LONDON (Alliance News) - Cyan Holdings PLC on Wednesday said it has signed a strategic agreement with Newcapec Electronics Co Ltd to enter the Chinese market.
Cyan, which makes mesh-based flexible wireless products for utility metering and lighting control, will work with Newcapec, a Chinese smart card company, on opportunities in the smart metering market in China.
No financial details were disclosed.
"Our aim is to deliver smart metering solutions to enable increased intelligence for both utilities and consumers, and to support energy efficiency, consumption and demand side management initiatives," said John Cronin, Cyan's executive chairman.
"In addition, we will work together to identify new applications for our combined technology within the IoT and 'Smart Cities' to support the creation of sustainable, viable living spaces with Cyan's integrated platform providing insight and control," Cronin added.
Shares in Cyan were up 8.1% to 0.200 pence early Wednesday, following news of the deal.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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