CyanConnode Holdings PLC Contract From New Indian Customer (1423H)
August 02 2021 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 1423H
CyanConnode Holdings PLC
02 August 2021
02 August 2021
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Contract From New Indian Customer
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 contract from Schneider Electric
(Schneider Electric India Pvt Limited), for a smart metering
deployment in Northern India .
CyanConnode will supply 152,000 Omnimesh Modules together with
Advanced Metering Infrastructure standards-based hardware,
Services, Omnimesh Head-End Software, Perpetual License and an
Annual Maintenance Contract. Under the contract CyanConnode will
supply its new Omnimesh Cellular Modules as well as Omnimesh RF
Modules.
The supply of Omnimesh Modules is expected to commence within Q3
2021, with all modules being supplied within twelve months.
Approximately 80% of revenue will be recognised during the first
two years of the contract with the balance of approximately 20%
being received during a further seven-year support and maintenance
contract, which commences following the 'Go Live' phase.
John Cronin, Executive Chairman, commented :
"We are delighted to have received this contract from Schneider
Electric, which is testament to CyanConnode's technology and its
ability to deliver projects on time and within budget. The Omnimesh
Head-End Software will communicate with both RF Mesh and Cellular
Omnimesh Modules.
"Omnimesh is agile, easy to deploy and will enable utilities to
meet the Indian Government's target to convert all electricity
meters into smart prepaid meters."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Arden Partners plc (Nomad and Broker) Tel: +44 (0) 20 7614
5900
Paul Shackleton / Akhil Shah (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 Schneider Electric
Schneider Electric provides energy and automation digital
solutions for efficiency and sustainability. They combine
world-leading energy technologies, real-time automation, software
and services into integrated solutions for Homes, Buildings, Data
Centers, Infrastructure and Industries.
In 2020, Schneider completed its acquisition of Larsen &
Toubro's Electrical and Automation business. Following this
acquisition, India is set to become the third largest country of
Schneider Electric in terms of revenues and one of its key global
innovation and manufacturing hubs.
For more information, please visit www.se.com
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END
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