TIDMCYAN
RNS Number : 1516Y
CyanConnode Holdings PLC
07 September 2020
7 September 2020
CyanConnode Holdings plc
("CyanConnode" or the "Company")
New Indian Order for 350,000 Omnimesh Modules
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce a new order for the Indian state-owned utility "Madhya
Pradesh Paschim Kshetra Vidyut Vitaran Company Ltd" ("MPWZ"), for
350,000 Omnimesh Modules, with the majority of payments secured
against a Letter of Credit ("LoC").
The order has been placed by M.P. Smart Grid Private Limited,
which is the Project Special Purpose Vehicle ("SPV") formed by
India Power Corporation Ltd ("IPCL") and is for smart-metering
communications in the towns of Ujjain, Dewas, Ratlam, Mhow and
Khargone.
MPWZ serves more than 3 million consumers. We have previously
announced and deployed two orders for this utility, totalling
120,000. This latest order, which is the third order for MPWZ, will
increase the total number of its Omnimesh enabled smart-meters to
470,000. Under the order, CyanConnode will supply Omnimesh RF Mesh
and Cellular Communications Modules, Gateways, Head End Software
("HES") and associated services, together with an Annual
Maintenance Contract ("AMC"). The AMC is for an initial period of
five years, after which the AMC can be extended on an annual basis,
subject to mutually agreeing terms and conditions. This is the
first Indian order where the Omnimesh HES will be deployed to
communicate with both RF Mesh and Cellular enabled
smart-meters.
Most of the order will be paid for under a CapEx model with the
balance of the order being paid for under an OpEx model with
Equated Monthly Instalments ("EMI"), over a five year period. The
smart meters, which are being supplied by existing partners, will
be deployed over thirty months, with initial deliveries commencing
in Q3 2020.
The value of orders currently being deployed by CyanConnode in
India is approximately INR 1.8 billion and the Omnimesh Modules on
order are set out in the table below. The majority of the revenue
for these contracts is expected to be recognised over the next two
years, with payments secured against LoCs.
India - Omnimesh Modules On Order
Project Ordered Delivered Balance
---------- -------- ---------- --------
JVVNL(1) 281,782 20,000 261,782
JVVNL(2) 149,089 20,000 129,089
Tangedco 142,069 15,000 127,069
MPWZ 350,000 0 350,000
---------- -------- ---------- --------
Total 922,940 55,000 867,940
Anil Daulani, CyanConnode India CEO and MD, commented :
"We are delighted to receive this large order, which will be our
first order using a Hybrid, CapEx + OpEx, payment model. This is
the third consecutive order from MPWZ, which demonstrates both our
technological excellence as well as our ability to deliver projects
efficiently. After seeing the benefits of Omnimesh enabled
smart-meters at Indore city, MPWZ is now expanding the deployment
to five other cities of the state.
"With real time data flow from each smart-meter, we have proved
that Omnimesh provides reliable and robust 24-7 communication. From
the initial deployment of 120,000 Omnimesh enabled smart meters,
MPWZ has benefitted from significant improvements and, b ased on
the success of the Indore city deployment, we are very confident
that we will secure further orders for Omnimesh."
Raghav Kanoria, IPCL MD, commented :
"I am pleased to be partnering with CyanConnode on this
prestigious project. The CyanConnode Omnimesh technology has
already been proven at the MPWZ Utility where they have seen
considerable benefits from the meters deployed to date. I look
forward to working together with CyanConnode on this project and
providing further benefits both to the Utility and consumers of
MPWZ.
"IPCL, a Kanoria Foundation Company, is committed to increasing
its footprint in OpEx based smart-metering projects and this
partnership will complement each other for more wins."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
Yellow Jersey PR (Financial PR) Tel: +44 (0) 20 3004 9512
Sarah Hollins/ Annabel Atkins cyanconnode@yellowjerseypr.com
Arden Partners plc (Joint Broker) Tel: +44 (0) 20 7614 5900
Paul Shackleton / Dan Gee-Summons (Corporate Finance)
Simon Johnson (Corporate Broking)
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
About Indian Power Corporation Limited
India Power Corporation Limited (IPCL), formerly known as DPSC
Limited and incorporated in 1919, is one of the leading
power-generation and utility companies in India, which has actively
forayed into a diversified portfolio, with renewable and
conventional modes of power generation, distribution & power
trading.
As a Distribution Company, IPCL flies high in its licensed area
of 618 sq km in the Asansol- Raniganj belt of West Bengal. The
distribution network is overhead, and the current T&D loss is
below 3%, lower than the industry average of approximately 25%.
For more information, please visit
https://www.indiapower.com
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