Cyan Holdings - Indian Smart Meter Market Development

PUBLISHED: 30 Nov 2011 @ 21:50 | Comments (0) |

In a news release distributed on Wednesday, Cyan Holdings Plc (LSE:CYAN) announced substantial developments in the Indian smart metering electricity market, prompting a share price increase of 46.3% to 0.79p by 4:00pm GMT.

The announcement comes following The Smart Energy Conference, held in Delhi from the 14th to the 16th of November, where Cyan was confirmed as a leading supplier of smart metering solutions for the Indian market.

Conference Details

According to the announcement, Cyan was the only company to demonstrate a live metering installation that followed all the guidelines as laid out by India’s Central Electricity Authority. The CEA is affiliated with the Ministry of Power and it recently released a report indicating the need for 200 million meters as part of India’s Advanced Metering Infrastructure plan.

The pilot program demonstrated features available from the Cyan based Automatic Meter Reading Solution (AMR).

TNEB Tender

Capital Meters demonstrated the AMR pilot to Tamil Nadu Electricity Board (TNEB) recently and a tender published yesterday by the TNEB requires many capabilities shown in the pilot. According to the company, it specifies many features that favour Cyan over other suppliers.

The TNEB tender is for 1.5 million units, part of a total requirement that will be 18 million over 5 years.

In the announcement, the company claimed:

“Cyan believes that it is reasonable to expect that a substantial portion of the 18 million meter requirement over the next five years will use Cyan, and that this tender specification will prove influential with other utilities as it is based on a fully operational pilot.”

Other Announcements

Cyan also announced that it has been notified of a short term requirement by another electricity utility of 200,000 units as part of a 500,000 unit total installation package for early next year.

At a meeting with the utility’s senior management, Cyan reportedly was given the expectation that orders would soon be released.

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