(Alliance News) - CyanConnode Holdings PLC on Monday said it signed a deal with a key partner to supply its advanced radio frequency mesh communication technology in India.
Shares in CyanConnode were up 6.7% to 24.01 pence each in London on Monday morning.
The Cambridge, England-based narrowband RF mesh networks provider said, as a preferred partner, it will provide Omnimesh RF modules, advanced metering infrastructure, standards-based hardware, Omnimesh head-end software and associated components, design, installation, implementation, integration, training and support for 3 million smart meters, as well as a perpetual license and maintenance contract.
CyanConnode said the partnership marks a "crucial" endorsement of its expanding footprint in India, with a pipeline of deals and current tenders amounting to approximately 100 million smart meters.
The partnership also reinforces directors' confidence in the market expectations for the financial year to March 31, 2024 and sets out the terms and conditions - including pricing - for future orders placed by the key partner, it added.
During its current financial 2023, CyanConnode has received orders for 2.3 million Omnimesh modules. The majority of these 2.3 million modules are expected to be installed over the next two years.
CyanConnode said its pipeline opportunities and partnerships have significantly grown during the current financial year, alongside continued conversion rate improvements.
"We are delighted to announce our selection as the preferred communications partner for the deployment of smart meters in India by a leading industry player," said Executive Chair John Cronin.
"Our partnership will aim to establish a robust and efficient smart metering infrastructure in the country. We are committed to collaborating with our partner to drive innovation in the industry and provide the benefits of smart metering to the people of India."
By Greg Rosenvinge, Alliance News reporter
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