Cordel Group PLC New Contract wins in Mexico and Australia (4723R)
October 27 2023 - 2:00AM
UK Regulatory
TIDMCRDL
RNS Number : 4723R
Cordel Group PLC
27 October 2023
27 October 2023
Cordel Group PLC
("Cordel" or the "Company" or the "Group")
Cordel announces New Contract wins in Mexico and Australia
Cordel Group PLC (AIM: CRDL), the Artificial Intelligence
platform for transport corridor analytics, announces it has been
awarded a contracts to deliver a LiDAR-based solution in Mexico in
partnership with Holland LP ("Holland") and a further project with
the National Transport Research Organisation ("NTRO") in Australia,
in partnership with Ricardo PLC.
The contract in Mexico expands on the success of Cordel &
Holland's partnership announced on 23 February 2023 and is the
Company's first contract under the new commercial model between the
companies. In this case, rather than mounting a Cordel scanner on a
Holland track vehicle for a single network scan, the customer is
purchasing one of Holland's industry leading inspection vehicles
with a permanently mounted Cordel LiDAR unit.
The LiDAR scanner will run autonomously while the railroad is
conducting its regular inspections. Cordel and Holland will provide
the railroad with a digital twin of the new network, along with
reports for various engineering use cases.
The second contract win is an AUD$500,000 project for Level
Crossing Safety Research, which is in addition to the agreement
with NTRO announced on 4 September 2023. Cordel will provide
technical competency in relation to data capture at large scale and
using automation to extract attributes of interest from level
crossings using multi-modal data sets. This has been awarded under
round 1 of the Regional Australia Level Crossing Safety Program, a
AUD$180.1 million government program which aims to improve level
crossing safety in regional areas.
Cordel will create a web-based Level Crossing Data management
Portal that will expose critical information to the various
stakeholders. Significant contribution will be made by Ricardo to
engage the compliance related stakeholders, and from NTRO in
relation to ongoing alignment with its other research in this
field. The feedback obtained from these initiatives will complement
future funding rounds which NTRO and Department of Transport (Vic)
are currently under discussion for FY24/25 and beyond.
Erik Curran, General Manager of Holland LP commented :
"Our important partnership with Cordel continues to strengthen
and now enters the Latin America market with this new contract. Not
only is this a significant project in the rail industry, but the
contract introduces continuous automated data capture and analysis
for Holland clients."
John Davis, CEO of Cordel, commented :
"We are delighted to be delivering on our partnership strategy
with these two significant wins, both of which reflect the rail
industry's acceptance of our unique automated capture and analysis
technology."
Enquiries:
Cordel Group PLC c/o Zeus
Ian Buddery, Chairman
John Davis, Chief Executive Officer
Zeus Capital Limited Broker +44 (0)20 3829 5000
Simon Johnson / Alexandra Campbell-Harris
Strand Hanson Limited Nominated Adviser
Richard Johnson / James Bellman +44 (0)20 7409 3494
The information contained within this announcement is deemed to
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Regulations (EU) No. 596/2014, which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
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About Cordel
Cordel produces specialist hardware and software for capturing,
analysing and reporting on large datasets within the transport
sector, employing sophisticated artificial intelligence algorithms.
Further information on the
Company is available at: www.cordel.ai
About Holland LP
Holland LP is an industry leading provider of railroad
engineering services. The Company offers rail welding, track
testing, rail car maintenance, transloading, and rail car cleaning
services. Holland also designs and manufactures welding, rail
handling, track testing, and product securing equipment. Holland
caters to the rail transportation industry in North America.
Further information is available at: www.hollandco.com
About Ricardo PLC
Ricardo plc is a world-class environmental, engineering and
strategic consulting company listed on the London Stock Exchange.
With over 100 years of engineering excellence, they provide
exceptional levels of expertise in delivering leading edge and
innovative cross sector sustainable products and solutions, helping
their global customers increase efficiencies, achieve growth and
create a clear and safer future. For more information visit
www.ricardo.com
About NTRO
NTRO is committed to ensuring that new knowledge is used to
create world's best practice across all modes of transport. NTRO
pulls together multi-modal transport solutions and helps the sector
embrace new technologies and materials, to tackle next generation
issues across the sector. Whether it's road, rail, airports or
ports; public, private or active transport; and people or freight,
NTRO supports a better mobility future.
Further information is available at: www.ntro.org.au
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