CyanConnode Holdings PLC New $5.4 million Purchase Order in Bangladesh (3868W)
February 09 2017 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 3868W
CyanConnode Holdings PLC
09 February 2017
CyanConnode Holdings plc
("CyanConnode" or the "Company")
$5.4 million purchase order for smart metering in Bangladesh
CyanConnode, the world leader in narrowband radio mesh networks,
announces receipt of a purchase order from a specialist in energy
management systems for a smart metering contract in Bangladesh,
South Asia.
This is the Company's first order for a utility customer in
Bangladesh and is a further demonstration of the Company's growing
geographical sales footprint. Furthermore, the order size and
revenue visibility provided by the long-term nature of this order
reflects the Company's leading position within the smart metering
industry in both emerging markets and also in Europe, where the
importance of being able to accurately and remotely record data
around energy consumption and appropriate billing is uniform.
The $5.4 million purchase order is for the supply of
CyanConnode's Advanced Metering Infrastructure solution for a
150,000 unit smart metering deployment. The energy management
system company, based in Eastern Europe, will integrate
CyanConnode's hardware with its smart meters and shipment to their
production facility will take place over the next 12-18 months.
CyanConnode will also provide its Head End Server Software,
which will be hosted by the energy management systems customer,
with annual software licence income being recognised over a ten
year contractual period following successful smart meter
implementation. The recurring revenue software licences and annual
maintenance contract, which represent 50% of the total purchase
order value, will be paid annually in advance and charged on a per
meter per year basis.
The Eastern European company has formed a local entity, a new
utility that has entered a long-term agreement with the Bangladeshi
Government to provide electricity to consumers. The new utility has
a consumer base of four million customers, which provides the
potential for substantive follow-on orders. The overall number of
electricity consumers in Bangladesh is 58 million. Bangladesh is
among four South Asian countries that are struggling due to
increasing pressure from rising electricity demand, failure to
collect revenue and poor reliability, according to the Northeast
Group. Over the next decade, these countries will make significant
investments to modernise smart grid infrastructure, particularly in
the metering segment. Smart grid investment is projected to total
$8.1 billion over the period 2016-2026, with large-scale funding
from the Asian Development Bank, the World Bank as well as
bilateral aid organisations.(1)
John Cronin, CyanConnode Executive Chairman, commented: "We are
pleased to announce this significant order from our new partner in
a new geographic region. CyanConnode's collaborative approach
continues to deliver a scalable business model, enabling the group
to bid for and win business on a global basis with partners seeking
highly competitive end to end technology solutions. Furthermore,
establishing an end-to-end eco-system supports the transfer of
skills and experience, promoting local wealth generation.
"This new partner is a leading smart grid solution provider with
ten years' experience in varied countries including Russia, Eastern
Europe and South Asia. We look forward to working with them to
integrate our award-winning technology with its market leading
smart meters."
Source(1)
http://www.globalsmartgridfederation.org/2016/07/15/smart-grid-investments-in-pakistan-sri-lanka-bangladesh-and-nepal/
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside
information is now considered to be in the public domain.
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223
225 060
John Cronin, Executive Chairman www.cyanconnode.com
Cantor Fitzgerald Europe - Tel: +44 20 7894
Nomad and Broker 7000
Andrew Craig / Richard Salmond
Beaufort Securities Limited Tel: +44 (0) 20
- Joint Broker 7382 8300
Jon Belliss
Walbrook PR - Financial PR Tel: +44(0) 20 7933
8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks
that enable Omni Internet of Things (IoT) communications. Its
innovative solutions use sub GHz frequencies and are optimised for
exceptional performance. Ultimesh solutions provide end-to-end
quality of service and total cost of ownership and Panmesh delivers
standards-based IPv6 solutions, enabling rapid innovation for the
implementation of 3(rd) party applications. Through its global
partner eco-system, CyanConnode provides customers with the
flexibility and choice required to converge networks for
applications in smart cities and IoT, delivering increased customer
value.
For more information, please visit www.cyanconnode.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDDVLFBDLFFBBK
(END) Dow Jones Newswires
February 09, 2017 02:00 ET (07:00 GMT)
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jul 2023 to Jul 2024