CyanConnode Holdings PLC Contract Win (0355W)

TIDMCYAN

RNS Number : 0355W

CyanConnode Holdings PLC

06 February 2017

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Contract Win

Purchase Order for 100,000 Software Licenses from HM Power

CyanConnode (AIM: CYAN), the world leader world leader in narrowband radio mesh networks, announces receipt of a purchase order for 100,000 Panmesh software licenses from HM Power Metering AB ("HM Power") in Sweden for smart grid and Internet of Things ("IoT") implementations.

In April 2016, CyanConnode signed a non-exclusive distribution agreement with HM Power to distribute the Company's smart grid and IoT solutions in Sweden.

The purchase order is expected to cover HM Power's initial requirements for Panmesh software licenses and will be invoiced as the licenses are delivered to HM Power's utility customers, as part of the rollout to replace existing smart meters in Sweden.

Sweden was the first country to install smart meters for its customers in 2009, with the full-scale installation of Automated Meter Reading/Advanced Metering Infrastructure systems reaching 5.2 million Swedish consumers.

The Swedish-based system integrator, HM Power, provides smart metering and smart grid solutions to virtually all Swedish utilities. HM Power has an established customer base of approximately 650,000 smart meters and 30% of the Ring Main Unit and advanced fault indication equipment market in Sweden. HM Power has integrated CyanConnode's IPv6 standards-based solution, Panmesh, with its smart grid equipment, electricity meters and other IoT products. Panmesh uses narrowband RF mesh technology and is designed to support single and multi-application networks, delivering a versatile solution with a low cost of ownership.

John Cronin, CyanConnode Executive Chairman, commented: "This order further demonstrates the suitability of our Panmesh technology to deliver future-proofed customer value. Ease of implementation and deployment of CyanConnode's narrowband mesh technology allows customers to build the network as they deploy the solution, supporting cash flow, up-time and end-to-end security. The sale of Panmesh software licenses include an ongoing recurring revenue stream from annual maintenance charges over a 10-year contract term.

Anders Hjort, CEO HM Power, commented: "The market is now implementing next-generation technologies to support both IoT sensor applications that enable smart grid solutions and advanced metering infrastructure solutions. Since 2000, HM Power has been a leading supplier of smart metering (AMI) solutions in Sweden. With a large customer base, HM Power is now well positioned to provide next generation smart meters and smart grid equipment. CyanConnode's IPv6 Panmesh technology delivers flexible, cost-effective communications for single and multi-application networks."

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.

   (1)   http://www.smartutilitiesscandinavia.com/Pages/Detail/4806 

(2) http://governmentgazette.eu/?p=5540

Enquiries:

 
 CyanConnode Holdings plc                     Tel: [phone] 
                                               060 
 John Cronin, Executive Chairman              www.cyanconnode.com 
 
 Cantor Fitzgerald Europe - Nomad and         Tel: [phone] 
  Broker 
 Andrew Craig / Richard Salmond 
 
 Beaufort Securities Limited - Joint Broker   Tel: [phone] 
                                               8300 
 Jon Belliss 
 
 Walbrook PR - Financial PR                   Tel: [phone] 
 Paul Cornelius / Nick Rome                   [e-mail] 
 

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 3rd 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.

About HM Power

The business idea is to understand the problems and needs of the electric power distributors and to find 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 managed to get a substantial part 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

This information is provided by RNS

The company news service from the London Stock Exchange

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February 06, 2017 02:00 ET (07:00 GMT)