Rail Vision Shares Surge After Sujan Ventures Agrees To Advance Safety Systems

Rail Vision Ltd. RVSN shares are trading higher after the company inked a binding memorandum of understanding with Sujan Ventures in India to introduce its safety systems to the Indian railway market.

Sujan Ventures will make an initial upfront payment to the company, with additional payments tied to milestone completion.

As per the deal, Sujan Ventures will spearhead efforts to introduce Rail Vision’s advanced safety systems in India.

Rail Vision will first conduct a short trial at the customer’s facilities to showcase its technology.

Upon customer approval, both parties plan to formalize a definitive agreement to advance their collaboration.

Sujan Ventures will have exclusive rights to negotiate and secure a distribution agreement for the Company’s solutions in India.

This collaboration aims to integrate Rail Vision’s technologies into future tenders and projects, enhancing rail safety with advanced accident avoidance systems, especially in adverse weather.

Rail Vision CEO Shahar Hania said, “The opportunity to penetrate the vast and dynamic Indian rail market with our safety systems is truly exciting. We believe that a successful collaboration with Sujan Ventures and a strong presence in India could elevate Rail Vision to a new level in the rail safety and technology market.”

Sujan Ventures CEO Brijesh Sujan stated, “With our partnership, we are proud to support Rail Vision’s solutions to become fully compliant with ‘Make in India’ initiatives, which will empower Indian Railways to deploy advanced, locally-sourced safety systems without compromising on global standards.”

Price Action: Rail Vision shares are up 6.19% at $0.9351 at the last check Wednesday.

Read Next:

Image: Shutterstock