REG - CyanConnode Holdings - Indian Subsidiary Achieves Key Milestones

Cyanconnode HoldingsAnnouncement

17/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240717:nRSQ6671Wa&default-theme=true

RNS Number : 6671W  CyanConnode Holdings PLC  17 July 2024

 

17 July 2024

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Indian Subsidiary Achieves Key Milestones with Site Acceptance Tests and
Project Go-Lives

 CyanConnode Holdings plc (LSE: CYAN), a global leader in narrowband radio
frequency (RF) smart mesh networks, is pleased to announce significant
progress in its Indian operations through its subsidiary, CyanConnode Pvt. Ltd
(CPL). CPL has passed multiple Site Acceptance Tests (SATs) across several key
projects and has achieved "Go Live" status in one, marking a crucial milestone
that enables the commencement of billing for deployed meters.

The "Go Live" milestone is a critical achievement for any project as it
signifies the transition to the billing phase, allowing for revenue
generation. The SAT qualification process involves rigorous quality and
performance testing of the meters and the communication network, ensuring the
highest standards of operation.

Below are the highlights of the projects that have successfully passed SAT:

·    MP Jabalpur Project: CyanConnode's partner, M/S Montecarlo Limited,
has received the "Go Live" certificate for SATs 3, 4, and 5 from Madhya
Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd (MPKVVNL), Jabalpur DISCOM.
The project has been consistently meeting a billing service level agreement
(SLA) of ~99% against the requirement of 98% SLA.

·    SBPDCL IntelliSmart and Genus Projects: The South Bihar Power
Distribution Company Limited (SBPDCL) IntelliSmart Project in Bihar has
received the "Go Live" certificate, successfully completing SAT 1. Similarly,
CyanConnode has successfully completed the 5th consecutive SAT for the Bihar
Genus project.

·    MGVCL IntelliSmart Project: The Madhya Gujarat Vij Company Limited
(MGVCL) IntelliSmart project has successfully completed SAT 1 for 9,600
meters. This success demonstrates our expertise and capability to meet and
exceed DISCOM expectations.

·    APDCL Project: SAT 20 for Assam Power Distribution Company Limited
(APDCL) in Assam has been successfully completed, marking another significant
milestone for CyanConnode in the region.

John Cronin, Executive Chairman of CyanConnode, commented:

"I am extremely proud of the achievements of our team at CyanConnode. The
successful completion of these Site Acceptance Tests and the Go-Live status in
key projects are testaments to our commitment in delivering high-quality,
reliable solutions to our clients. The recognition of our solution by
utilities further strengthens our resolve to maintain high standards. These
milestones not only pave the way for revenue generation but also reinforce our
reputation for excellence in the smart metering industry. My heartfelt thanks
and congratulations to the entire team for their dedication and hard work."

-Ends-

 

 

Enquiries:

 

CyanConnode Holdings plc
 
Tel: +44 (0) 1223 865 750

John Cronin, Executive Chairman
 
www.cyanconnode.com

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

James Harris / Richard Johnson / David Asquith

 

Zeus Capital Limited (Joint
Broker)
Tel: +44 (0) 20 3829 5900

Simon Johnson / Louisa Waddell

 

Panmure Gordon (UK) Limited (Joint
Broker)
Tel: +44 (0) 20 7886 2500

Rupert Dearden / Freddy Crossley

 

 

About CyanConnode

CyanConnode (AIM:CYAN.L), 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.

 

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced
Metering Infrastructure (AMI) platform, which has already 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.

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCUNRARSSUBAUR