Rekor secures $22 million traffic monitoring contract in South Carolina
The AI-driven traffic management firm will deploy its systems across state highways under a multi-year agreement.
Rekor Systems Inc. said on Thursday it had won a $22 million contract to provide traffic monitoring and management solutions for South Carolina's state highway network.
The five-year agreement covers the deployment of Rekor's artificial intelligence-powered systems, including its vehicle detection and license plate recognition technologies, across multiple highways in the state. The contract includes installation, maintenance and data analytics services.
South Carolina's Department of Transportation (SCDOT) will utilize Rekor's platform to enhance traffic flow, improve safety and support data-driven decision-making for infrastructure projects. The system is expected to process real-time traffic data and integrate with existing road sensors and cameras.
Rekor, which trades under the ticker RKLB on the Nasdaq, said the contract represents a significant expansion of its government business, following similar deployments in other U.S. states. Financial terms were not disclosed beyond the $22 million figure provided by the company.
The company's shares were indicated higher in pre-market trading following the announcement.
Helena covers corporate news for listed and private companies across Europe, from strategy shifts to leadership changes, with an eye for what a story signals about the broader market.
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