CyanConnode surges on its biggest-ever order in India

22nd Aug 2022 10:35

(Sharecast News) - Smart mesh network technology company CyanConnode announced on Monday that its India subsidiary has received its largest-ever order.

The AIM-traded firm said the order, placed by Genus Power Infrastructures, was for one million of its 'Omnimesh' modules, together with advanced metering infrastructure, standards-based hardware, Omnimesh head-end software, a perpetual licence, and a support and maintenance contract.

It said the order related to a smart metering deployment in the north eastern state of Bihar, with the supply of Omnimesh modules expected to start in September, and installation completed within two years.

The support and maintenance contract would run for eight years, and would start on completion of the installation phase.

"We are delighted to have received this order from our long-standing partner Genus, which cements our position as the largest provider of narrowband radio frequency smart mesh networks for smart metering in India," said executive chairman John Cronin.

"This single order will almost double the number of modules we have deployed in India to date.

"India is at the beginning of its government's mandated deployment of 250 million smart meters, and CyanConnode is pursuing current tenders for the deployment of over 27.5 million smart meters."

Cronin said the company also expected the number of tenders that it was actively pursuing to grow further in the coming months.

"The board remains determined to take full advantage of CyanConnode's superior radio frequency technology, and to capitalise upon its opportunities in India."

At 1014 BST, shares in CyanConnode Holdings were up 30.85% at 19.3p.

Reporting by Josh White at Sharecast.com.