Monday, January 24, 2022

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Vection Technologies: Strikes AR maintenance deal with Italy’s biggest train operator

  • Vection Technologies (VR1) has struck a deal with the Italian government for virtual reality and augmented reality (VR and AR) remote train maintenance
  • The company has signed a memorandum of understanding MoU with Trenitalia, which is a subsidiary of government-owned Ferrovie Dello Stato Italiane
  • Trenitalia is the main train operator in Italy and raked in almost €5.4 billion (around A$8.7 billion) in revenue in 2018
  • Under today’s deal, Vection will develop a remote maintenance solution based on its Trainer Creator software, which launched in June
  • The company says today’s deal is material but did not give any insight as to what sort of revenue might come from a deal of this nature
  • Still, shares in Vection are up almost 14 percent and trading at 12 cents each this afternoon
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