Shares in ASX listed Structural Monitoring Systems have soared after it announced a deal with Delta Airlines and Boeing to supply its technology to monitor the condition of passenger jet airframes.
The company has received approval from the US Federal Aviation Administration for its technology to monitor the “health” of aircraft – stress and cracking, in real time.
Following a brief trading halt yesterday morning, the shares soared to a high of $1.30, up more than 45 cents from last Tuesday. The 52 week low is 34 cents.
SMS produces adhesive sensors that can sense cracks through changes in pressure. They can be stuck around planes and monitored during flights, making flights safer and allowing for a reduction in maintenance inspections.
“The In-flight structural health monitoring system developed using the CVM technology is able to continuously monitor the development of any cracks in predefined areas on an aircraft that are deemed to have a high risk of crack formation,” reads the SMS website.
“The implementation of this technology will reduce the cost of mandatory structural integrity maintenance inspections, increase aircraft performance, and provide an increase in the safety of air travel.”
The partnership between SMS, Delta and Boeing comes after a pilot program was signed off with regulators earlier this week. SMS is the only company in the world to have regulatory approval for in-flight monitoring.
“After many years of consistent focus, technological evolution and strategic re-positioning we have finally achieved the end-game that we have always envisaged,” said Toby Chandler, Managing Director of SMS.
“We now look forward to capturing the huge market potential that exists for SMS, our shareholders and our valued industry partners.”
NOW WATCH: Tech Insider videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.