Summary
- ASX-listed SenSen Networks has signed a MoU with Australia-based ACE Electric Vehicles Group (ACE) for its AI and sensor analytics solutions. Post the significant update, SNS share price hit an intraday high of A$0.099.
- Under the agreement, ACE will be utilising SenSen’s AI and sensor analytics solutions to develop autonomous driving technology in its electric vehicles, to be manufactured by ACE in Australia.
- The MoU enables SenSen to launch its AI solutions in the fast-growing field of autonomous vehicles.
- Additionally, SenSen is set to progress its extensive Research & Development program into the autonomous driving technology for its commercial adoption.
On 7 September 2020, SenSen Networks Limited (ASX:SNS), a world-leading AI-powered smart city solutions provider, announced an MoU with Australia-based ACE Electric Vehicles Group (ACE), kick-starting its autonomous vehicles push across the Australian market. The announcement led to a 10% surge in its share price, hitting intraday high of A$0.099 at AEST 12:39 PM.
Under the agreement, ACE will be integrating SenSen’s AI and sensor analytics solutions to develop autonomous driving technology in electric vehicles of ACE. The vehicles are to be manufactured in Australia. To become bound by the MoU terms, the companies don’t need to satisfy any other condition.
MoU symbolises SenSen’s launch into developing solutions in the rapidly advancing autonomous vehicles field.
The MoU is crucial as it represents SenSen’s launch into building solutions in the fast growing field of autonomous vehicles. SenSen will be customising its SenDISA platform to add autonomous driving capabilities to ACE electric vehicles.
The SenDISA platform is designed to allow fusion of data from cameras and sensors to detect people, objects and vehicles, track and classify them, identify their speed and location, and determine various attributes necessary to save lives.
SenSen’s established track record and prior experience in solving complex problems of object detection, tracking and data fusion for Smart City applications will enable the Company to support the development of autonomous driving capabilities for ACE.
Additionally, SNS would progress its extensive Research & Development program into the autonomous driving technology for its commercial adoption.
Subject to ACE being content with SenSen's autonomous driving technology performance and ACE wishing to offer the technology as an addition to ACE's vehicle, both the entities would negotiate reasonably and in good faith at that time to execute a supply agreement for the SenSen technology to ACE.
MoU would terminate automatically on 30 June 2021, unless the parties sign a Supply Agreement before the termination date.
SenSen, a leader in multi-camera as well as multi-sensor data fusion technology, globally, is furnishing extremely accurate, enforcement-grade solutions to fabricate numerous cities smarter across the globe.
SenSen’s SenDISA (SenSen’s Distributed and Intelligent Sensor Analytics) platform has delivered robust and scalable law enforcement solutions, comprising city by laws enforcement and parking enforcement and speed enforcement to law enforcement and government agencies, globally.
SenSen would be receiving delivery of ACE’s prototype Cargo vehicle at its Melbourne office to kick-start the development as well as a testing program.
ACE would provide an electric vehicle prototype, ACE Cargo commercial van, for testing the use, compatibility, installation, and performance of the automated driving technology, which is under development at SenSen.
The ACE Cargo is Australian built at Aldom Motor Body Builders in Southern Australia and has a driving range of 150–200km on a single charge at a partial load.
In the urban environment, ACE Cargo is ideal for small cargo fleets, owing to its regulated maximum speed of 85km/hr and maximum pay load of 500kg with a resultant decreasing of running costs by up to 85% and greenhouse emissions by up to 70%.
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Spotlight on electric vehicles
The limelight is expected to be turned on electric vehicles at the forthcoming World EV Day scheduled for 9 September 2020.
ACE is expected to be making some key announcements, inclusive of collaboration details between SenSen and ACE.
As on 9 September 2020, SNS is trading at A$0.095 at 11:54 AM AEST, up 5.556% from the previous close.
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