Last checked at 2 Aug 2021 07:00
02 August 2021
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Contract From New Indian Customer
CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received a contract from Schneider Electric (Schneider Electric India Pvt Limited), for a smart metering deployment in Northern India.
CyanConnode will supply 152,000 Omnimesh Modules together with Advanced Metering Infrastructure standards-based hardware, Services, Omnimesh Head-End Software, Perpetual License and an Annual Maintenance Contract. Under the contract CyanConnode will supply its new Omnimesh Cellular Modules as well as Omnimesh RF Modules.
The supply of Omnimesh Modules is expected to commence within Q3 2021, with all modules being supplied within twelve months. Approximately 80% of revenue will be recognised during the first two years of the contract with the balance of approximately 20% being received during a further seven-year support and maintenance contract, which commences following the 'Go Live' phase.
John Cronin, Executive Chairman, commented:
"We are delighted to have received this contract from Schneider Electric, which is testament to CyanConnode's technology and its ability to deliver projects on time and within budget. The Omnimesh Head-End Software will communicate with both RF Mesh and Cellular Omnimesh Modules.
"Omnimesh is agile, easy to deploy and will enable utilities to meet the Indian Government's target to convert all electricity meters into smart prepaid meters."
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Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Arden Partners plc (Nomad and Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Akhil Shah (Corporate Finance)
Simon Johnson (Corporate Broking)
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.
For more information, please visit www.cyanconnode.com
About Schneider Electric
Schneider Electric provides energy and automation digital solutions for efficiency and sustainability. They combine world-leading energy technologies, real-time automation, software and services into integrated solutions for Homes, Buildings, Data Centers, Infrastructure and Industries.
In 2020, Schneider completed its acquisition of Larsen & Toubro's Electrical and Automation business. Following this acquisition, India is set to become the third largest country of Schneider Electric in terms of revenues and one of its key global innovation and manufacturing hubs.
For more information, please visit www.se.com