REG - CyanConnode Holdings - Update on Goa Contract

Cyanconnode HoldingsAnnouncement

02/06/2025 07:00

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RNS Number : 9174K  CyanConnode Holdings PLC  02 June 2025

2 June 2025

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

Update on Goa Contract

 

CyanConnode Holdings PLC (AIM: CYAN), a global provider of IoT communication
and smart metering solutions, is pleased to update that, further to its
announcements on 14 April 2025 and 12 May 2025 regarding the Government of
Goa's Electricity Department's contract award for its smart meter project
valued at approximately £70 million, it has now signed the formal contract
agreement for this project, to deploy approximately 750,000 smart meters.

 

As previously announced in May 2025 the Company's subsidiary, DigiSmart
Networks Private Limited ("DigiSmart"), received the Letter of Award for the
above project. In accordance with the requirements of the Revamped
Distribution Sector Scheme ("RDSS"), DigiSmart has now incorporated a Special
Purpose Vehicle ("SPV"), GreenMeter Goa Private Limited, which, together with
DigiSmart, has now executed the formal contract agreement for the project.

 

Following an initial kick-off meeting held with the utility to commence the
contract, the Company is now engaging with subcontractors and planning the
rollout of the smart meter deployment.

 

 

- Ends -

 

Enquiries:

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

John Cronin, Group Chief Executive Officer
 

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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