CyanConnode gets order for one million modules

11th Jan 2024 16:16

(Sharecast News) - Narrowband radio frequency networking company CyanConnode announced a significant order from Montecarlo on Thursday, through its subsidiary in India.

The AIM-traded firm said the order comprised one million Omnimesh modules, along with advanced metering infrastructure, standards-based hardware, Omnimesh head-end software, a perpetual licence, and a support and maintenance contract.

It said the order was part of a smart metering deployment project in Nagpur, Maharashtra, with the delivery of the Omnimesh modules set to commence within the current quarter.

The installation phase was expected to span 27 months, followed by a 93-month support and maintenance contract, which would begin on completion of the installation.

To facilitate the project, about 60% of the contract's value would be paid during the installation phase.

Payment options included letters of credit or a trade finance portal with 30-day payment terms.

The remaining 40% of the contract amount would be disbursed in equal monthly instalments throughout the duration of the support and maintenance period.

"I am pleased to announce this second significant order from Montecarlo, following our initial collaboration that began last year with the January 2023 order for a similar volume," said executive chairman John Cronin.

"This new contract for one million Omnimesh modules is a testament to our standards-based, innovative technology and deep understanding of India's smart metering landscape."

Cronin said it also underscored the growing market acceptance and momentum for the firm's products.

"This order significantly boosts our total Indian order book to 6.3 million units, with 3.9 million modules scheduled for delivery in accordance with the established project timelines."

At 1549 GMT, shares in CyanConnode Holdings were up 13.4% at 11.68p.

Reporting by Josh White for Sharecast.com.