REG - CyanConnode Holdings - CyanConnode and Alfanar Sign MOU for AMI projects

Cyanconnode HoldingsAnnouncement

03/04/2023 07:15

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RNS Number : 0918V  CyanConnode Holdings PLC  03 April 2023

3 April 2023

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

CyanConnode and Alfanar Sign MOU for AMI projects

 

CyanConnode Holdings plc (AIM: CYAN), a world leader in narrowband radio
frequency (RF) mesh networks, is pleased to announce that it has signed a
Memorandum of Understanding (MOU) with Alfanar, a leading engineering,
procurement, and construction (EPC) player, to explore joint investment
opportunities in Advanced Metering Infrastructure (AMI) projects.

The MOU sets forth the intention of both parties to establish investments in
AMI projects on an opportunity basis, leveraging the core strengths of both
companies at the group level. CyanConnode and Alfanar will jointly review
tenders across targeted geographies and, subject to a positive outcome,
establish joint ventures for the implementation of AMI.

This collaboration aims to facilitate and expedite activities related to
project investments, in compliance with existing policies, rules, and
regulations in the targeted regions. Both CyanConnode and Alfanar will invest
in the projects upon satisfactory techno-commercial due diligence. While the
MOU does not create a binding commitment, it is anticipated that a definitive
agreement outlining the terms and conditions of the collaboration will be
signed by both parties in due course.

John Cronin, Executive Chairman of CyanConnode, commented: "We are delighted
to enter into this MOU with Alfanar, a company that shares our vision of
harnessing technology and innovation to drive sustainable growth. This
collaboration presents a unique opportunity for us to combine our expertise
and resources to make a significant impact on the global AMI market."

Mohammed Irfan, Chief Executive Officer, Alfanar India, commented: "The
unique partnership approach with CyanConnode will enable us to evaluate and
strategically tap into new markets, especially on the global landscape for
increasing our spectrum of service offerings. We are confident that our joint
efforts will lead to the successful implementation of AMI projects, ultimately
benefiting our customers and stakeholders."

This collaboration between CyanConnode and Alfanar reflects their shared
commitment to explore new opportunities for expanding the global footprint in
the smart grid sector. Working together to assess potential projects, both
companies look forward to a fruitful partnership that drives growth and
innovation in the advanced metering infrastructure industry.

For further information, please contact:

 

 CyanConnode Holdings plc                                 +44 (0) 1223 865 750

 John Cronin, Executive Chairman

 Strand Hanson Limited (Nominated and Financial Adviser)  +44 (0) 20 7409 3494

 James Harris

 Richard Johnson

 David Asquith
 Zeus Capital Limited (Broker)                            +44 (0) 20 3829 5000

 Simon Johnson

 Alexandra Campbell-Harris

About CyanConnode

 

CyanConnode (AIM:CYAN), 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
(http://www.cyanconnode.com/)

About Alfanar

Alfanar is primarily engaged in manufacturing a wide range of Low, Medium and
High Voltage electrical construction products, EPC solutions for conventional
and renewable power plants, allied engineering services and design
engineering. It has built up an international presence throughout much of the
Middle East, Asia, Africa, and Europe.

Alfanar is committed to meeting the ever-growing demand for power
infrastructure across the world.

Through its construction arm, Alfanar provides turnkey EPC solutions for
conventional and renewable energy power plants and water treatment facilities.
It operates a number of well-equipped research and development laboratories
staffed by highly qualified engineers to ensure that it can keep abreast of
the latest developments in its industries.

Alfanar is engaged in various research and development projects that focus on
the development of infrastructure and energy management systems, intelligent
transformation for the distribution automation & the integration of smart
meters.

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