REG - Cordel Group PLC - Update on PTC Project

CordelAnnouncement

09/04/2025 07:00

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RNS Number : 1458E  Cordel Group PLC  09 April 2025

9 April 2025

Cordel Group PLC

("Cordel" or the "Company" or the "Group")

 

Cordel Group PLC Update on PTC Project

 

Cordel Group PLC (AIM: CRDL), the Artificial Intelligence platform for
transport corridor analytics, is pleased to provide a progress update on the
Positive Train Control ("PTC") system in development for railroads in North
America.

The Company has achieved Multimodal AI capabilities on the 'Cordel Asset
Extraction' system (CASE), a rail industry first. Furthermore, Cordel has
secured agreements with 2 of the 6 North American Class 1 Railroads, and is in
late-stage negotiations with 2 others, to share their existing PTC datasets to
support the training and validation of the AI models. These are vital steps
towards the PTC product launch anticipated in July this year.

Aaron Hoye, CTO of Cordel, said: "We have reached an important milestone on
the CASE system which employs multimodal Artificial Intelligence, using
imagery and point clouds simultaneously. This is a genuinely new way to
automate asset extraction, utilizing techniques previously only used in
autonomous driving and robotics.  Receiving current PTC data covering the
majority of the US rail network will enable model training for
engineering-grade accuracy of asset recognition and location."

John Davis, CEO of Cordel, commented:

"Our focus at Cordel is 'making AI useful' and we are delighted to have
secured the engagement of 4 Class 1 Railroads prior to our targeted PTC
product launch in July.  This engagement gives us confidence with the market
fit for CASE and our core growth strategy, with its twin pillars of rail
corridor data analysis and asset extraction to support Positive Train
Control.  Every global rail company needs to understand where their key
assets are and how the associated asset registers change over time; using
Multimodal AI to deliver and maintain this asset registry is a global industry
opportunity for Cordel."

 

Enquiries:

 

 Cordel Group PLC                            c/o  Cavendish Capital Markets Limited
 Ian Buddery, Chairman

 John Davis, CEO
 Cavendish Capital Markets Limited, Broker   +44 (0)20 3829 5000
 Marc Milmo / Rory Sale (Corporate Finance)

 Sunila de Silva (Corporate Broking)

 Strand Hanson Limited, Nominated Advisor    +44 (0) 20 7409 3494

 Richard Johnson / James Bellman

 

About Cordel

Cordel produces 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.cordel.ai
(http://www.cordel.ai/)

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