Cyan shares jump on potential $3m smart meter order

20th May 2015 16:01

Cambridge-based tech group Cyan Holdings has received a letter of intent for a smart meter order in western Africa potentially worth $3m, causing shares to surge.The smart energy solutions company's one subsidiary, Cyan Technology, which provides wireless solutions for utility metering and lighting control, said it had received the LOI from El Sewedy Electrometer to supply Cyan's CyLec Advanced Metering Infrastructure (AMI) solution.El Sewedy, subject to contract, wants to use the AMI for up to 200,000 consumers in batches over three years. If deployed in full, the contract could be worth up to $3m."Cyan will immediately start working towards signing a contractual order with El Sewedy for the 200,000 meters indicated, but the LOI is no guarantee of the terms or timing of any such order or if a contract will be signed," the company said.The stock was up 13% at 0.271p before the close on Wednesday.