Rail Vision Ltd. (NASDAQ:RVSN) shares are trading higher on Wednesday.
The company received an order for its AI-driven Switch Yard System from Loram, a railway track maintenance equipment and services provider.
Loram’s order marks the beginning of a pilot project, utilizing Rail Vision’s technology to improve rail track maintenance.
“We are excited to embark on this project with Loram, a company that shares our dedication to enhancing rail safety and efficiency through innovation and technology,” said Shahar Hania, Rail Vision’s Chief Executive Officer.
If successful, it may lead to broader integration of Rail Vision’s solutions into Loram’s services nationwide, Rail Vision said in a press release.
“We believe that this collaboration, alongside our recent successes in the US market, represents a step forward in our mission to redefine railway operations worldwide and establish our brand in the US,” Hania added.
According to Benzinga Pro, RVSN stock has lost over 71% in the past year.
Price Action:Â RVSN shares are trading higher by 4.97% to $2.1099 on Wednesday.
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