CyanConnode Holdings PLC New Order for Smart Metering Project in India (8577K)

TIDMCYAN

RNS Number : 8577K

CyanConnode Holdings PLC

10 May 2022

10 May 2022

CyanConnode Holdings plc

("CyanConnode" or the "Company")

First Order From IntelliSmart

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received its first order from IntelliSmart Infrastructure Pvt Ltd (IntelliSmart), for a smart metering deployment in Assam, India .

Under the purchase order, CyanConnode will supply 100,000 Omnimesh Modules together with advanced metering infrastructure, standards-based hardware, services, Omnimesh head-end software, perpetual license and an annual maintenance contract.

The supply of Omnimesh Modules has already commenced and the contract will be completed within 30 months under a DBFOOT (Design, Build, Finance, Own, Operate, Transfer) model.

John Cronin, Executive Chairman of CyanConnode, commented :

"We are delighted to have received our first order from IntelliSmart, which is a direct result of our continued association since last year and in line with our expectations. IntelliSmart is the first service provider to use the DBFOOT model and it has also installed the first smart prepaid meter in India under the RDSS (Revamped Distribution Sector Scheme).

The Indian smart metering market is scaling up to deliver 250 million smart prepaid meters and I believe that CyanConnode's technology, together with its ability to deliver projects on time and within budget, will stand it in good stead for the future."

Anil Rawal, MD & CEO of Intellismart, commented :

"IntelliSmart is making history as the organisation that is implementing the country's first smart metering project under the Government of India's Revamped Distribution Sector Scheme (RDSS).

State electricity distribution companies have understood the benefits of smart meters, mainly in terms of controlling power, theft and efficient billing and collections. Intellismart has marked its footprint in Assam by installing the first prepaid meter on 26 April 2022, marking the first RDSS meter of the country.

We are pleased to be partnering with CyanConnode on this project, which triggers the silent but steady digital revolution through smart pre-paid metering through scalable and versatile large-scale AMI projects not only in Assam but across the country."

- Ends -

Enquiries:

CyanConnode Holdings plc Tel: [phone]

John Cronin, Executive Chairman www.cyanconnode.com

   Cenkos Securities plc - Nominated Adviser and Joint Broker                Tel: [phone] 

Stephen Keys/ Charlie Combe

Arden Partners plc - Joint Broker Tel: [phone]

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 IntelliSmart

IntelliSmart Infrastructure Private Limited is a joint venture of National Investment Infrastructure Fund (NIIF) and Energy Efficiency Services Limited (EESL), established with the defined goal of pioneering digitalisation in the power sector. One of the key drivers for IntelliSmart is to enable the implementation of smart meters through DBFOOT (Design, build, finance, own, operate, transfer) model to expedite the deployment of the programme by leveraging resources. IntelliSmart, as a global solutions provider, will deploy smart meters for the utilities that will drive efficiencies for Discoms, improve revenue management, increase billing performance and enhance consumer satisfaction. In the long run, with smart meter infrastructure, consumer data management and AI/ML-based analysis, the company seeks to enable utilities to develop additional revenue sources.

For more information, please visit www.intellismartinfra.in

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May 10, 2022 03:41 ET (07:41 GMT)