TIDMCYAN
RNS Number : 7143I
CyanConnode Holdings PLC
09 August 2023
9 August 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Order for 500,000 Omnimesh Modules
CyanConnode Holdings plc (AIM: CYAN), a global leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce the receipt of an order for 500,000 Omnimesh Modules
from
IntelliSmart Infrastructure Private Limited ("IntelliSmart"). In
addition to the modules, the order includes Advanced Metering
Infrastructure (AMI), Standards-Based Hardware, Services, Omnimesh
Head-End Software, a Perpetual License, and an Annual Maintenance
Contract.
The order will support a smart metering deployment for a Power
Grid Corporation of India Limited ("PGCIL") project for Madhya
Gujarat Vij Company Limited ("MGVCL"), a utility located in
Gujarat, India. This is the third order received under a Strategic
Framework Agreement ("Agreement") for 3 million modules, which was
signed in February 2023. Including this order, the total number of
modules ordered under this Agreement, all received in the past 3
months, has now reached 1.4 million.
The supply of Omnimesh Modules for this project is expected to
commence during Q3 FY 2024, and the deployment will be completed
within 27 months, under a DBFOOT (Design, Build, Finance, Own,
Operate, Transfer) model. A support and maintenance contract will
be in effect for a period of seven and a half years after the
go-live stage.
John Cronin, Executive Chairman of CyanConnode, commented :
"We are pleased to have received this further order from
IntelliSmart, a validation of our innovative technology and our
steadfast commitment to excellence. We remain focused on enhancing
our partnership with IntelliSmart and contributing to India's
dynamic energy landscape. With this order, our overall order book
for India has now reached 5 million modules, of which 1.9 million
modules had been delivered to the end of Q1 FY24, with the
remaining 3.1 million modules to be delivered as per the project
timelines."
Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris, Richard Johnson, David Asquith
Zeus Capital Limited (Broker) Tel: +44 (0) 20 3829 5000
Simon Johnson, Alexandra Campbell-Harris
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 India's leading
smart metering and digital solutions provider. It is a joint
venture of National Investment and Infrastructure Fund (NIIF) and
Energy Efficiency Services Limited (EESL), established with the
core purpose of becoming the most preferred digital partner of the
utilities. Our organisational culture is built on the core values
of Integrity, Respect, Innovation and Sustainability, which
influence our everyday endeavours and collective practices.
IntelliSmart, as a digital solutions provider, aims to create a
difference in the power distribution sector with digital
interventions while shouldering the responsibility of mass-scale
rollout of smart meters under RDSS. With smart meter
infrastructure, consumer data management and AI/ML-based analysis,
the company seeks to create considerable value for state utilities
by enabling them to develop additional revenue sources. In the long
run, smart metering will help create a robust, resilient, flexible
smart grids that can integrate renewable energy seamlessly to meet
India's growing power demand.
Website: https://www.intellismartinfra.in/
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