“In Australia, fuel theft is a growing, national problem. The combination of increased fuel prices, resumed traveling and the withdrawal of COVID financial support measures, has seen fuel theft spike to its highest level on record,” SenSen CEO Dr. Subhash Challa said.

SenSen Networks Ltd (ASX:SNS, OTCQB:SNNSF) has been awarded a contract to supply its fuel theft reduction solutions to EG Group Australia (EG) fuel stations across Australia.

The contract is worth upfront revenue of around A$156,000 and then about $170,000 per annum from this initial three-year contract, with SNS to distribute its technology across 50 of EG’s retail locations.

Installations will commence in January 2022 to commission the sites across Australia.

If successful, additional revenues and sites are expected to be contracted across further EG locations.

EG was formerly the Caltex Woolworths branded network and has over 530 petrol stations across Australia. It is part of the private British retailer EG Group, which operates petrol stations and fast-food outlets in the UK, Europe, the US and Australia.

The contract follows a proof-of-concept trial at EG Gregory Hills in NSW, which demonstrated the ability to integrate SenSen’s new platform successfully and easily onto EG’s existing CCTV network.

Preventing Theft

EG will adopt SNS’s award-winning AI technology to help prevent drive-offs at service stations, a problem that is estimated to cost Australian fuel retailers around $60 million.

SNS has been working hard to develop this technology.

The company completed the Scancam acquisition in July 2021 and then spent five months integrating Scancam’s existing technology onto SenSen’s AI platform, SenDISA.

The result was a new capability to leverage existing cameras in service stations to prevent fuel-theft – making the new solution highly scalable, affordable, and easy to install.

Affordability was a core tenet of SNS’s as it can greatly benefit, not just the large outlets, but the independent service station owners, who account for 40% of the market and who normally cannot afford this type of technology.

“In Australia, fuel theft is a growing, national problem. The combination of increased fuel prices, resumed traveling and the withdrawal of COVID financial support measures, has seen fuel theft spike to its highest level on record,” SenSen CEO Dr. Subhash Challa said.

“The new technology breakthrough from SenSen enables the use of pre-installed and existing forecourt cameras without the need for new camera installations to prevent fuel theft. This dramatically reduces time and cost of setting up the system and increases the adoption of such a mission-critical technology by all fuel stations across the country.

“There are over 6,500 service stations across Australia and this solution tackles a very important problem for the industry.”

About SNS

SNS is a leading Sensor AI Data enterprise working with people, places and data to solve problems once thought technically impossible.

The company’s patented network approach enables it to offer customised, real-time and batch processing of data alongside SaaS solutions and its technology fuses complex video and sensor datasets at high speeds across multiple networks to assess and inform strategic actions to its customers across its enterprise verticals: Smart Cities, Casinos, Retail, Smart Surveillance and Emerging Solutions.

SenSen has clients on four continents and can be found in Australia, New Zealand, Singapore, the US, Canada, India and the UAE.

Extracted in full from: Sensen Networks Ltd signs contract with leading petrol station owner to combat fuel theft (proactiveinvestors.com.au)

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