CyanConnode Holdings PLC $1.1 million purchase order from India (2348K)

TIDMCYAN

RNS Number : 2348K

CyanConnode Holdings PLC

06 July 2017

CyanConnode Holdings plc

("CyanConnode" or the "Company")

$1.1 million purchase order from India

Contract win for IPv6-based smart metering solution in India

CyanConnode, the world leader in narrowband radio mesh networks, announces receipt of a purchase order from Genus Power Infrastructures Ltd ("Genus") for a smart metering deployment for the Indian state-owned utility Uttar Gujarat Vij Company Ltd ("UGVCL"). This is the Company's first contract award from its new partner, Genus, a tier one meter provider with the largest installed base in India and supplier to multiple utilities.

The purchase order is for a smart metering implementation of over 23,000 units, to be deployed over the next 18 months, for UGVCL customers in Naroda, a suburban town in the fast-growing areas of Ahmedabad. UGVCL operates in the northern parts of Gujarat and serves a consumer base of more than three million, providing substantial scope for follow on orders in the future.

This is the first order from India for CyanConnode's IPv6-6LoWPAN based Advanced Metering Infrastructure ("AMI") solution for volume commercial deployment, highlighting the benefits of the Company's range of solutions while further expanding its product footprint within the region. The IPv6-based technology was developed by Connode AB in Sweden, prior to the Company's acquisition, which was completed in July last year. The IPv6-based solution will enable CyanConnode's first IoT communication network, supporting the connectivity of smart city and IoT applications through one network in the future. CyanConnode's future-proof technology will allow the utility to leverage the initial investment in a smart metering solution to build out smart city services at minimal cost.

CyanConnode will supply its standards-based hardware, services and head end software licenses to Genus. The software will be charged on a per meter per year basis with an annual maintenance contract, delivering a recurring revenue stream over the initial four-year contract term. As the prime contractor to UGVCL, Genus will integrate CyanConnode's narrowband RF mesh technology with its IS 6444 (Bureau of Indian Standards meter protocol) meters to supply the first CyanConnode IPv6-enabled smart meter. Genus will also provide system integration and project management to UGVCL.

JK Agarwal, Joint MD Genus Power, commented:"As a leading "Made in India" meter manufacturer, with the largest installed base of meters in India, it is imperative that Genus provides a range of highly innovative and sustainable solutions smart energy metering products for utilities and customers. The implementation of CyanConnode's world class communication solution, based on IPv6 narrowband RF mesh network, will meet the technical requirements for AMI in India. CyanConnode's robust networks are proven by its customer deployments globally and Genus looks forward to working with CyanConnode on this and other projects in India. By joining hands with such proven players, we are committed to make Smart Cities and Smart Grid possible in India."

John Cronin, CyanConnode Executive Chairman, commented: "We are pleased to receive this order for an IPv6-based smart metering solution from a new meter manufacturer partner in India, Genus. The acquisition of Connode last year has ensured that we are well-positioned to meet the evolving needs of the Indian market in terms of specific functions such as IPv6-based smart metering solutions. IP-based narrowband mesh solutions allow greater flexibility and rapid innovation, allowing customers to leverage investment in single-application platforms to build out smart city and Internet of Things services. We are very excited by the growing number of opportunities provided by our standards-based offering and look forward to winning more new orders as the global demand for these solutions grows."

Enquiries:

 
 CyanConnode Holdings plc                   Tel: [phone] 
                                             060 
 John Cronin, Executive Chairman            www.cyanconnode.com 
 
 FinnCap Ltd (Nomad and Broker)             Tel: [phone] 
                                             0500 
 Adrian Hargrave / Giles Rolls (Corporate 
  Finance) 
  Alice Lane (Corporate Broking) 
 
 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 3(rd) 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 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/

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 02:00 ET (06:00 GMT)