CyanConnode Holdings PLC CyanConnode and Alfanar Sign MOU for AMI projects (0918V)
April 03 2023 - 1:00AM
UK Regulatory
TIDMCYAN
RNS Number : 0918V
CyanConnode Holdings PLC
03 April 2023
3 April 2023
CyanConnode Holdings plc
("CyanConnode" or the "Company")
CyanConnode and Alfanar Sign MOU for AMI projects
CyanConnode Holdings plc (AIM: CYAN), a world leader in
narrowband radio frequency (RF) mesh networks , is pleased to
announce that it has signed a Memorandum of Understanding (MOU)
with Alfanar, a leading engineering, procurement, and construction
(EPC) player, to explore joint investment opportunities in Advanced
Metering Infrastructure (AMI) projects.
The MOU sets forth the intention of both parties to establish
investments in AMI projects on an opportunity basis, leveraging the
core strengths of both companies at the group level. CyanConnode
and Alfanar will jointly review tenders across targeted geographies
and, subject to a positive outcome, establish joint ventures for
the implementation of AMI.
This collaboration aims to facilitate and expedite activities
related to project investments, in compliance with existing
policies, rules, and regulations in the targeted regions. Both
CyanConnode and Alfanar will invest in the projects upon
satisfactory techno-commercial due diligence. While the MOU does
not create a binding commitment, it is anticipated that a
definitive agreement outlining the terms and conditions of the
collaboration will be signed by both parties in due course.
John Cronin, Executive Chairman of CyanConnode, commented: "We
are delighted to enter into this MOU with Alfanar, a company that
shares our vision of harnessing technology and innovation to drive
sustainable growth. This collaboration presents a unique
opportunity for us to combine our expertise and resources to make a
significant impact on the global AMI market."
Mohammed Irfan, Chief Executive Officer, Alfanar India,
commented: "The unique partnership approach with CyanConnode will
enable us to evaluate and strategically tap into new markets,
especially on the global landscape for increasing our spectrum of
service offerings. We are confident that our joint efforts will
lead to the successful implementation of AMI projects, ultimately
benefiting our customers and stakeholders."
This collaboration between CyanConnode and Alfanar reflects
their shared commitment to explore new opportunities for expanding
the global footprint in the smart grid sector. Working together to
assess potential projects, both companies look forward to a
fruitful partnership that drives growth and innovation in the
advanced metering infrastructure industry.
For further information, please contact:
CyanConnode Holdings plc
John Cronin, Executive Chairman +44 (0) 1223 865 750
Strand Hanson Limited (Nominated
and Financial Adviser)
James Harris
Richard Johnson
David Asquith +44 (0) 20 7409 3494
Zeus Capital Limited (Broker)
Simon Johnson
Alexandra Campbell-Harris +44 (0) 20 3829 5000
About CyanConnode
CyanConnode (AIM:CYAN), 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.
CyanConnode's award-winning Omnimesh Advanced Metering
Infrastructure (AMI) platform has 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 Alfanar
Alfanar is primarily engaged in manufacturing a wide range of
Low, Medium and High Voltage electrical construction products, EPC
solutions for conventional and renewable power plants, allied
engineering services and design engineering. It has built up an
international presence throughout much of the Middle East, Asia,
Africa, and Europe.
Alfanar is committed to meeting the ever-growing demand for
power infrastructure across the world.
Through its construction arm, Alfanar provides turnkey EPC
solutions for conventional and renewable energy power plants and
water treatment facilities. It operates a number of well-equipped
research and development laboratories staffed by highly qualified
engineers to ensure that it can keep abreast of the latest
developments in its industries.
Alfanar is engaged in various research and development projects
that focus on the development of infrastructure and energy
management systems, intelligent transformation for the distribution
automation & the integration of smart meters.
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