TIDMCYAN
RNS Number : 5794L
CyanConnode Holdings PLC
04 January 2023
04 January 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Order From New Partner
CyanConnode Holdings plc (AIM: CYAN), a world leader in
narrowband radio frequency (RF) mesh networks, is pleased to
announce that its subsidiary, CyanConnode India Pvt Ltd, has
received an order from Montecarlo Limited (Montecarlo) for 983,525
Omnimesh Modules, together with Advanced Metering Infrastructure,
Standards-Based Hardware, Omnimesh Head-End Software, Perpetual
License, and a Support and Maintenance Contract.
The order relates to a smart metering deployment in Jabalpur,
Madhya Pradesh. It was won against a very competitive field and
supply of Omnimesh Modules is expected to commence during Q1 of
2023. The installation of smart meters will be completed within 30
months and will be followed by a seven-and-a-half-year Support and
Maintenance Contract, which will commence upon completion of the
installation phase. Approximately 60% of the contract will be paid
for during the installation phase, against either (i) letters of
credit or (ii) via a trade finance portal with 30-day payment
terms. The remaining 40% of the contract will be paid for in equal
monthly instalments over the Support and Maintenance Contract
period. Certain components required for this contract have been
bought in advance to ensure that contract delivery dates are
met.
John Cronin, Executive Chairman of CyanConnode, commented :
"I am delighted to announce our first order from Montecarlo, who
are a diversified infrastructure development company based in
India. This contract is our third project in Madhya Pradesh,
following two Omnimesh deployments for Madhya Pradesh Paschim
Kshetra Vidyut Vitran Company Ltd, (MPWZ) in Indore.
The contract is another circa one million Omnimesh Module order,
which is testament to our standards-based cutting-edge technology,
skills and understanding of the Indian smart metering ecosystem.
Indore's smart metering infrastructure is already running on an
Omnimesh RF mesh network, and the deployment has become a case
study for other Distribution Companies (DISCOMs) across the
country. The project has been a triumph for MPWZ, who achieved a
return on investment in only two and a half years.
CyanConnode's and Montecarlo's combined local knowledge and
project implementation experience will assist in the successful
execution of this project and we are confident that our partnership
will go from strength to strength."
Mr. Mrunal Patel, Joint MD of Montecarlo, commented :
"We are very pleased to be partnering with CyanConnode.
Montecarlo comes with a strong and successful project
implementation background and while this is our first foray into
the smart metering business, we are confident that we will make
this a successful case study for other projects. CyanConnode is a
service provider and has a proven track record in implementing
communications infrastructure for smart metering in India and I
believe that our strengths will lead to further such opportunities
and partnerships."
As previously announced, CyanConnode recently won two other
substantial orders, one of which is in Bihar for circa one million
units. This latest order means that CyanConnode is now active in
ten Indian States and has an order book of more than 3.6m Omnimesh
Modules in India alone. Consequently, CyanConnode has strengthened
its position in India as the largest provider of RF Smart Mesh
Networks for Advanced Metering Infrastructure (AMI). CyanConnode
also believes that the recently announced Revamped Distribution
Sector Scheme (RDSS) will result in more contracts being awarded to
the Company in the near future.
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc (Nomad and Joint Broker) Tel: +44 (0) 20
7397 8900
Stephen Keys / Charlie Combe (Corporate Finance)
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
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.
CyanConnode's award-winning Omnimesh Advanced Metering
Infrastructure (AMI) platform has 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 Montecarlo Limited
Montecarlo is a diversified infrastructure development Company
headquartered in Ahmedabad, Gujarat. It's operations span various
verticals of mining, energy infrastructure, water and irrigation,
buildings and factories, highways, railways and metro, with
approximately 55 ongoing sites across India. Montecarlo has
developed a reputation for completing the bulk of its
infrastructure development and construction projects on schedule
over the past 27 years. It has been able to establish and expand
skills in the verticals in which it operates as a result of its
executional experience.
For more information about the Company and its businesses,
please visit our website www.mclindia.com
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