International $2.1m IoT Components Order

RNS Number : 7506Z

Solid State PLC

27 January 2022

 

RNS Reach - non regulatory announcement

Solid State plc

( "Solid State", the " Group " or the "Company" )

International $2.1m IoT Components Order

Solid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, is pleased to announce a $2.1m order for radio frequency components from a new customer CyanConnode, through its Components division, Solid State Supplies Ltd.

CyanConnode, also listed on AIM (CYAN.L) and headquartered in Cambridge, is a world leader in Narrowband Radio Frequency Smart Mesh Networks which are used for machine to machine communication, often referred to as the 'internet of things' or 'smart technology'.  CyanConnode provides customers with long-range, low-power, end-to-end networking solutions and high-performance applications that help them enhance service delivery, improve business efficiency and save energy.

This initial $2.1m order is for component solutions for IoT connectivity to enable 'smart metering' in India and will be delivered in the next financial year (financial year ending 31 March 2023). Smart metering and its component demand are expected to have a long term requirement.

Commenting on the order, John Macmichael, MD of Solid State Supplies, said:

"One of the key challenges was securing the product needed to meet CyanConnode's build requirements. Despite global supply shortages, through close collaboration with CyanConnode and our manufacturer, product has been secured and buffered to meet their forecasted requirements."  

Heather Peacock, CFO of CyanConnode, added:

"We're pleased to be collaborating with Solid State, who have been really supportive in securing these components at this time of global supply shortages of components. The Indian smart metering market is ramping up quickly with around 37 million units currently being tendered, and we need to ensure we can meet customer demand. We believe this partnership will help reinforce our position in the smart metering market."

For further information please contact:

Solid State plc Gary Marsh - Chief Executive Peter James - Group Finance Director	Via Walbrook
Walbrook PR (Financial PR)  Tom Cooper / Nick Rome	020 7933 8780 0797 122 1972 [e-mail]

Analyst Research Reports: For further analyst information and research see the Solid State plc website: https://solidstateplc.com/research/

Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying commercial, industrial and military markets with durable components, assemblies and manufactured units for use in specialist and harsh environments.  The Group's mantra is - 'Trusted technology for demanding applications'.  To see an introductory video on the Group -  https://bit.ly/3kzddx7  

Operating through two main divisions: Systems (Steatite & Active Silicon) and Components (Solid State Supplies, Pacer, Willow Technologies & AEC); the Group specialises in complex engineering challenges often requiring design-in support and component sourcing for computing, power, communications, electronic, electro-mechanical and opto-electronic products.

Headquartered in Redditch, UK, Solid State employs approximately 300 staff across UK and US, serving specialist markets in industrial, defence and security, transportation, medical and energy. 

Solid State was established in 1971 and admitted to AIM in June 1996.  The Group has grown organically and by acquisition - having made 12 acquisitions since 2002.

 

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