REG - CyanConnode Holdings - Significant Follow-On Orders from Montecarlo

Cyanconnode HoldingsAnnouncement

04/03/2025 07:00

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RNS Number : 0595Z  CyanConnode Holdings PLC  04 March 2025

4 March 2025

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Significant Follow-On Orders from Montecarlo Limited

 

CyanConnode Holdings PLC (AIM: CYAN), a global leader in narrowband radio
frequency (RF) smart mesh networks, is pleased to announce that its
subsidiary, CyanConnode India Pvt Ltd has secured two major follow-on orders
for, in aggregate, 872,000 Omnimesh Modules from Montecarlo Limited
(Montecarlo), a leading infrastructure conglomerate in India and an
established partner of CyanConnode.

 

The orders include Omnimesh Next-Gen In-Meter Gateways, which integrate
communication systems directly within smart meters, eliminating the need for
externally mounted gateways and thereby simplifying and accelerating
installations.

 

Key Points:

 

·      These are the third and fourth orders from Montecarlo reflecting
the strength of the partnership.

·      The orders are part of the Indian government's Revamped
Distribution Sector Scheme (RDSS), which aims to install 250 million smart
meters to improve billing efficiency, reduce power theft, and enhance the
reliability of power supply.

·      Deliveries are scheduled to commence within the next six weeks.

·      Order book in India now over 14 million Omnimesh modules.

·      As at 31 January 2025, 3.6 million modules have been shipped with
an order backlog of 10.4 million Omnimesh modules.

 

Order Details:

 

1.    Madhya Pradesh Smart Metering Project:

·      An order for 474,572 Omnimesh modules, including Advanced
Metering Infrastructure (AMI), standards-based hardware, Omnimesh Head-End
Software (HES) with a perpetual license, and a comprehensive support and
maintenance contract.

·      This builds on CyanConnode's initial January 2023 contract with
Montecarlo, which covered 983,525 Omnimesh modules for Madhya Pradesh Poor
Kshetra Vidyut Vitran Company Ltd (MPPKVVCL) in Jabalpur, aimed at enhancing
the state's power distribution and metering infrastructure.

 

 

2.    Nagpur Smart Metering Project (Maharashtra):

·      A new order for 398,000 Omnimesh modules, including Advanced
Metering Infrastructure (AMI), standards-based hardware, Omnimesh Head-End
Software (HES) with a perpetual license, and a comprehensive support and
maintenance contract.

·      This order adds to the earlier order of 1 million Omnimesh
Modules for the Nagpur Smart Metering Project, further strengthening
CyanConnode's presence in Maharashtra.

 

Diverse Income Trust PLC

 

Separately, the Company was pleased to note that Diverse Income Trust PLC, in
their recent Half-Yearly report, highlighted CyanConnode as a future potential
global winner. See below link for the full report

 

https://www.londonstockexchange.com/news-article/DIVI/half-year-report/16893510
(https://www.londonstockexchange.com/news-article/DIVI/half-year-report/16893510)

 

John Cronin, Executive Chairman of CyanConnode, commented:

 

"I am delighted to announce these significant follow-on orders from Montecarlo
for prestigious smart metering projects in Jabalpur, Madhya Pradesh and
Nagpur, Maharashtra. Our earlier deployments in Madhya Pradesh, particularly
in Indore, set industry benchmarks and became case studies for Distribution
Companies (DISCOMs) across India, achieving returns on investment within two
and a half years.

 

Securing repeat orders underscores the proven effectiveness of our
cutting-edge, standards-based technology and highlights our deep expertise
within India's rapidly growing smart metering ecosystem. With these projects
now secured in Madhya Pradesh and in Maharashtra, our Omnimesh RF mesh network
technology continues to strengthen the backbone of India's smart metering
infrastructure.

 

We work well with Montecarlo and we are confident this collaboration will
continue to flourish, further enhancing CyanConnode's leading position in the
industry."

 

- 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 5000

Simon Johnson, Louisa Waddell

 

Panmure Liberum (Joint
Broker)
Tel: +44 (0) 20 7886 2500

Rupert Dearden / James Sinclair-Ford

 

Novella (Financial PR)
 
Tel: +44 (0) 20 3151 7008

Tim Robertson / Safia Colebrook

 

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.

 

For more information, please visit www.cyanconnode.com
(http://www.cyanconnode.com/)

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