Cordel wins contract with class one freight railroad in the US
Cordel Group PLC shares climbed on Monday as it said it has won a $3.7 million contract with an unnamed class one freight railroad in the US.
The London-based company whose flagship platform uses artificial intelligence to supply transport corridor analytics said the five-year contract also includes an additional $3.8 million provision for Cordel’s new positive train control asset management software following its launch in July.
Cordel said it will deliver its full suite of capture, processing and delivery of rail corridor data and insights under the contract.
It will supply multiple Rugged LiDAR capture systems for automated upload and processing.
Chief Executive Officer John Davis said: ‘We are delighted to announce our second class one multi-year contract and our third major USA customer, alongside Amtrak and Genesee & Wyoming. The world’s best railroads are choosing Cordel because of our complete solution: industry leading data management, multimodal AI and automated insights and visualisation.
‘While economic uncertainty is currently extending decision cycles, we are confident in our strategy and long term growth trajectory.’
Shares in Cordel were up 7.4% at 7.25 pence in London on Monday afternoon.
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