RemSense Technologies Ltd (ASX:REM) continued to progress commercialisation opportunities for its virtualplant technology during the March quarter while also enhancing the technology for the benefit of users.
During the period, RemSense undertook reality capture scanning and delivered virtualplant for Woodside Energy Ltd's Okha FPSO (Floating Production Storage and Offloading) with a value of $246,440.
In addition to the terrestrial scanning, RemSense delivered virtualplant Air which included drone aerial capture and processing of high-resolution imagery of the complete exterior of the vessel including waterline for use in detailed inspections.
Current work
The company is finalising the schedule for scanning of Chevron (NYSE:CVX)'s Wheatstone LNG Train 2 and Gorgon LNG Train 2. Work is expected to be done in July and October 2024 respectively and the value of this work is $978,580.
RemSense is also in discussion with one of Chevron's overseas business units which has expressed interest in the scanning of its onshore gas plants.
High-resolution drone-based imagery of Newmont Boddington's primary crusher and 3-kilometre conveyor was captured. This imagery was processed and modelled into a detailed 3D model for display and analysis in virtualplant Air.
The company continues to discuss the capture of other parts of Newmont Boddington's operation as access becomes available.
Regular drone-based remote water sampling campaigns were carried out in abandoned open pits for BHP (ASX:BHP) and Mine Waste Management (NYSE:WM) and drone traffic monitoring for Western Australia’s Main Roads.
Product development
With product development, RemSense progressed the re-architecture of the virtualplant platform to provide a new and improved user interface and homepage, bolstered by advanced client configuration features and fortified data security measures.
This initiative aims to offer increased flexibility to the management of user and group-based permissions.
The company also completed the seamless integration of virtualplant Air into the core virtualplant platform, enabling users to effortlessly analyse drone aerial reality capture imagery alongside ground-based facility imagery.
As well, RemSense enhanced its IoT capabilities to facilitate efficient integration of devices, enabling the real-time display of operational parameters within the virtualplant environment.
Requirements to identify enhancement opportunities for the maintenance planner and asset defect detection systems were also researched, particularly focusing on areas such as corrosion detection.
New-look board
On the corporate side, a new-look board has been proactive in contributing to sales initiatives by leveraging their extensive networks.
During the period non-executive director Ross Taylor was appointed non-executive chairman and founding shareholders, Richard Pace and John Clegg were appointed non-executive directors.
Following a restructuring of business development capabilities, RemSense says its sales pipeline is showing growth, with emerging opportunities spanning the oil and gas, mining, and utilities sectors.
Growth strategy
The company has engaged an external sales consulting agency, The Models Method, to enhance its sales messaging and communication methodology.
RemSense is continuing to work with its current clients to identify the next assets in their portfolios which are candidates for virtualplant.
It is also working with several companies in the critical minerals market, specifically lithium, who have expressed interest in virtualplant for their processing facilities and refineries to reduce at risk activities, increase maintenance planning efficiency and improve contractor estimates.
A key growth strategy for RemSense is through establishing strategic partnerships with innovative technology companies developing cutting-edge applications.
One such company is a Perth-based technology company which develops an AI-driven electrical device monitoring and data platform.
The company believes the combination of RemSense's 3D asset visualisation platform (virtualplant) with the monitoring and data platform provides a compelling solution that delivers exceptional value and remarkable ROI.
Funds raised
Following the raising of $460,026 through an entitlement offer in the December 2023 quarter, an additional $423,500 was raised from placement of part of the shortfall on March 11, 2024.
Shareholder approval is being sought at a meeting of shareholders on May 10 to issue $250,000 of shares to Richard Pace and $50,000 of shares to John Clegg.