul 2024 10:57

(Sharecast News) - Artificial intelligence platform operator Cordel Group has secured a new customer contract with Genesee & Wyoming, the owner and lessor of more than 100 short line and regional freight railroads in North America.

Cordel said on Wednesday that G&W will initially use its automated capture, processing and analysis tool across railroads within its Upper Midwest and Great Lakes divisions, which together total 900 track miles, to generate more accurate, consistent and regularly updated data that will help to better assess clearances, particularly those relating to the movement of high and wide loads.

The AIM-listed group stated the project will be utilising the new 'Cordel Rugged' automated, highly portable and agile capture system, specifically designed to reduce engineering overhead associated with fitting capture devices to rail inspection vehicles and locomotives.

Financial terms of the deal were not disclosed.

Chief executive John Davis said: "This is another important step for us in the US market and demonstrates the significant value that we bring to railroads globally. We are very excited to see the impact that our new 'Cordel Connect' platform and 'Cordel Rugged' capture system are having in the market; delivering more efficient and sustainable ways for railroads to use digital data to inspect and maintain their rail corridors."

As of 1050 BST, Cordel shares were down 2.00 % at 4.31p.

Reporting by Iain Gilbert at Sharecast.com