16 Dec 2020 07:00
16 December 2020
Maestrano Group PLC ("Maestrano" or the "Company")
Maestrano wins Phase 2 of Innovate UK - Network Rail
Maestrano Group PLC (AIM: MNO), the Artificial Intelligence platform for transport corridor analytics, is pleased to announce a new contract with Network Rail.
On 25 June 2020 the Company announced it had been awarded a fully funded trial by Innovate UK and Network Rail. This trial was successfully completed and Maestrano's subsidiary Corridor Technology Limited (since renamed Cordel Limited) was invited to bid for the second phase of the project.
As a result, Cordel Limited has been awarded a 12-month contract directly with Network Rail as part of the Innovate UK SBRI model. Total value is approximately 4 times that of the first project and solidifies the growing and long term relationship with Network Rail.
The project is 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 Phase 1 trial, Cordel introduced a number of additional railway solutions, substantially expanding the scope and scale of the project and subsequent opportunities. More information about Cordel can be found at www.cordel.ai
Nick Smith, co-founder of Airsight and Vice President Sales for Maestrano, said,
"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. By applying our in-house developed Machine learning platform, we are able to solve railway engineering problems at very large scale."
Ian Buddery, Chair of Maestrano, commented:
"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. We look forward to further success with Network Rail."
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Enquiries:
Maestrano Group plc
Ian Buddery, Chairman c/o Arden Partners
Grant Thornton (Nominated Adviser)
Colin Aaronson / Jamie Barklem / Niall McDonald +44 (0)20 7383 5100
Arden Partners (Broker)
Ruari McGirr / Ciaran Walsh +44 (0)20 7614 5900
About Maestrano
Maestrano offers a patented cloud-based platform for master data management and business analytics, together with 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.maestrano.com