CyanConnode Holdings PLC Contract Win (0355W)
February 06 2017 - 1:00AM
UK Regulatory
TIDMCYAN
RNS Number : 0355W
CyanConnode Holdings PLC
06 February 2017
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Contract Win
Purchase Order for 100,000 Software Licenses from HM Power
CyanConnode (AIM: CYAN), the world leader world leader in
narrowband radio mesh networks, announces receipt of a purchase
order for 100,000 Panmesh software licenses from HM Power Metering
AB ("HM Power") in Sweden for smart grid and Internet of Things
("IoT") implementations.
In April 2016, CyanConnode signed a non-exclusive distribution
agreement with HM Power to distribute the Company's smart grid and
IoT solutions in Sweden.
The purchase order is expected to cover HM Power's initial
requirements for Panmesh software licenses and will be invoiced as
the licenses are delivered to HM Power's utility customers, as part
of the rollout to replace existing smart meters in Sweden.
Sweden was the first country to install smart meters for its
customers in 2009, with the full-scale installation of Automated
Meter Reading/Advanced Metering Infrastructure systems reaching 5.2
million Swedish consumers.
The Swedish-based system integrator, HM Power, provides smart
metering and smart grid solutions to virtually all Swedish
utilities. HM Power has an established customer base of
approximately 650,000 smart meters and 30% of the Ring Main Unit
and advanced fault indication equipment market in Sweden. HM Power
has integrated CyanConnode's IPv6 standards-based solution,
Panmesh, with its smart grid equipment, electricity meters and
other IoT products. Panmesh uses narrowband RF mesh technology and
is designed to support single and multi-application networks,
delivering a versatile solution with a low cost of ownership.
John Cronin, CyanConnode Executive Chairman, commented: "This
order further demonstrates the suitability of our Panmesh
technology to deliver future-proofed customer value. Ease of
implementation and deployment of CyanConnode's narrowband mesh
technology allows customers to build the network as they deploy the
solution, supporting cash flow, up-time and end-to-end security.
The sale of Panmesh software licenses include an ongoing recurring
revenue stream from annual maintenance charges over a 10-year
contract term.
Anders Hjort, CEO HM Power, commented: "The market is now
implementing next-generation technologies to support both IoT
sensor applications that enable smart grid solutions and advanced
metering infrastructure solutions. Since 2000, HM Power has been a
leading supplier of smart metering (AMI) solutions in Sweden. With
a large customer base, HM Power is now well positioned to provide
next generation smart meters and smart grid equipment.
CyanConnode's IPv6 Panmesh technology delivers flexible,
cost-effective communications for single and multi-application
networks."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside
information is now considered to be in the public domain.
(1) http://www.smartutilitiesscandinavia.com/Pages/Detail/4806
(2) http://governmentgazette.eu/?p=5540
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225
060
John Cronin, Executive Chairman www.cyanconnode.com
Cantor Fitzgerald Europe - Nomad and Tel: +44 20 7894 7000
Broker
Andrew Craig / Richard Salmond
Beaufort Securities Limited - Joint Broker Tel: +44 (0) 20 7382
8300
Jon Belliss
Walbrook PR - Financial PR Tel: +44(0) 20 7933 8780
Paul Cornelius / Nick Rome cyanconnode@walbrookpr.com
About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks
that enable Omni Internet of Things (IoT) communications. Its
innovative solutions use sub GHz frequencies and are optimised for
exceptional performance. Ultimesh solutions provide end-to-end
quality of service and total cost of ownership and Panmesh delivers
standards-based IPv6 solutions, enabling rapid innovation for the
implementation of 3rd party applications. Through its global
partner eco-system, CyanConnode provides customers with the
flexibility and choice required to converge networks for
applications in smart cities and IoT, delivering increased customer
value.
For more information, please visit www.cyanconnode.com.
About HM Power
The business idea is to understand the problems and needs of the
electric power distributors and to find attractive solutions for
them. Successful implementation of solutions has been in areas such
as data collection, sensors, switchgear and automation. HM Power
cooperates through partners to accomplish more, do it faster and
more cost effectively.
The company managed to get a substantial part of the Swedish
market when legislation made all electric utilities invest in
Automatic Meter Reading ten years ago. A special remote operable
load switch was developed to meet the requirements of disconnection
of clients. Today the efforts are concentrated to meet new
requirements and opportunities.
For improvement of medium voltage cable network a "self-healing"
system has been developed including a new type of medium voltage
switchgear as well as advanced fault indicators. Now also overhead
lines are being covered by our new solutions. Progress is made in
the Nordic countries and on China market.
HM Power also combines internal skills of power distribution,
communication, metering with experience of system business and
implementation to provide equipment and systems infrastructure for
charging Electric Vehicles.
For more information, please visit http://www.hmpower.se/eng
This information is provided by RNS
The company news service from the London Stock Exchange
END
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