Rail Vision received an initial purchase order amounting to approximately $1M as part of a contract valued at up to $5M with a leading US-based rail and leasing services company that the Company announced on January 17, 2024. The order is for the purchase of Rail Vision’s AI-based ShuntingYard products, which are expected to be installed during the third quarter of this year. The first phase of the contract is valued at $1,000,000. Follow-on orders for additional ShuntingYard products, valued at up to $4,000,000, are subject to customer approval. The contract also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards switching segment.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RVSN:
- Rail Vision gets order for switch yard system from Class 1 freight rail operator
- Rail Vision Wins US Order Advancing Railway Safety with AI Technology
- Rail Vision Gains Ground in US Railway Market
- North American rail traffic up 1.8% for the week ending March 30
- Rail Vision receives purchase order from Loram
