Last checked at 3 Apr 2023 07:00
3 April 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
CyanConnode and Alfanar Sign MOU for AMI projects
CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, is pleased to announce that it has signed a Memorandum of Understanding (MOU) with Alfanar, a leading engineering, procurement, and construction (EPC) player, to explore joint investment opportunities in Advanced Metering Infrastructure (AMI) projects.
The MOU sets forth the intention of both parties to establish investments in AMI projects on an opportunity basis, leveraging the core strengths of both companies at the group level. CyanConnode and Alfanar will jointly review tenders across targeted geographies and, subject to a positive outcome, establish joint ventures for the implementation of AMI.
This collaboration aims to facilitate and expedite activities related to project investments, in compliance with existing policies, rules, and regulations in the targeted regions. Both CyanConnode and Alfanar will invest in the projects upon satisfactory techno-commercial due diligence. While the MOU does not create a binding commitment, it is anticipated that a definitive agreement outlining the terms and conditions of the collaboration will be signed by both parties in due course.
John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted to enter into this MOU with Alfanar, a company that shares our vision of harnessing technology and innovation to drive sustainable growth. This collaboration presents a unique opportunity for us to combine our expertise and resources to make a significant impact on the global AMI market."
Mohammed Irfan, Chief Executive Officer, Alfanar India, commented: "The unique partnership approach with CyanConnode will enable us to evaluate and strategically tap into new markets, especially on the global landscape for increasing our spectrum of service offerings. We are confident that our joint efforts will lead to the successful implementation of AMI projects, ultimately benefiting our customers and stakeholders."
This collaboration between CyanConnode and Alfanar reflects their shared commitment to explore new opportunities for expanding the global footprint in the smart grid sector. Working together to assess potential projects, both companies look forward to a fruitful partnership that drives growth and innovation in the advanced metering infrastructure industry.
For further information, please contact:
CyanConnode Holdings plc John Cronin, Executive Chairman
| +44 (0) 1223 865 750 |
Strand Hanson Limited (Nominated and Financial Adviser) James Harris Richard Johnson David Asquith | +44 (0) 20 7409 3494 |
Zeus Capital Limited (Broker) Simon Johnson Alexandra Campbell-Harris
| +44 (0) 20 3829 5000 |
About CyanConnode
CyanConnode (AIM:CYAN), 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.
CyanConnode's award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform has 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 Alfanar
Alfanar is primarily engaged in manufacturing a wide range of Low, Medium and High Voltage electrical construction products, EPC solutions for conventional and renewable power plants, allied engineering services and design engineering. It has built up an international presence throughout much of the Middle East, Asia, Africa, and Europe.
Alfanar is committed to meeting the ever-growing demand for power infrastructure across the world.
Through its construction arm, Alfanar provides turnkey EPC solutions for conventional and renewable energy power plants and water treatment facilities. It operates a number of well-equipped research and development laboratories staffed by highly qualified engineers to ensure that it can keep abreast of the latest developments in its industries.
Alfanar is engaged in various research and development projects that focus on the development of infrastructure and energy management systems, intelligent transformation for the distribution automation & the integration of smart meters.