Last checked at 4 Jan 2023 07:00
04 January 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Order From New Partner
CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, is pleased to announce that its subsidiary, CyanConnode India Pvt Ltd, has received an order from Montecarlo Limited (Montecarlo) for 983,525 Omnimesh Modules, together with Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software, Perpetual License, and a Support and Maintenance Contract.
The order relates to a smart metering deployment in Jabalpur, Madhya Pradesh. It was won against a very competitive field and supply of Omnimesh Modules is expected to commence during Q1 of 2023. The installation of smart meters will be completed within 30 months and will be followed by a seven-and-a-half-year Support and Maintenance Contract, which will commence upon completion of the installation phase. Approximately 60% of the contract will be paid for during the installation phase, against either (i) letters of credit or (ii) via a trade finance portal with 30-day payment terms. The remaining 40% of the contract will be paid for in equal monthly instalments over the Support and Maintenance Contract period. Certain components required for this contract have been bought in advance to ensure that contract delivery dates are met.
John Cronin, Executive Chairman of CyanConnode, commented:
"I am delighted to announce our first order from Montecarlo, who are a diversified infrastructure development company based in India. This contract is our third project in Madhya Pradesh, following two Omnimesh deployments for Madhya Pradesh Paschim Kshetra Vidyut Vitran Company Ltd, (MPWZ) in Indore.
The contract is another circa one million Omnimesh Module order, which is testament to our standards-based cutting-edge technology, skills and understanding of the Indian smart metering ecosystem. Indore's smart metering infrastructure is already running on an Omnimesh RF mesh network, and the deployment has become a case study for other Distribution Companies (DISCOMs) across the country. The project has been a triumph for MPWZ, who achieved a return on investment in only two and a half years.
CyanConnode's and Montecarlo's combined local knowledge and project implementation experience will assist in the successful execution of this project and we are confident that our partnership will go from strength to strength."
Mr. Mrunal Patel, Joint MD of Montecarlo, commented:
"We are very pleased to be partnering with CyanConnode. Montecarlo comes with a strong and successful project implementation background and while this is our first foray into the smart metering business, we are confident that we will make this a successful case study for other projects. CyanConnode is a service provider and has a proven track record in implementing communications infrastructure for smart metering in India and I believe that our strengths will lead to further such opportunities and partnerships."
As previously announced, CyanConnode recently won two other substantial orders, one of which is in Bihar for circa one million units. This latest order means that CyanConnode is now active in ten Indian States and has an order book of more than 3.6m Omnimesh Modules in India alone. Consequently, CyanConnode has strengthened its position in India as the largest provider of RF Smart Mesh Networks for Advanced Metering Infrastructure (AMI). CyanConnode also believes that the recently announced Revamped Distribution Sector Scheme (RDSS) will result in more contracts being awarded to the Company in the near future.
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Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc (Nomad and Joint Broker) Tel: +44 (0) 20 7397 8900
Stephen Keys / Charlie Combe (Corporate Finance)
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
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.
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 Montecarlo Limited
Montecarlo is a diversified infrastructure development Company headquartered in Ahmedabad, Gujarat. It's operations span various verticals of mining, energy infrastructure, water and irrigation, buildings and factories, highways, railways and metro, with approximately 55 ongoing sites across India. Montecarlo has developed a reputation for completing the bulk of its infrastructure development and construction projects on schedule over the past 27 years. It has been able to establish and expand skills in the verticals in which it operates as a result of its executional experience.
For more information about the Company and its businesses, please visit our website www.mclindia.com
The information contained within this announcement is deemed to constitute inside information for the purposes of Article 7 of EU Regulation 596/2014 (Market Abuse Regulations) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this inside information is now considered to be in the public domain.