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LONDON (Alliance News) - Cyan Holdings PLC said on Monday it had secured an order with telecommunications contractor Micromodje for its smart meters to be fitted into street traffic cameras in Iran, worth GBP67,000.
The company, which makes mesh-based flexible wireless products for utility metering and lighting control, said an order for 2,000 units of smart meters had been placed by Micromodje. It said it will receive an upfront payment of GBP50,000 for the order, which is for the supply of Cyan's CyLec Advanced Metering Infrastructure technology, software installation services and an annual software maintenance agreement.
International sanctions were lifted from Iran in mid-January, and Cyan said it believes it is one of the first orders secured by a UK business in the country.
Cyan said the first units were delivered at the start of last week and were successfully deployed in a two day period for a proof of concept to measure the energy consumption of the street cameras. It said it had been told the proof of concept had to be ready for a demonstration to government officials as part of the Victory Day of the Iranian Revolution celebrations on February 11 in Tehran.
Cyan said it had commenced discussions on a larger purchase order for the smart meters, adding the Iranian government estimate 33 million smart electricity meters will be required.
"We are delighted to be partnering with Micromodje in Iran, particularly at this historic time following the lifting of economic sanctions against Iran on January 16. The order from Micromodje shows its confidence in Cyan's enabling technology and we look forward to working with a highly experienced system integrator to deliver smart metering technology, enhancing the quality of service for energy utilities and customers in Iran," saud Executive Chairman John Cronin.
Cyan shares were up 8.1% at 0.154 pence on Monday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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