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First Order for Asset Tracking in Rail Industry

·4-min read

OTAQ Plc (OTAQ)
First Order for Asset Tracking in Rail Industry
21-Sep-2022 / 15:30 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

OTAQ plc

("OTAQ", or the "Company")

First order for asset tracking in rail industry

 

OTAQ, the marine technology products and solutions group for the global aquaculture, offshore energy, and tracking industries, announced on 20 September that it had been awarded an initial order for the Company’s tracking device. The Company is pleased to confirm that, having worked closely with Track Tracker Ltd, a specialist railway technology company, that it has received the first order for its newly developed asset tracking device for use in tracking assets in the rail industry.

 

The contract is for the supply of an initial batch of 40 devices to Track Tracker Ltd who will monitor the location of railway assets in use in busy, hazardous, and often complex on track and trackside locations.  The railway network is a highly safety critical environment in which the OTAQ asset tracking devices, when integrated into the Track Tracker system, are designed to report precise locational accuracy ensuring that assets are not placed in vulnerable locations.

 

The asset tracking devices will be supplied in the first week of October, with further orders expected following successful on-site operations.

 

The contract demonstrates the innovation and R&D expertise gained through the Company's acquisition of ROS Technology and the evolution of aligned applications, in this case working closely with Track Tracker Limited. This follows the successful launch of tracking technology products in the sporting events sector earlier in the year.

 

Phil Newby, Chief Executive at OTAQ, commented:

“The UK rail industry is proud of its robust safety culture and safety standards. This advancement in technology will serve to enhance the industry’s already exceptional safety record.

 

“The potential for the market in UK rail alone is believed to be considerable and the company hopes the technology will be adopted by many of the tier one contractors and joint venture projects.  We anticipate that we will continue to develop the tracker technology and its applications to appeal to many further potential markets, where precision location and geo-fencing is critical.”

 

Enquiries:

OTAQ PLC

Via Walbrook

Alex Hambro, Non-Executive Chairman

 

Phil Newby, Chief Executive Officer

Matt Enright, Chief Financial Officer

 

 

 

Dowgate Capital Ltd (Broker & Adviser)

020 3903 7715

David Poutney/James Serjeant

Nicholas Chambers/Russell Cook

 

 

 

Walbrook PR Ltd

Tel: 020 7933 8780 or Otaq@walbrookpr.com

Tom Cooper/Nick Rome

 0797 122 1972 or 07748 325 236

 

About OTAQ

 

OTAQ is a highly innovative marine technology company focused on the marine aquaculture, offshore energy, renewables and oceanographic research sectors. It operates in four worldwide locations: Lancaster, Aberdeen and Ulverston in the UK and Puerto Montt in Chile.

OTAQ's marine technology portfolio includes a market-leading intelligent acoustic deterrent system, Sealfence, designed to protect marine-based aquaculture sites from predation, with multiple systems deployed in Scotland, Chile and Finland.

The Company's Oceansense leak detection systems have a global reputation as the industry standard solution and have been deployed successfully on hundreds of jobs. OTAQ's Dragonfish laser measurement system is fast becoming recognised as one of the most accurate underwater precision laser measurement systems available. OTAQ also has significant experience in the design and manufacture of underwater connectors, penetrators and communication systems.

It seeks to develop and continuously improve its products using its specialist mechanical, electronic and software engineers with decades of experience in bringing underwater technology products to market. Concurrently, OTAQ seeks to expand its technology portfolio through acquisitive growth, with the aim of further expanding its aquaculture and offshore product offering.

OTAQ is proud to be fully ISO 9001:2015 accredited through DNV-GL. ISO 9001 is an internationally recognised quality management system and demonstrates OTAQ's commitment to consistency, continual improvement and customer satisfaction. The certification also demonstrates its ability to consistently deliver products and services to market whilst meeting statutory and regulatory requirements by applying an effective quality management system.

 


ISIN:

GB00BK6JQ137

Category Code:

MSCL

TIDM:

OTAQ

LEI Code:

213800CZGMYB5XTUXJ52

Sequence No.:

189693

EQS News ID:

1447659


 

End of Announcement

EQS News Service

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