CyanConnode wins "major new contract" for 6.5 million Omnimesh modules

(Alliance News) - CyanConnode Holdings PLC on Wednesday said subsidiary, CyanConnode Pvt Ltd, has signed a "major new contract" for 6.5 million Omnimesh modules.

CyanConnode is a Cambridge, England-based developer of narrowband radio frequency mesh networks.

The order is with an unnamed "global partner".

CyanConnode said the contract is related to various smart metering projects in India, with supply of Omnimesh Modules expected to commence during the second half of financial 2025.

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 70% of the contract will be paid during the installation phase. The remaining 30% of the contract will be paid for in equal monthly instalments over the duration of the support and maintenance contract period.

Executive Chair John Cronin said: "I am delighted to announce CyanConnode's largest order to date from a global partner, with whom we have successfully collaborated on various projects over the years. This order nearly doubles our order book for India, increasing it from 6.6 million units to 13.1 million units, and solidifies our position in India's nationwide smart metering rollout."

Shares in CyanConnode were up 1.8% at 7.94 pence each in London on Wednesday morning.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Cyanconnode