SenSen Networks Limited (ASX:SNS), an ASX-listed AI solutions provider, has signed a Memorandum of Understanding (MoU) with an Australian company, ACE Electric Vehicles Group ("ACE”), kickstarting its Australian autonomous vehicles push. Under the agreement, SenSen’s AI and sensor analytics solutions will be used for developing autonomous driving technology in ACE electric vehicles. The vehicles are to be manufactured by ACE in Australia.
The MoU is significant to SenSen, as it symbolises its launch into building solutions in the fast growing autonomous vehicles field. SenSen is expected to advance its in-depth R&D program into the autonomous driving technology for its adoption commercially.
The MoU would terminate automatically on 30 June 2021 unless a Supply Agreement (supply of the technology by SenSen to ACE) is signed prior to the termination date.
On 7 September 2020, SNS was trading at $0.099, up by 10% (at AEST 12:39 PM).
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