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Good morning all,

Interestingly, the Tenaga Nasional Berhad ( TNB ), a major provider in the Malaysia Power Industry, is no stranger to the UK renewable energy market, as the ...... " TNB currently owns, develops and operates RE assets across the UK and Ireland, including solar, on-shore, off-shore wind and battery projects."

Published January 2025:-

https:// thestar.com.my/business/business-news/2025/01/17/pm-anwar-launches-tnb039s-re-ventures-in-uk

The TNB President/Chief Executive Officer, Datuk Megat Jalaluddin Megat Hassan, in his speech at the event said that TNB is proud of its contributions to the RE space, as the Company continues to make its presence, not only in Malaysia and the UK, but also in other global markets.

" We aim to leverage the expertise we have built over the the past 75 years, by embracing key technology advancements and prioritising talent development."

So, a contributor to the UK Renewable Energy market also, it would seem.

Good Luck all.

LTI.

...... its coming home. Again.

Excellent. Well done to all involved.

Good Luck all.

LTI.

Sorry again, another mistake:-

https://mordorintelligence.com/industry-reports/malaysia-power-market/companies

I should go to SpecSavers more regularly.

Good Luck all.

LTI.

Oooops, sorry, missed an "s" out - hope this works:-

https://mordonintelligence.com/industry-reports/malaysia-power-market/companies

LTI.

Good evening all,

The Malaysia and Indonesia smart meter potential, has been mentioned a couple of times by CyanConnode, over the last 12 months or so. More recently in the Full Year Results, for the year ending March 31st, 2025.

With that in mind, I have provided some key suppliers for the Malaysia power sector, which may be of interest, the Tenaga Nasional Berhad ( TNB ) being the dominant provider in Malaysia, according to this list.

http://mordonintelligence.com/industry-reports/malaysia-power-market/companies

Good Luck all.

LTI.

" A bold move with DigiSmart "

" An exciting development has been the signing of a £70m contract by CyanConnode's subsidiary, DigiSmart Networks Pvt. Ltd., with the Goa Electricity Department, for the deployment of 750,000 smart meters. Notebly, this project is fully funded and adds to the company's growing backlog, which now stands at £180m.

" This marks CyanConnode's foray into a different business model - operating as an Advanced Metering Infrastructure Service Provider ( AMISP ). As Harvey Robinson explains, " The company is working through the impact on forecasts of DigiSmart and will update the market in due course."

It should prove to be a very positive, news-worthy year, for the CyanConnode Group.

Good Luck all.

LTI.

...... " A stronger foundation and growing momentum " - A report from Harvey Robinson, Research Analyst at Panmure Liberium.

Good morning all,

The report from Panmure Liberium on CyanConnode's progress, covers much of what we already know, but a paragraph on Bjorn Lindblom, may be of interest:-

" Strengthening Governance and Leadership "

" One of the most important changes in the past year, has been the separation of the Chairman and CEO roles. On 9th May, Bjorn Lindblom, formerly an independent Non-Executive Director, became Non-Executive Chairman, while John Cronin transitioned to the role of Group CEO.

" Lindblom brings a wealth of experience in communication and IoT, having previously served as CEO of Connode AB, before it was acquired by Cyan in 2016. He is also the Co-Founder and Chairman of Luvly AB, a company focused on sustainable electric vehicles."

So, an introduction to Bjorn Lindblom, if you were not aware of his history and credentials, and his pathway within CyanConnode over recent years.

Good Luck all.

LTI.

Good afternoon all,

An interesting foot-note within the RNS this morning, from John Cronin's opening paragraph's, reads:-

" In light of the inherent challenges in forecasting revenue timing in large infrastructure projects, the Board has adopted a more conservative approach to its forecasting. To enhance transparency and help stakeholders track operational progress, going forward CyanConnode intends to provide quarterly updates, on business progress."

An excellent contribution to transparency, which should allow share-holders to track projects more closely, going forward. An interesting development.

Good Luck all.

LTI.

Good morning gizmo,

I had just noticed the Directors Talk Interview, headlined - " CyanConnode triples order-book to £180m, as Q1 FY26 shipments jump over 3x ", but thanks for the heads-up, anyway, gizmo.

