Investors are welcoming a key technology update from the robotics company today.
The post Here’s why the Strategic Elements (ASX:SOR) share price is rocketing 23% today appeared first on The Motley Fool Australia. –
Shares in tech and resources player Strategic Elements Ltd (ASX: SOR) are shooting higher today after an announcement the company released earlier today regarding its Stealth AxV Automation & Robotics Platform.
At the time of writing, the Strategic Elements share price is trading 23.2% higher at 26.5 cents apiece.
Here are the details.
What did Strategic Elements announce?
In today’s release, Strategic advised that its 100% owned Stealth AxV Automation & Robotics Platform successfully achieved multiple development and program milestones across 3 applications under development. These include the autonomous security vehicle (ASV), autonomous CBRN agent detection and autonomous mining applications.
Stealth Technologies is collaborating with software-industrial company Honeywell to develop autonomous security vehicles for the correctional sector.
The company says that the ASV seamlessly integrates into the prison’s security management platform and can autonomously test key perimeter intrusion detection systems (PIDS) like photo-electric beams, microphonic sensors and fibre-optic fence sensors.
Strategic Elements also reported that the ASV has successfully completed “thousands of operational tests of advanced perimeter intrusion detection systems at a Western Australian prison facility”.
The release noted that the ASV successfully fed hundreds of hours of mobile HD surveillance video to the prison’s Patrol Control Centre while autonomously testing and patrolling the secure perimeter.
Stealth intends to run the ASV at a Western Australian prison until the end of 2021 and then conduct a full review and assessment of ASV missions made to date. Discussions on a commercial agreement between Stealth Technologies and Honeywell are continuing.
Mining probe to start
The company also notes that its Stealth platform will start a phased pilot investigation with a global mining company that owns “tier-1 world-class assets” on its books.
Phase 1 of the investigation involves validating the potential suitability of a Stealth technology solution and therefore incurs no payment milestone. It is intended that Phase 1 will complete in the first quarter of 2022, according to the announcement.
Speaking on the announcement, Strategic Elements managing director Charles Murphy said:
Stealth Technologies has built a world first automation and robotics technology for the correctional sector to increase security, save costs and re-deploy staff away from mundane, repetitive tasks. It is satisfying that real world outcomes are starting to be reported that indicate the robustness and reliability of the ASV.
It’s a good example of a start-up with innovative IP, a large company with domain knowledge and a research organisation with deep expertise coming together to solve a real, customer identified problem.
We have a direct line with domain knowledge for Autonomous CBRN Detection by working with DSTG and are keen to replicate this experience in the mining sector where we are in the early stages of a relationship with a global mining company.
Strategic Elements share price snapshot
The Strategic Elements share price is catching bids in response to the announcement today, trading as high as 28 cents per share before smoothing off to its current levels.
The Strategic Elements share price has gained more than 65% in the last 12 months after rallying another 32.5% this year to date.
The post Here’s why the Strategic Elements (ASX:SOR) share price is rocketing 23% today appeared first on The Motley Fool Australia.
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The author has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.