CyanConnode receives follow-on orders for a further 10,400 smart meters in India

The latest purchase orders from L&T, for CyanConnode’s Advanced Metering Infrastructure (AMI) solution, are part of a framework agreement between Tata Power and L&T, announced in December 2016. The framework agreement enables Tata Power to ‘call off’ further deliveries quickly throughout the year without going through a full procurement process. This latest follow-on orders further strengthens the Company’s existing relationships with Tata Power and L&T.

CyanConnode will provide communications hardware and software for the implementation of its narrowband RF mesh AMI solution for 10,400 smart meters for Tata Power consumers in Mumbai, bringing the total orders to date to 25,100. CyanConnode’s AMI technology provides bidirectional communication between Tata Power’s meter data management system and its consumers’ meters, enabling automated meter reading, regular and accurate billing as well as providing customers with energy consumption information.

Tata Power continues to expand and now has over 2.6 million consumer customers, including over 670,000 in Mumbai. In 2016, they were awarded the distribution franchise for Jamshedpur circle from the Jharkhand State Electricity Board (JSEB).

John Cronin, CyanConnode Executive Chairman, commented: “These orders further demonstrate the progress the Company is making in the Indian market as well as the success of  its scalable business model. We provide partners with world class support, transferring our expertise to facilitate customer ownership and increase customer loyalty. Furthermore, the sustained expansion at Tata Power Mumbai, validates the suitability of CyanConnode’s optimised narrowband mesh network technology for the Indian market and provides a highly respected customer reference.”

“India continues to be a core market and the Company is in a leading position with an established in-country team and partner eco-system. The Indian government’s approved UDAY scheme, which aims to deliver the financial turnaround for utilities, has a target to install 35 million meters by 2019.”

 *******

Enquiries:
CyanConnode Holdings plc
Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman

FinnCap Ltd (Nomad and Broker)
Tel: +44 20 7220 0500
Adrian Hargrave/Giles Rolls (Corporate Finance)
Alice Lane (Corporate Broking)    

Walbrook PR (Financial PR)
Tel:  +44(0) 20 7933 8780
Paul Cornelius/Nick Rome
cyanconnode@walbrookpr.com
________________________________________________________________