Yes, as you mentioned it and I acknowledged it earlier today, a very interesting development between CyanConnode and IntelliSmart - the Pan-India Open Agreement - to deploy smart meters throughout India. A step forward from the original Strategic Framework Agreement, between IntelliSmart and CyanConnode, from a couple of years ago, is the way I read it. So good news, on that front.

And now that the Goa smart meter project is fully funded and GreenMeter Goa Private Limited - the DigiSmart SPV - has " ...... appointed a specialist sub-contractor ...... " to deliver the project, it should not be to long, before the actual delivery of the Goa Project, gets underway.

Interesting times ahead, gizmo.

Good Luck.

LTI.

Good morning all,

Key highlights in the Indian smart meter market:-

General.

" Current progress: As at the end of March 2025, roughly 23.9 million smart meters were installed across India, which is slightly less than 10% of the original 250 million target. Despite lower than expected deployments and therefore revenue, during the year, momentum picked up towards the end of FY25, with 13.4 million meters installed in the full financial year. We have seen a significant increase in our shipments of modules in the first 3 months of FY26.

" The programme has not yet taken off in several states. Not a single consumer smart meter has been installed in Karnataka, while Kerala has installed only 805 to date. Bihar and Assam have led in deployments. Uttar Pradesh, Madhya Pradesh, Punjab, Chhattisgarh and Andhra Pradesh, are among better performing states. Haryana, Maharashtra and Gujarat, have seen moderate progress."

So steady progress is being made in certain States, as we know. While others are still under starters orders, as the saying goes.

But steady progress, non-the-less.

Good Luck all.

LTI.

Good morning all,

CyanConnode's global Smart Metering Market interests, have provided an update:-

APAC and Middle East North Africa Markets.

" The smart metering market in the Asia Pacific ( " APAC ") and MENA region across electricity and water, continues to expand, with emerging opportunities in gas utilities, as more utilities start to adapt smart metering initiatives."

MENA.

"During the period CyanConnode continued to deploy its contracts for the MENA region and additionally completed incorporation of its subsidiary, CyanConnode Communications LLC, in Dubai. In October 2024, the Company was pleased to announce a follow-on order for the region and shipments for this order are expected to complete during this financial year. Further orders for the region are expected to be won in the near term."

Thailand.

" CyanConnode, in collaboration with Partners JS Technical Services Co Ltd ( "JST" ) and Forth Corporation Public Company Limited ( Forth ), continues to advance the Smart Metro Grid ( SMG ) project, for the Metropolitan Electricity Authority ( MEA ), which has now reached Go-Live stage."

Malaysia and Indonesia.

" As part of its APAC expansion, CyanConnode is actively collaborating with utilities in Malaysia and Indonesia."

So, CyanConnode's global interests, which are targeting further, future expansion for the Group, seem to be progressing, at a steady pace. So good news, I would suggest.

Good Luck all.

LTI.

Good morning all,

One of the " Key Highlights for CyanConnode India " may be of interest, concerning IntelliSmart:-

- Open Agreement with IntelliSmart: CyanConnode has entered into an open agreement with IntelliSmart Infrastructure Private Limited ( " IntelliSmart ") to deploy smart meters on a Pan-India basis. Under the agreement, CyanConnode will provide Consumer Indexing, Meter Installation and Operation & Maintenance Services, for IntelliSmart's ongoing and upcoming smart metering projects across India. This agreement marks a significant step in strengthening CyanConnode's role in the execution and long-term management of Advanced Metering Infrastructure deployments, under RDSS."

I take it from this acknowledgement, that CyanConnode and IntelliSmart have transitioned from the Strategic Framework Agreements, to an open Pan-India Agreement, in connection with their respective/prospective Smart Meter Projects.

Seems like a good move to me, that should benefit both CyanConnode and IntelliSmart.

Good Luck all.

LTI.

....... this morning, for Year Ended 31st March, 2025, were confirmed and not unexpected.

John Cronin, Chief Executive of CyanConnode commented:-

" While FY25 was a transformational year for the Company in India, its largest smart metering market, as announced in our Trading Statement on 28th April, 2025, anticipated deployment momentum did not materialise at the expected pace, and as a result revenues were 24% lower than the prior year.. This was primarily due to election-related uncertainty amongst businesses and short-term consumer resistance to smart metering, factors we do not expect to recur.

