Rail Vision Ltd. announced that it has received an initial purchase order amounting to approximately $1 million as part of a contract valued at up to $5 million with a leading US-based rail and leasing services company that the Company announced on January 17, 2024. The order is for the purchase of Rail Vision's AI-based ShuntingYard products, which are expected to be installed during the third quarter of this year. The first phase of the contract is valued at $1,000,000.

Follow-on orders for additional ShuntingYard products., valued at up to $4,000,000, are subject to customer approval. The contract also includes specific purchase quotas that, if met, provide the customer with exclusivity in the North American industrial railyards switching segment. Rail Vision's unique ShuntingYard product enables railway operators to streamline and enhance the safety of their industrial switching operations.

Combining advanced vision sensors with artificial intelligence and deep learning technologies, the system automatically detects and classifies objects within a range of up to 200 meters in diverse weather and light conditions. In addition, it enables the monitoring of operational dead zones to facilitate secure wagon coupling and sends real-time visual and acoustic alerts to remote operators and drivers, ensuring a safe and secure environment.