Tech: Strategic Elements is making robot vehicles and its shares are flying
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Strategic Elements (ASX:SOR) is making experimental autonomous robotic vehicles with a Fortune 100 software company and its shares are soaring as a result.
After closing yesterday at 6.6c, SOR shares have risen as much as 42 per cent to 9.4c, their highest point in nearly two years.
Honeywell makes industry specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. It has a market cap of about $179 billion.
The pair will work collaboratively to develop autonomous robotic vehicles that they will look to deploy in a range of industries; from navigation services to inspection, transportation and surveillance activities, in military services, mining and metals, electricity, oil and gas, automotive, building and healthcare industries.
Stealth Technologies, which will receive an initial $100,000 payment from Honeywell to fund the development, uses its AI expertise to influence the hardware, where most AI companies focus solely on software development.
Strategic Elements’ managing director Charles Murphy said the deal was the culmination of 10 months of work.
“An enormous amount of effort over the past has grown the venture from conception to working with one of the world’s leading technology companies in Honeywell. The team has been working to finalise a number of opportunities and we look forward to potentially unveiling some highly innovative projects,” he said.
The Australian government has registered Strategic Elements as a pooled development fund with a mandate to back Australian innovation. Strategic Elements operates as a venture builder where it generates ventures and projects from combining teams of leading scientists or innovators in the technology or resources sectors.
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