(Alliance News) - CyanConnode Holdings PLC on Thursday said its subsidiary, CyanConnode Pvt Ltd, has received an order from Montecarlo Ltd for one million Omnimesh modules.
Shares in the Cambridge, England-based narrowband radio frequency mesh networks provider rose 13% to 11.65 pence each in London on Thursday morning.
The order is the deployment of a smart metering in Nagpur, India, with the supply of Omnimesh modules scheduled for the first quarter of 2024.
The installation will be finished within 27 months, CyanConnode said, and will be followed by a 93 month support and maintenance contract, once the installation phase is complete.
Approximately 60% of the contract will be paid during the installation phase, while the remaining 40% of the contract will be paid for in equal monthly instalments over the duration of the support and maintenance contract period.
This is the second order CyanConnode receives from Montecarlo, a Gujarat, India-based infrastructure development firm, which placed an order for 983,525 Omnimesh modules last year for its smart metering deployment in Jabalpur, Madhya Pradesh.
Omnimesh is an electricity metering capability designed to offer multi-technology communications to support Smart Grid AMI solutions.
CyanConnode Chair John Cronin said: This new contract for one million Omnimesh modules is a testament to our standards-based, innovative technology and deep understanding of India's smart metering landscape. It also underscores the growing market acceptance and momentum for our products. This order significantly boosts our total Indian order book to 6.3 million units, with 3.9 million modules scheduled for delivery in accordance with the established project timelines."
By Sabrina Penty, Alliance News reporter
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