Cyan Holdings Plc LOI for $3m smart meter order (7129N)
May 20 2015 - 2:01AM
UK Regulatory
TIDMCYAN
RNS Number : 7129N
Cyan Holdings Plc
20 May 2015
Cyan Holdings plc
("Cyan" or the "Company")
Cyan receives Letter of Intent for US$3 million smart meter
order in Western Africa
Cyan (AIM:CYAN.L), the integrated system and software design
company delivering mesh based flexible wireless solutions for
utility metering and lighting control, announces that it has
received a letter of intent ("LOI") from El Sewedy Electrometer
Group EMG ("El Sewedy") to supply Cyan's CyLec(R) Advanced Metering
Infrastructure ("AMI") solution for a smart meter contract which El
Sewedy has been awarded in Western Africa.
The LOI states that, subject to contract, El Sewedy intends to
appoint Cyan to provide a full AMI solution for up to 200,000
consumers in batches over three years. If deployed in full the
contract could be worth up to US$3 million to Cyan. Cyan will
immediately start working towards signing a contractual order with
El Sewedy for the 200,000 meters indicated, but the LOI is no
guarantee of the terms or timing of any such order or if a contract
will be signed.
The potential order is intended to include 865MHz RF AMI
modules, 865 MHz RF In-Home Display ("IHD") modules, Data
Concentrator Units ("DCUs"), Head-End Server software licenses and
a software maintenance contract. The Cyan AMI modules would be
integrated into the El Sewedy electricity smart meters and the Cyan
IHD modules would be integrated into El Sewedy's IHD device. The
resulting solution will provide a full bi-directional communication
system from the IHD to the electricity smart meter and then through
the Cyan communication network to the utility's billing
systems.
In a joint analysis that Cyan and El Sewedy prepared (and in
addition to Aggregate Technical and Commercial losses) the West
African utility could save over US$150M over a ten year period from
the 200,000 meters by using the Cyan radio mesh communication
network solution compared to a GPRS sim card based smart metering
communication solution which was also evaluated. In their year-end
2012 financial report, the West African utility stated that they
had over 2.5 million customers.
In July 2014, Cyan announced that it had signed a Memorandum of
Understanding ("MOU") with El Sewedy Electrometer India Pvt Ltd
("El Sewedy India") who are a wholly owned subsidiary of El Sewedy.
The MOU was an agreement for El Sewedy India and Cyan to tender as
part of a consortium for a number of smart metering projects in
India and other target markets. Cyan and El Sewedy are also working
on a number of other opportunities in India as well as other
emerging markets around the globe where El Sewedy has existing
facilities and utility customers.
John Cronin, Executive Chairman of Cyan, commented: "I am
delighted to update shareholders on this significant LOI which has
been signed by the El Sewedy Chairman following my meeting with him
at the El Sewedy worldwide headquarters in Cairo last week. This is
a substantial commercial opportunity for Cyan which also could
accelerate entry into other key countries using El Sewedy as a
channel to market to their existing and new customers."
* www.sewedy.in/CompanyProfile.html,
www.elsewedyemg.com/index.php/en/elsewedy-emg
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954
234 400
John Cronin, Executive Chairman www.cyantechnology.com
Allenby Capital Ltd - Nominated Tel: +44 (0) 203328
Adviser and Joint Broker 5656
Jeremy Porter / Alex Brearley
Beaufort Securities Limited Tel: +44 (0) 20
- Joint Broker 73828300
Elliot Hance
Walbrook PR - Financial PR Tel: +44(0) 20 7933
8780
Paul Cornelius/Nick Rome cyan@walbrookpr.com
About Cyan
Cyan is an integrated system design company based in Cambridge,
UK. It provides a communication platform that enables the
measurement and control of energy consumption for the metering and
lighting markets, helping to reduce energy losses. Cyan's wireless
mesh networking platform offers 'last mile' connectivity between
millions of devices and enterprise software, supporting bilateral
communications with the end customer.
For more information, please visit www.cyantechnology.com.
About CyLec(R)
CyLec(R) is a complete control and communication network for
electricity metering. CyLec(R) uses wireless technology to enable
the collection and delivery of data from and to a meter, such as
energy profiles, instant readings and the sending of tariff
updates. Priority data can also be sent back to the utilities such
as information regarding tampering enabling the utility to take
action immediately.
About El Sewedy
According to El Sewedy*, the ABS Research-UK Report of 2009
ranked El Sewedy number five in the worldwide metering market, with
more than 25 million meters and metering solutions running in more
than 58 countries around the world. El Sewedy is a market leader in
providing state of the art metering solutions and energy management
services that are tailored to manage utilities better. El Sewedy
has 1,600 employees and 10 factories in the Czech Republic, Egypt,
Mexico, Brazil, India, Ghana, Zambia and Ethiopia. El Sewedy was
founded in 1998, has annual revenues of US$175 million and a
production capacity of 6 million meters per annum.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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