Rail Vision (RVSN) announced the signing of a binding Memorandum of Understanding with Sujan Ventures, a division of the Sujan Group. Under the terms of the binding MOU, Sujan Ventures will lead local efforts to introduce Rail Vision’s advanced safety systems to the Indian market. As an initial step, Rail Vision will conduct a short trial of its systems at the customer’s facilities to demonstrate their capabilities. Following satisfaction and approval of Sujan Venture’s customers, the parties intend to proceed with a definitive agreement to advance their collaboration. Sujan Ventures shall make an initial upfront payment to the Company and will make additional payments upon the completion of certain milestones. In addition, during the term of the MOU, Sujan Ventures shall have the exclusive right to negotiate and enter an agreement to distribute the Company’s solutions in India. These tenders will require thousands of locomotives in India to be outfitted with state-of-the-art technologies to significantly reduce accidents and casualties, creating a substantial market opportunity for Rail Vision.
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