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(Alliance News) - Shares rose in Cordel Group PLC on Tuesday on the winning of a five-year contract with London-based stock rolling firm Angel Trains for the installation of automated hardware on passenger trains.
Rolling stock is defined as the wheeled vehicles of a railroad, including locomotives, freight cars and passenger cars.
Shares in the London based transport-focused artificial intelligence firm were 27% higher at 6.69 pence on Tuesday.
Under the contract, Cordel's Light Detection & Ranging and imagery capture technology will be installed on passenger trains operated by Great Western Railways. This will allow for real-time track monitoring of Network Rail's infrastructure, reducing the need for special measurement trains.
The contract will start with Angel's Class 165 train fleet, which will start operating with Cordel's LiDAR and imagery.
"This is a major initiative for Cordel, Angel Trains, and the UK rail network. By capturing data in real-time from in-service passenger trains, we can provide Network Rail with a far more detailed picture of the state of rail infrastructure, moving from time-based maintenance to condition-based maintenance. As well as being more efficient in terms of resources, by focusing maintenance on key issues more promptly, we can help Network Rail provide a more resilient railway," said Chief Executive Officer Nick Smith.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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