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Vection Technologies (ASX:VR1) strikes AR maintenance deal with Italy’s biggest train operator

Technology
ASX:VR1      MCAP $27.03M
26 November 2020 13:15 (AEST)
Vection Technologies (ASX:VR1) - Managing Director, Gianmarco Biagi

Source: Confindustria Emilia

Vection Technologies (VR1) has struck a deal with the Italian government for virtual reality and augmented reality (VR and AR) remote train maintenance.

The VR and AR specialist has signed a memorandum of understanding (MoU) with Trenitalia, which is the main train operator in Italy. Trenitalia is own by Ferrovie dello Stato Italiane, which itself is owned by the Italian government.

Through the deal, Vection will help Trenitalia conduct remote train maintenance for its regional train fleet through the Vection AR technology.

The project will be based on Vection’s Trainer Creator software, which the company launched in June 2020.

Essentially, Trainer Creator is a real-time, AR-based maintenance and repair software designed to help technicians deliver accurate, quick, and safe repairs.

Vection Managing Director Gianmarco Biagi said through today’s deal with Trenitalia, the company plans to revolutionise the train maintenance processes for one of the leading railway operators in Europe.

“The launch of this collaboration with Trenitalia is aligned with Vection Technologies’ enterprise digital transformation strategy, introducing our proprietary real-time technologies across the value chain to deliver tangible benefits for our clients,” Gianmarco said.

Under the deal, Vection will design, develop, and deploy the AR solution, while Trenitalia will support Vection with its skills and knowledge where possible.

Yet, while Vection said the deal is expected to be material for the company based on Trenitalia’s market significance, the company did not say exactly what sort of revenue a deal like this might bring in.

Still, investors seem impressed with the high-profile partnership; Trenitalia pulled in just under €5.4 billion (around A$8.7 billion) in revenue in 2018.

Shares in Vection are up 13.64 per cent this afternoon, trading at 12 cents each at 12:48 pm AEDT.

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