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- SenSen Networks Limited (SNS) is awarded a contract to supply its fuel theft reduction solutions to EG Group Australia fuel stations across Australia
- The acquisition made possible by breakthrough SenSen innovations that leverage existing fore-court cameras in service stations to deliver fuel theft reduction solutions
- EG comprises of a chain of more than 530 petrol stations, allowing SenSen to address a significant problem as its estimated fuel theft costs Australian operators around $60 million per year
- With installation commencing in January 2022, SenSen will earn upfront revenue of $156,000 and then $170,000 per year from this initial three-year contract
- SenSen Networks Limited shares rounded off the day of trading at 12 cents
SenSen Networks Limited (SNS) has been awarded a contract to supply its fuel theft reduction solutions to EG Group Australia fuel stations across Australia.
EG comprises a chain of more than 530 petrol stations and forms part of the private British retailer EG Group which operates petrol stations and fast-food outlets in the UK, Europe, United States and Australia.
SenSen says its award-winning AI technology prevents drive-offs at service stations, addressing a significant problem as its estimated fuel theft costs Australian operators around $60 million per year.
This rapid acquisition of sites is made possible by the breakthrough integration of Scamcam’s existing technology onto SenSen’s AI platform, SenDISA, leveraging existing fore-court cameras in service stations to deliver fuel theft reduction solutions.
The company says the innovation is hugely beneficial to all service stations, in particular independent service station owners who account for 40 per cent of the market and who normally cannot afford this type of technology.
SenSen Networks Limited CEO, Subhash Challa, the new technology has many benefits.
“The new technology breakthrough from SenSen enables the use of pre-installed and existing forecourt cameras without the need for new camera installations to prevent fuel theft,” Dr Challa said.
“This dramatically reduces time and cost of setting up the system and increases the adoption of such a mission critical technology by all fuel stations across the country. There are over 6500 service stations across Australia and this solution tackles a very important problem for the industry.”
The deployment will commence in January 2022, with SenSen earning $156,000 for the rollout and then $170,000 per year under the initial three-year contract.
SenSen Networks Limited shares rounded off the day of trading at 12 cents.
