Follow-on Order

RNS Number : 2047Q

CyanConnode Holdings PLC

27 June 2022

 

27 June 2022

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Follow-on Order From IntelliSmart

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received a follow-on order from IntelliSmart Infrastructure Pvt Ltd ("IntelliSmart"), for the smart metering deployment in Assam, India .

In April 2022, CyanConnode received a Letter of Intent ("LOI") from IntelliSmart for 500,000 Omnimesh Modules together with Advanced Metering Infrastructure, standards-based hardware, Services, Omnimesh Head-End Software, Perpetual License and an Annual Maintenance Contract for this smart metering deployment in Assam.

In May 2022, the Company received an order for 100,000 units relating to this LOI. It is pleased to announce that it has now received an order for a further 200,000 units relating to the LOI, bringing the total orders for this project to 300,000.

As previously announced, the supply of Omnimesh Modules for this project has already commenced and the contract will be completed within 30 months under a DBFOOT (Design, Build, Finance, Own, Operate, Transfer) model.

John Cronin, Executive Chairman of CyanConnode, commented :

"We are delighted to have received this follow-on order from IntelliSmart, for the project in Assam which we have been deploying with them. As previously announced, IntelliSmart is the first Service Provider to use the DBFOOT model and it has also installed the first smart prepaid meter in India under the RDSS (Revamped Distribution Sector Scheme).

We look forward to continuing our association with IntelliSmart, and successfully deploying this important project."

Anil Rawal, MD & CEO of IntelliSmart, commented :

"As our smart metering project in Assam gains momentum, we are pleased to place more orders in keeping with the LOI to meet the AMI requirements. IntelliSmart remains committed to meeting the milestones and successfully delivering the first RDSS smart meter project in the country."

Ends -

Enquiries:

CyanConnode Holdings plc    Tel: [phone]

John Cronin, Executive Chairman      www.cyanconnode.com

Cenkos Securities plc - Nominated Adviser and Joint Broker         Tel: [phone]

Stephen Keys/ Charlie Combe

Arden Partners plc - Joint Broker                                                               Tel: [phone]

Simon Johnson (Corporate Broking) 

About CyanConnode

CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication.  As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

For more information, please visit  www.cyanconnode.com

About IntelliSmart

IntelliSmart Infrastructure Private Limited is a joint venture of National Investment Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), established with the defined goal of pioneering digitalisation in the power sector. One of the key drivers for IntelliSmart is to enable the implementation of smart meters through DBFOOT (Design, build, finance, own, operate, transfer) model to expedite the deployment of the programme by leveraging resources. IntelliSmart, as a global solutions provider, will deploy smart meters for the utilities that will drive efficiencies for Discoms, improve revenue management, increase billing performance and enhance consumer satisfaction. In the long run, with smart meter infrastructure, consumer data management and AI/ML-based analysis, the company seeks to enable utilities to develop additional revenue sources.

For more information, please visit  www.IntelliSmartinfra.in

 

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