London-listed Maestrano Group (AIM:MNO) skyrocketed 84.38% on Monday morning after announcing a significant contract win.
This morning's statement revealed that its recently acquired subsidiary, Airsight, had won the contract with the Australian Rail Track Corporation (‘ARTC’), a major rail company in Australia.
A government-owned statutory corporation, ARTC manages most of Australia’s interstate rail network which makes up 8500 kilometres in length across five states.
“ARTC is an existing client for other Airsight services, however this is their first contract for Corridor.ai and our largest deployment to date,” said Nick Smith, co-founder of Airsight and now Vice President Sales for Maestrano.
Shares in Maestrano Group were trading 78.13% higher at 2.85p on Monday afternoon.
Airsight will install its Corridor Insights LiDAR (Light Distance and Ranging) plus high-resolution camera equipment onto an ARTC data collection rail car to collect digital imagery and a “point cloud” of the rail network.
The data collected will be processed by the Corridor Insights AI platform — “the platform generates ongoing recurring revenue from the per-kilometre analysis of rail corridor data,” explained Smith.
“NextCoretm and Corridor Insights are the core components of our Corridor.ai system, the world's leading automated defect detection and management platform,” said Andrew Pearson, CEO of Maestrano.
This morning's news marks Airsight's first contract of 2020 and follows its last contract with the Australian Government Department of the Environment and Energy announced in late November 2019.
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