TIDMCYAN
RNS Number : 9518W
CyanConnode Holdings PLC
16 December 2019
16 December 2019
CyanConnode Holdings plc
("CyanConnode" or the "Company")
New Order for Smart Metering Project in South India
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce that it has received a Letter of Intent (LOI) from partner
Genus Power Infrastructures Limited ("Genus") for a substantial
order from a new end customer. This LOI relates to a 142,000 unit
smart metering deployment for one of the largest government-owned
utilities in South India. The detailed contractual terms and scope
of work for the order are being agreed.
Under this LOI, CyanConnode will supply Advanced Metering
Infrastructure (AMI) standards-based hardware, services, and
head-end software, which includes a perpetual license and an annual
maintenance contract. The Company's Omnimesh technology will
provide a network canopy, enabling a hybrid RF smart mesh and
cellular communication platform that is scalable to 200,000 smart
meters. The installation of the project is expected within the next
fifteen months, with approximately 80% of the revenue being
recognised during the first two years and the balance being
received during a further 7-year support and maintenance
contract.
Through Genus, CyanConnode's technology was selected following
the Utility's competitive bidding process. This process included a
request for proposal (RFP) as part of the bid evaluation
process.
The LOI is one of the orders that was referred to in the
Company's announcement on 31 October 2019. The other orders are
still being negotiated and have not been awarded to date. As a
result of the delays in the award of these contracts the Company
anticipate that operating cost savings will be approximately GBP0.8
million per annum rather than GBP0.48 million previously reported
on 13 May 2019. The Board anticipate that these in year cost
savings will provide further benefit into 2020, and anticipate the
savings to increase by a further GBP1.2 million per annum for
2020.
Anil Daulani, CEO & Managing Director of CyanConnode India,
commented:
"We are delighted to have received a LOI from Genus, which
relates to an order they have received from a new end customer in
South India.
"As India begins to evolve into the world's largest smart
metering market, utilities have begun to realise the benefits of
CyanConnode's robust RF mesh technology, and I therefore look
forward to giving further updates in due course."
JK Agarwal, Joint Managing Director of Genus, commented:
"The partnership with CyanConnode brings together complementary
products and a wealth of expertise in the smart metering /
technology domain that will meet our customers' needs and support
the Indian government's objectives."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins / Annabel Atkins
cyanconnode@yellowjerseypr.com
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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 Genus
Genus Power Infrastructures Limited, an ISO 9001 & 14001
certified company is an integral part of the US $400 million
Kailash Group. Genus has two business divisions offering highly
innovative and sustainable solutions to the power sector.
The Metering Solution Division provides a complete range of
Electricity Meters such as Multi-Functional Single Phase and Three
Phase Meters, CT Operated Meters, ABT & Grid Meters, DT Meters,
Pre-Payment Meters, Smart Meters, AMI, MDAS etc.
The Engineering Construction and Contracts Division undertakes
Turnkey power projects such as Sub-Station erection up to 420kV,
Laying up of transmission & distribution lines, Rural
Electrification, Switchyard, Network Refurbishment etc.
Equipped with avant-grade manufacturing facilities, complete
forward and backward integration from plastic parts to final
products, automated SMT lines, Lean Assembly techniques and a team
of highly qualified and experienced engineers, Genus is committed
to develop innovative and customized solution at an affordable
price. Our top-notch R&D Center, recognised by the Ministry of
Science and Technology, Govt. of India, has enabled the company to
dominate the power infrastructure and be at the forefront of new
technology.
For more information, please visit http://genuspower.com/
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END
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