Cyan Holdings Plc TNEB Tender Update
August 02 2012 - 2:01AM
RNS Non-Regulatory
TIDMCYAN
Cyan Holdings Plc
02 August 2012
Cyan Holdings plc
("Cyan" or the "Company")
Update on TNEB tender
-- Cyan informed that only two companies have passed CPRI
testing, both of which are Cyan partners
-- TNEB has invited remaining bidders to resubmit meters
-- Two further Cyan partners have confirmed they will continue
with pilot installation and resubmit CPRI testing
Cyan Holdings plc (AIM:CYAN.L), the integrated system and
software design company delivering mesh based flexible wireless
solutions for utility metering and lighting control, today provides
further information regarding the status of the Tamil Nadu
Electricity Board (TNEB) Automatic Meter Reading tender of 1.5
million units. TNEB plan to replace 18 million meters and this is
the first tender as part of the program.
On 14 June 2012, Cyan provided an update on the TNEB tender
stating that Cyan had been informed that the 500 unit pilots would
have commenced by the end of the first week in July and that the
Central Power Research Institute, India (CPRI) report was expected
by the end of June. Whilst TNEB, and the meter manufacturers who
are bidding on this tender, have not been able to achieve this
timeline, Cyan's competitive position in the tender remains very
strong.
Cyan has now been informed that the CPRI has completed its
testing on all the meters submitted, as per the specification laid
down by TNEB. The result of the testing is that only two companies
have passed, both of which are Cyan partners.
These Cyan partners have already completed site surveys and have
told Cyan that they will proceed with the 500 unit pilot
installations in mid-August at Trichy (Tiruchchirappalli), in the
State of Tamil Nadu. Furthermore, one of these Cyan partners has
already installed and demonstrated a number of working meters to
TNEB as part of a pilot readiness process.
TNEB has confirmed that the all participants whose units who did
not pass the CPRI testing can resubmit meters, for this tender and
future tenders, and that this re-testing process will run in
parallel with the pilot installations.
Cyan understands however that due to the urgent demand to
install meters in the state of Tamil Nadu, TNEB will start
negotiations for awarding bids in September with a view to issuing
purchase orders around October / November.
Both remaining Cyan partners have confirmed to Cyan that they
will resubmit units and continue to work towards installing pilots
in Trichy (also with a target start date of mid-August).
As the substantial power grid breakdowns this week demonstrate,
India's energy supply & distribution shortfalls are becoming a
significant problem and there is a strong drive to accelerate the
modernisation program that is being put in place with government
funding. More information on available funding and drawn amounts
(disbursements) can be obtained from the APDRP official website.
Please note all amounts shown are in INR, and in Crore Rupees (1
Crore = 10,000,000).
http://www.apdrp.gov.in/Forms/Summar_Sanctioned_Projects_Part_B.aspx
John Cronin, Executive Chairman of Cyan commented: "Whilst it is
frustrating that the TNEB tender has experienced a further delay of
around six weeks, we remain very confident of our competitive
position on this tender. We are pleased that the two meter
manufacturers who passed the CPRI tests first time were both Cyan
partners and that two further Cyan partners have told us that they
will submit to CPRI for retesting and will install pilots in
parallel. Cyan continues to support all Cyan partners, on the
ground in India as well as from Cambridge, to ensure that the CyLec
technology is demonstrated successfully to TNEB during the pilot
installations. The recent power grid breakdowns in India serve to
underline the pressing requirement for these upgrades to the
consumer network and the Board is confident that the TNEB tender
process will continue to progress."
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234 400
John Cronin, Chairman
www.cyantechnology.com
Cenkos Securities plc Tel: +44 (0)20 7397 8900
NOMAD and Joint Broker
Stephen Keys / Adrian Hargrave
-------------------------
XCAP Securities plc Tel: +44 (0)20 7101 7070
Joint Broker
Jon Belliss / Adrian Kirk
-------------------------
Newgate Threadneedle Tel: +44 (0)20 7653 9850
Financial PR
Caroline Evans- Jones / Guy McDougall
-------------------------
About the TNEB Tender
TNEB is one of the largest electricity distributors in India. In
November 2011, it published a tender for the supply of 1.5 million
meters as part of its consumer network upgrade programme. This
represents the first phase in what is anticipated to be a total
upgrade programme of 18 million meters.
About Cyan
Cyan is an integrated system design and software company
delivering mesh based flexible wireless solutions for utility
metering and lighting control. The Company has been listed on
London's Alternative Investment Market (AIM) since 2005. Cyan's
Headquarters are in Swavesey, Cambridge, UK. For more information,
please visit www.cyantechnology.com.
CyLec
Cyan's CyLec technology provides a complete control and
communication network including user interface. CyLec offers
point-to-point and mesh network solutions for metering
applications. CyLec is a trademark of Cyan Technology Ltd.
CyLux
Cyan's CyLux technology provides a complete control and
communications network including user interface. CyLux is a control
system allowing lighting manufacturers to build and sell RF
controlled street and tunnel lighting. CyLux is a trademark of Cyan
Technology Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
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