(Alliance News) - CyanConnode Holdings PLC on Monday said it has secured an order in Thailand, a new territory, from JST Group.
The radio frequency technology company said it will supply 33,000 units of its hardware head end system and will provide annual maintenance services. Hardware deliveries will commence in 2020, with deliverables for the integrated system commencing immediately.
As part of the contract, CyanConnode said it will receive an upfront payment at the time of order of around USD400,000, which is about 25% of the contract value. On successful deployment, the 33,000 units are expected to extend to a further 200,000 units, the AIM-listed company noted.
"We are delighted to be part of the consortium contracted to implement a smart metering deployment for Metropolitan Electricity Authority in Thailand," said Executive Chair John Cronin.
CyanConnode shares were trading 52% higher in London on Monday morning at 3.19 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Cyanconnode (CYAN)