Share Search
Visit the Share Search
You are here:
Maestrano wins new contract with Network Rail
16th Dec 2020 16:31
(Sharecast News) - Transport analytics artificial intelligence (AI) company Maestrano Group announced a new contract with Network Rail on Wednesday.
The AIM-traded firm had been awarded a fully-funded trial by Innovate UK and Network Rail on 25 June.
On Wednesday, it confirmed that the trial was successfully completed, with Maestrano's subsidiary Corridor Technology - since renamed Cordel - invited to bid for the second phase of the project.
As a result, Cordel had been awarded a 12-month contract directly with Network Rail as part of the Innovate UK SBRI model.
"The Cordel team has excelled in translating the extensive work we have done in Australia and Japan to real-world railway engineering value in the UK," said Maestrano vice-president of sales Nick Smith.
"By applying our in-house developed Machine learning platform, we are able to solve railway engineering problems at a very large scale."
The total value was approximately four times that of the first project, with the board saying it "solidified" the "growing and long-term" relationship with state-owned rail infrastructure operator Network Rail.
It said the project was centred on bringing established gauging automation to Network Rail, measuring the location and encroachment of vegetation and masonry in rail networks.
However, during the course of the first phase trial, Cordel introduced a number of additional railway solutions, "substantially expanding" the scope and scale of the project and subsequent opportunities, the board noted.
"We are delighted by the outstanding progress being made by our team working with Network Rail and winning this second phase underscores the value and effectiveness of our solutions in the UK rail industry," said Maestrano chair Ian Buddery.
"We look forward to further success with Network Rail."
At 1627 GMT, shares in Maestrano Group were up 14.72% at 15.2p.
The AIM-traded firm had been awarded a fully-funded trial by Innovate UK and Network Rail on 25 June.
On Wednesday, it confirmed that the trial was successfully completed, with Maestrano's subsidiary Corridor Technology - since renamed Cordel - invited to bid for the second phase of the project.
As a result, Cordel had been awarded a 12-month contract directly with Network Rail as part of the Innovate UK SBRI model.
"The Cordel team has excelled in translating the extensive work we have done in Australia and Japan to real-world railway engineering value in the UK," said Maestrano vice-president of sales Nick Smith.
"By applying our in-house developed Machine learning platform, we are able to solve railway engineering problems at a very large scale."
The total value was approximately four times that of the first project, with the board saying it "solidified" the "growing and long-term" relationship with state-owned rail infrastructure operator Network Rail.
It said the project was centred on bringing established gauging automation to Network Rail, measuring the location and encroachment of vegetation and masonry in rail networks.
However, during the course of the first phase trial, Cordel introduced a number of additional railway solutions, "substantially expanding" the scope and scale of the project and subsequent opportunities, the board noted.
"We are delighted by the outstanding progress being made by our team working with Network Rail and winning this second phase underscores the value and effectiveness of our solutions in the UK rail industry," said Maestrano chair Ian Buddery.
"We look forward to further success with Network Rail."
At 1627 GMT, shares in Maestrano Group were up 14.72% at 15.2p.