CyanConnode Holdings PLC Purchase order for smart metering in Sweden (6630U)
July 16 2018 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 6630U
CyanConnode Holdings PLC
16 July 2018
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Purchase order for smart metering implementation in Sweden
CyanConnode, the world leader in narrowband radio mesh networks,
announces receipt of a purchase order from HM Power for a smart
metering implementation for a Swedish utility.
The purchase order, worth US$780,000, is part of a larger order
for the supply of an IPv6-based solution based on perpetual
software licenses and annual maintenance for an initial period of
10 years. Approximately 50% of the total order value, which will be
recognised fully in the current financial year, relates to software
licences which have been delivered. Roll out of the meters will
commence in Q4 2018 following an initial 1,500-meter pilot in Q3
2018. As such, a large proportion of payment for the units is
expected be recognised in the next financial year.
HM Power and CyanConnode have worked together for more than five
years and in 2016 signed a license agreement for the distribution
of CyanConnode products and services. The Swedish-based system
integrator provides smart metering and smart grids solutions to
many Swedish utilities supplying electricity meters integrated with
CyanConnode's IPv6-based solution.
The majority of smart meters in Sweden were deployed during the
first rollout, which ended in 2009(1.) Last week, the Government
Office of Sweden announced that the next generation of smart meters
is now being introduced and must be in place by 01 January 2025.
The new smart electricity meters will provide new functionality,
such as hourly measurements, as well as support a user interface
that enables customers to measure their consumption(2) . In total,
approximately five million next generation meters will be
installed(3) .
John Cronin, CyanConnode Executive Chairman, commented: "We are
pleased to announce this latest order, further demonstrating the
growing demand for standards-based solutions. HM Power is part of
our global partner eco-system and our collaborative approach
demonstrates the suitability of our technology to address evolving
market requirements."
1 http://governmentgazette.eu/?p=5540
2
https://www.regeringen.se/pressmeddelanden/2018/06/nasta-generation-smarta-elmatare-kan-introduceras-i-sverige/
3
https://www.metering.com/regional-news/europe-uk/second-wave-smart-meter-rollouts-begins-italy-sweden/
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225
060
John Cronin, Executive Chairman www.cyanconnode.com
FinnCap Ltd (Nomad and Broker) Tel: +44 (0) 20 7220
0500
Adrian Hargrave / Giles Rolls (Corporate
Finance)
Alice Lane (Corporate Broking)
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 the design and development of
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. Optimal
solutions provide end-to-end quality of service with reduced total
cost of ownership and Omnimesh delivers standards-based IPv6
solutions, enabling rapid innovation for the implementation of
third party applications. Through global partnerships, 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.
About HM Power
HM Power thoroughly understands the problems and needs of the
electric power distributors and finds attractive solutions for
them. Successful implementation of solutions has been in areas such
as data collection, sensors, switchgear and automation. HM Power
cooperates through partners to accomplish more, do it faster and
more cost effectively.
The company secured a substantial share of the Swedish market
when legislation made all electric utilities invest in Automatic
Meter Reading ten years ago. A special remote operable load switch
was developed to meet the requirements of disconnection of clients.
Today the efforts are concentrated to meet new requirements and
opportunities.
For improvement of medium voltage cable network, a
"self-healing" system has been developed including a new type of
medium voltage switchgear as well as advanced fault indicators. Now
also overhead lines are being covered by our new solutions.
Progress is made in the Nordic countries and on China market.
HM Power also combines internal skills of power distribution,
communication, metering with experience of system business and
implementation to provide equipment and systems infrastructure for
charging Electric Vehicles.
For more information, please visit http://www.hmpower.se/eng
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END
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