Maestrano Group (AIM: MNO ) said its subsidiary, Corridor Limited, has been awarded a 12-month contract directly with Network Rail as part of the Innovate UK SBRI model.

Corridor, formerly Corridor Technology, was awarded a fully funded trial by Innovate UK and Network Rail back in June, after which it was invited to bid for the project’s second phase.

As part of the trial, corridor technology was used to automatically analyse digital point cloud data captured by Network Rail, using the group’s cloud-based machine learning platform which has been developed and successfully applied on Australian and Japanese railways. 

The trial was awarded as a result of a Small Business Research Initiative (SBRI) competition in conjunction with Network Rail and delivered by Innovate, which is part of UK Research and Innovation, the national funding agency investing in science and research in the UK. 

The Innovate UK project is centred on bringing established gauging automation to Network Rail, measuring the location and encroachment of vegetation and masonry in rail networks.

Shares in Maestrano Group have increased by over 40% since the beginning of November 2020 to open 11.32% higher this morning at 14.75p following the announcement.

During the course of the Phase 1 trial, Cordel introduced a number of additional railway solutions, expanding the scope and scale of the project and subsequent opportunities. 

Maestrano Group outlined to investors that the contract value is around four times that of the first project and solidifies the growing and long-term relationship with Network Rail.

Nick Smith, co-founder of Airsight and Vice President Sales for Maestrano, commented, “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.”

He added, “By applying our in-house developed Machine learning platform, we are able to solve railway engineering problems at a 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.”

Follow News & Updates from Maestrano Group here: