REG - CyanConnode Holdings - $3.2 million order from India

Cyanconnode HoldingsAnnouncement

21/05/2018 07:05

RNS Number : 6446O
CyanConnode Holdings PLC
21 May 2018
 


CyanConnode Holdings plc
("CyanConnode" or the "Company")
 
$3.2 million order from India
 
Largest order to date for IPv6-based smart metering solution in India
 
CyanConnode, the world leader in narrowband radio mesh networks, announces confirmation of a purchase order from Larsen & Toubro (L&T) for a smart metering deployment based solution that will enable a secure, IoT network canopy covering 15 zones of the Indore circle from the Indian state-owned utility Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd ("MPWZ") worth $3.2m, to commence deployment in the current financial year.
 
This is a further order from L&T for whom it has already delivered 25,100 units throughout India. Importantly, this is the second order for CyanConnode's new Omnimesh Advanced Metering Infrastructure ("AMI") solution, highlighting the strong value proposition of the Company's advanced IPv6 standards based product, which is now becoming the requirement in certain territories around the World.
 
Order details
The purchase order is for an IPv6-based smart metering implementation for MPWZ in Indore. The smart meters will be deployed over the next two years with initial delivery commencing before the end of the current financial year.
 
MPWZ operates in Madhya Pradesh and serves a consumer base of more than three million in Indore and Ujjain, providing substantial scope for follow-on orders in the future. CyanConnode will supply its Advanced Metering Infrastructure (AMI) standards-based hardware, services and head end software licenses to L&T. The software will be charged on a per meter per year basis with an annual maintenance contract, delivering a recurring revenue stream over the initial five-year contract term.  
 
The IPv6-based solution
CyanConnode's IPv6-based solution will enable a secure, IoT network canopy covering 15 zones of the Indore circle, with a capacity to connect up to 250,000 devices. The standards-based narrowband mesh technology supports build-as-you-go networks, which will allow MPWZ to rapidly scale its smart metering implementation across its consumer base.
 
CyanConnode's technology, which meets the technical requirements for AMI in India, will be integrated with L&T's IS 16444 smart meters to comply with Bureau of Indian Standards meter protocol. The integrated solution, which includes meters, RF mesh communication and head end meter management will enable MPWZ to remotely monitor and control energy usage to reduce distribution losses
 
John Cronin, CyanConnode Executive Chairman, commented: "We are pleased to announce such a significant order from our strategic partner, L&T. During 2017 the company continued its positive momentum in the region and this second contract win for CyanConnode's new Omnimesh demonstrates the suitability of the product as well as the growing demand for standards-based solutions.
 
"CyanConnode are working in partnership with L&T, collaboratively addressing the evolving needs of the Indian utilities sector. L&T is a leading provider to the Indian utility sector and the integration of CyanConnode's standards-based communication technology with its smart meters demonstrates the strength of the partnership as well as the suitability of our award-winning technology for the Indian market."
 
 
Enquiries:
 



CyanConnode Holdings plc


Tel: +44 (0) 1223 225 060




John Cronin, Executive Chairman


www.cyanconnode.com




 








FinnCap Ltd (Nomad and Broker)


Tel: +44 (0) 20 7220 0500




Adrian Hargrave / Giles Rolls (Corporate Finance)
Alice Lane (Corporate Broking)


 




 


 




Walbrook PR (Financial PR)
Paul Cornelius / Nick Rome
 


Tel:  +44(0) 20 7933 8780
cyanconnode@walbrookpr.com




 


 



About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications. Its innovative solutions use sub GHz frequencies and are optimised for exceptional performance. Optimal solutions provide end-to-end quality of service and total cost of ownership and IPv6 6LoWPAN delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of 3rd party applications. Through its global partner eco-system, CyanConnode provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.  
 
For more information, please visit www.cyanconnode.com.
 
About Larsen & Toubro
Larsen & Toubro is a USD 15 billion technology, engineering, construction, projects, manufacturing and financial services conglomerate, with global operations. The company is engaged in core, high-impact sectors - infrastructure, construction, defence, hydrocarbon, heavy engineering, power, aerospace, shipbuilding, electrical & automation, mining and metallurgy. Its integrated capabilities span the entire spectrum of 'design-to-deliver', and it offers turnkey EPC solutions in its major business lines. Its track record covers products, projects and processes executed to international benchmarks.
 
Electrical & Automation is a major business portfolio of Larsen & Toubro. The business basket of Electrical & Automation (E&A) contains low and medium voltage switchgear products, electrical systems, energy meters and automation solutions. Its products and solutions cater to industry, utility, building & home, infrastructure and agriculture segments. For more information, please visit www.larsentoubro.com.




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
CNTEAPSPFDFPEFF