The Strategic Elements Ltd (ASX: SOR) share price was a standout performer on the market today as investors reacted to multiple patent application filings.
After jumping as much as 41.82% in morning trade, Strategic Elements shares finished 18.18% higher at 6.5 cents apiece.
Strategic Elements is an ASX-listed pooled development fund, which is a Federal Government program designed to increase investment into Australian small and medium-size enterprises by providing tax incentives.
Strategic Elements operates as a 'venture builder', where it generates ventures and projects from combining teams of scientists or innovators in the technology or resources sectors.
What did Strategic Elements announce?
This morning, Strategic Elements announced it has filed three patents over autonomous robotics technology being developed by one of its subsidiaries, Stealth Technologies.
Stealth Technologies is an artificial intelligence and robotics company that develops advanced solutions in autonomous driving and robotic automation.
Notably, Stealth has been collaborating with the US$100 billion industrial conglomerate Honeywell to develop an autonomous robotic security vehicle for the correctional justice sector.
According to today's release, Stealth's use of 3D printing technologies is enabling the rapid advancement of intellectual property and prototyping.
Two of the patent applications announced today cover low-cost solutions developed by Stealth that reportedly increase reliability and mitigate against system failures in autonomous robotic vehicles.
The third patent application covers robots designed to automate perimeter security intrusion detection systems.
Strategic Elements believes the intellectual property covered by these patents has potential commercial use in security, mining and agriculture.
About the Honeywell collaboration
Stealth Technologies' agreement with Honeywell was announced in September 2019. It will see Stealth collaborate exclusively with Honeywell to develop and pursue opportunities for autonomous robotic vehicles for a term of 12 months.
This collaboration has led to the development of an autonomous security vehicle (ASV) for the correctional sector. The vehicle has been designed for rugged and remote environments, is fully electric, and is able to operate autonomously all day and night.
Final validation and acceptance testing for the ASV will begin in Q3 2020. Meanwhile, Stealth is investigating the potential use of the ASV in other applications.
Under the agreement with Honeywell, Stealth can market the ASV independently to sectors such as transport, energy, defence, government, and utilities.
After today's rise, Strategic Elements has a current market capitalisation of around $19 million. If you'd rather invest in much larger and more liquid companies, check out the top ASX growth shares in the free report below.
