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(Sharecast News) - AI platform operator Cordel Group said on Thursday that it has received a contract extension with the Australian Rail Track Corporation, taking the term of the engagement to 31 August 2025.
Cordel said its collaboration with the ARTC, which began in 2019, represents its first large-scale commercial deployment of its unattended infrastructure monitoring solution, setting a new standard in rail technology implementation.
The AIM-listed group added that the new extension also includes network-wide Light Direction and Ranging, Video and Clearance Assessments.
Financial terms of the deal were not disclosed.
Chief executive John Davis said: "We're immensely proud of what we've achieved with ARTC over the past five years. This partnership has validated our technology and pushed us to innovate and improve continually. We're excited to continue this journey, driving efficiency and safety in rail operations in Australia and globally."
As of 1140 GMT, Cordel shares had surged 12.83% to 7.48p.
Reporting by Iain Gilbert at Sharecast.com
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