Purchase order for smart metering in Sweden

RNS Number : 6630U

CyanConnode Holdings PLC

16 July 2018

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Purchase order for smart metering implementation in Sweden

CyanConnode, the world leader in narrowband radio mesh networks, announces receipt of a purchase order from HM Power for a smart metering implementation for a Swedish utility.

The purchase order, worth US$780,000, is part of a larger order for the supply of an IPv6-based solution based on perpetual software licenses and annual maintenance for an initial period of 10 years. Approximately 50% of the total order value, which will be recognised fully in the current financial year, relates to software licences which have been delivered. Roll out of the meters will commence in Q4 2018 following an initial 1,500-meter pilot in Q3 2018. As such, a large proportion of payment for the units is expected be recognised in the next financial year.

HM Power and CyanConnode have worked together for more than five years and in 2016 signed a license agreement for the distribution of CyanConnode products and services. The Swedish-based system integrator provides smart metering and smart grids solutions to many Swedish utilities supplying electricity meters integrated with CyanConnode's IPv6-based solution.

The majority of smart meters in Sweden were deployed during the first rollout, which ended in 2009^1.  Last week, the Government Office of Sweden announced that the next generation of smart meters is now being introduced and must be in place by 01 January 2025. The new smart electricity meters will provide new functionality, such as hourly measurements, as well as support a user interface that enables customers to measure their consumption². In total, approximately five million next generation meters will be installed³.

John Cronin, CyanConnode Executive Chairman, commented: "We are pleased to announce this latest order, further demonstrating the growing demand for standards-based solutions. HM Power is part of our global partner eco-system and our collaborative approach demonstrates the suitability of our technology to address evolving market requirements."

1 http://governmentgazette.eu/?p=5540

2 https://www.regeringen.se/pressmeddelanden/2018/06/nasta-generation-smarta-elmatare-kan-introduceras-i-sverige/

3 https://www.metering.com/regional-news/europe-uk/second-wave-smart-meter-rollouts-begins-italy-sweden/

Enquiries:

CyanConnode Holdings plc	Tel: [phone]
John Cronin, Executive Chairman	www.cyanconnode.com
FinnCap Ltd (Nomad and Broker)	Tel: [phone]
Adrian Hargrave / Giles Rolls (Corporate Finance) Alice Lane (Corporate Broking)
Walbrook PR (Financial PR) Paul Cornelius / Nick Rome	Tel:  [phone] [e-mail]

About CyanConnode

CyanConnode is a world leader in the design and development of narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Optimal solutions provide end-to-end quality of service with reduced total cost of ownership and Omnimesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of third party applications. Through global partnerships, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.  

For more information, please visit www.cyanconnode.com.

About HM Power

HM Power thoroughly understands the problems and needs of the electric power distributors and finds attractive solutions for them. Successful implementation of solutions has been in areas such as data collection, sensors, switchgear and automation. HM Power cooperates through partners to accomplish more, do it faster and more cost effectively.

The company secured a substantial share of the Swedish market when legislation made all electric utilities invest in Automatic Meter Reading ten years ago. A special remote operable load switch was developed to meet the requirements of disconnection of clients. Today the efforts are concentrated to meet new requirements and opportunities.

For improvement of medium voltage cable network, a "self-healing" system has been developed including a new type of medium voltage switchgear as well as advanced fault indicators. Now also overhead lines are being covered by our new solutions. Progress is made in the Nordic countries and on China market.

HM Power also combines internal skills of power distribution, communication, metering with experience of system business and implementation to provide equipment and systems infrastructure for charging Electric Vehicles.  

For more information, please visit http://www.hmpower.se/eng

 

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