" Importantly, no orders have been lost, only deferred and the strength of our current pipeline positions us well, for the periods ahead. We've entered FY26, with positive momentum, evidenced by a significant uplift in shipment modules, as shown in the table in the Post-Period Highlights, on the next page."

https://polaris.brighterir.com/public/cyan/news/rns/story/w90zkew

This years shortfall, was not unexpected, but " Importantly, no orders have been lost, only deferred ...........".

Good Luck all.

LTI.

Good morning all,

The Azerbaijan/Esyasoft/Azerigaz news, seems to be gathering some traction on ADVFN. As I have mentioned previously, CyanConnode have had an interest in a gas project in Azerbaijan for some time, since 2023, I think, which was confirmed by CyanConnode, during the following year.

It is also interesting that John Cronin has posted on LinkedIn, ( Confirmed by nilli, on ADVFN ) about the $480m deal between Azerigaz and Esyasoft. The connection may go back to Baku and the COP29 Climate Conference and some news that came out during that conferenc, in Azerbaijan.

Not getting to excited at the moment. But the dots seem to be joining, very nicely.

Good Luck all.

LTI.

Good morning gizmo and all,

I agree gizmo, that it was a good RNS. Very good.

Your concerns over the Conversion Price, are partially covered within this mornings RNS, as far as they can be, when it is noted, that:-

- " Conversion Price - To be determined based on fair market value, subject to agreement between the Company and the Lender ".

So it would seem that there will be some more negotiations to take place, when this particular part of the contract is to be finalized and completed. But I understand your point of view and your concern.

Take care gizmo and all.

LTI.

Good morning all,

John Cronin - Group CEO of CyanConnode, also commented:-

" In April and May 2024, DigiSmart was empanelled as an Advanced Metering Infrastructure Service Provider ( AMISP ), enabling CyanConnode to lead and deliver major smart metering projects, in India, using both RF and Cellular technology. The award of the Goa contract marked a significant milestone for the Group and we are delighted to confirm that the contract is now fully financed through an innovative structure that protects our balance sheet, while enhancing long-term value."

And as I commented earlier this morning, an excellent piece of business, in my opinion.

Good Luck all.

LTI.

Good morning all,

An excellent piece of business announced this morning, concerning the CyanConnode/DigiSmart/GreenMeter/Goa smart metering project, which may form a " Blue-Print " for this type of project, until the Group gets financially stronger.

Also contained in the RNS this morning:-

" The additional loan note reflects the strength of our strategic relationships and provides us with the flexibility to pursue further large-scale opportunities across India, as the national rollout accelerates."

Well done to all concerned.

Good Luck all.

LTI.

..... " ....... is pleased to announce that its flagship smart metering contract in Goa, awarded in April 2025, is now fully funded and resourced without any further capital from the Group."

Another excellent achievement by CyanConnode and the CyanConnode Group.

https://polaris.brighterir.com/public/cyan/news/rns/story/rgly23x

Good Luck all.

LTI.

Good evening gizmo,

Very interesting gizmo and thank you for sharing. I seem to remember about 12/18 months ago, I think, that CyanConnode informed us about a gas smart meter project in Azerbaijan, that was in the early stages of development. So it will be interesting to see if anything develops from this, going forward.

But an interesting development, along-side a substantial investment, over a 14 year time-frame.

https://offshore-technology.com/news/azerigaz-and-esyasoft-sign-480m-smart-gas-network-contract/?cf-view

Thanks again and Good Luck gizmo and all.

LTI.

Good morning tonyj and all,

Contractually, for the MonteCarlo smart meter projects that have been awarded to CyanConnode over the last couple of years, I would say that that CyanConnode are sole suppliers of RF, for these contracts.

But MonteCarlo contributed approximately 880k+ smart meter installations over their 2 smart meter projects, during June 2025. So as I commented last month, MonteCarlo are putting a shift in, as far as installations are concerned, along with their Partners.

Of which CyanConnode are one.

Good Luck tonyj and all.

LTI.