Last checked at 6 Feb 2023 08:21
06 February 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Strategic Framework Agreement
CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio frequency (RF) mesh networks, is pleased to announce that it has entered into a definitive framework agreement with a key partner to supply its advanced RF mesh communication technology in India (the "Framework Agreement"). As a preferred partner, CyanConnode will provide Omnimesh RF modules, Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software and associated components, Perpetual License, design, installation, implementation, integration, training and support & Maintenance Contract for 3 million smart meters.
The Framework Agreement underpins directors' confidence in the market expectations for the financial year to 31 March 2024 and sets out the terms and conditions, including pricing, for future orders placed by the key partner.
This partnership marks a crucial endorsement of CyanConnode's expanding footprint in India, with a robust pipeline of potential deals and current tenders amounting to approximately 100 million smart meters. The partnership showcases the Company's continued growth and success, and has the potential to double its order book.
During the current financial year, CyanConnode has received orders for 2.3 million Omnimesh modules, reflecting significant progress. This is compared to the previous decade when it took almost ten years to win 1.3 million modules. The majority of these 2.3 million modules are expected to be installed over the next two years. Additionally, CyanConnode's pipeline of opportunities and partnerships have significantly grown during the current financial year and our conversion rate continues to improve.
John Cronin, Executive Chairman of CyanConnode, said: "We are delighted to announce our selection as the preferred communications partner for the deployment of smart meters in India by a leading industry player. Our partnership will aim to establish a robust and efficient smart metering infrastructure in the country. We are committed to collaborating with our partner to drive innovation in the industry and provide the benefits of smart metering to the people of India."
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.
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Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc - Nominated Adviser and Joint Broker Tel: +44 (0) 207 397 8900
Stephen Keys/ Charlie Combe
Zeus Capital Limited - Joint Broker Tel: +44 (0) 20 3829 5000
Simon Johnson / Alexandra Campbell-Harris
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