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(Alliance News) - Shares in CyanConnode Holdings PLC rose on Monday as it announced the receipt of a formal purchase order from partner Genus Power Infrastructures Ltd worth GP3.3 million.
The order follows a letter of intent received in mid-December for the order of 142,000 units of smart metering for government-owned utilities in south India.
Shares in the Cambridge-based wireless communication technology provider were up 8.5% at 3.23 pence on Monday in London.
Under the purchase order, CyanConnode will supply hardware, services and head-end software based on Advanced Metering Infrastructure standards. This will include a perpetual licence and an annual maintenance contract.
The installation of the project is expected to be completed in the next 15 months, with 80% of revenue being recognised during the first two years, and the remaining 20% received during a further seven-year support and maintenance contract.
The first project planning meeting to discuss the roll out and installation of the meters is set to take place during January.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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