Cordel Group PLC (LON:CRDL), the Artificial Intelligence platform for transport corridor analytics, has announced an agreement with a major national railway in the Asia Pacific region.
The customer has agreed to proceed with a 12-week paid trial of Cordel’s forward facing video solution. In addition, Cordel is providing LiDAR data to evaluate other use cases such as Vegetation Management and Clearance assessments.
A Cordel Wave LiDAR sensor and camera will be installed on an in-service locomotive to provide LiDAR data and video data. Upon successful demonstration of the FFV solution, the customer intends to expand the trial into a roll-out across their broader locomotive fleet with provision for FFV on all locomotives, with a subset also installing LiDAR to support additional use cases as required.
The Cordel FFV solution utilises forward-facing high-resolution video cameras, GNSS (global satellite navigation system) and IMU (inertial measurement unit) positioning to provide geo-synchronised video captures of the entire rail network. The data is then processed by our machine learning platform to automatically detect, classify and grade the captures into manageable and insightful streams of information. Augmenting this data with regular LiDAR captures enables clients to assess the condition of assets, defects and safety incursions inside the railway corridor.
John Davis, CEO of Cordel Group, commented:
“We are delighted to welcome a new major customer, with a 4,000 kilometre rail network which is being reinvigorated by unprecedented Government investment, including a Digital Engineering Programme, which utilises the best digital technology to improve network performance, safety and efficiency.”
This new Asia customer follows a recently announced positive trading update for the period to the end of March 2024 and strong H1 performance. Zeus commented, “Cordel has issued a short but positive update for the quarter to the end of March. The Group is making good progress with the contract pipeline and reiterated revenue guidance for the full year. Key relationships with Amtrak, Angel Trains and Network Rail are growing, and Cordel continues to ramp-up business development activity in new and existing markets. Selective hiring to complete the build-out of the team and platform has continued but is nearly complete; operational gearing is now high. This positive update adds to the strong H1 performance reported in January. Our estimates for the full year (June year-end) are unchanged and our valuation remains 22p, substantial potential upside to the current share price. Cordel is trading on a forward calendar EV/sales metric of just 1.0x vs. the FTSE 350 Software & Computer Services sector on c. 3.0x.”
