4 March
2025
CyanConnode Holdings
plc
("CyanConnode" or the "Company")
Significant Follow-On Orders
from Montecarlo Limited
CyanConnode Holdings PLC (AIM:
CYAN), a global leader in narrowband radio
frequency (RF) smart mesh networks, is
pleased to announce that its subsidiary, CyanConnode India Pvt Ltd
has secured two major follow-on orders for,
in aggregate, 872,000 Omnimesh
Modules from Montecarlo
Limited (Montecarlo), a leading infrastructure conglomerate in
India and an established partner of CyanConnode.
The orders include Omnimesh Next-Gen
In-Meter Gateways, which integrate communication systems directly
within smart meters, eliminating the need for externally mounted
gateways and thereby simplifying and accelerating
installations.
Key
Points:
· These
are the third and fourth orders from Montecarlo reflecting the
strength of the partnership.
· The
orders are part of the Indian government's Revamped Distribution
Sector Scheme (RDSS), which aims to install 250 million smart
meters to improve billing efficiency, reduce power theft, and
enhance the reliability of power supply.
· Deliveries are scheduled to commence within the next six
weeks.
· Order
book in India now over 14 million Omnimesh modules.
· As at
31 January 2025, 3.6 million modules have been shipped with an
order backlog of 10.4 million Omnimesh modules.
Order Details:
1. Madhya Pradesh Smart Metering
Project:
· An
order for 474,572 Omnimesh modules, including Advanced Metering
Infrastructure (AMI), standards-based hardware, Omnimesh Head-End
Software (HES) with a perpetual license, and a comprehensive
support and maintenance contract.
· This
builds on CyanConnode's initial January 2023 contract with
Montecarlo, which covered 983,525 Omnimesh modules for Madhya
Pradesh Poor Kshetra Vidyut Vitran Company Ltd (MPPKVVCL) in
Jabalpur, aimed at enhancing the state's power distribution and
metering infrastructure.
2. Nagpur Smart Metering Project
(Maharashtra):
· A new
order for 398,000 Omnimesh modules, including Advanced Metering
Infrastructure (AMI), standards-based hardware, Omnimesh Head-End
Software (HES) with a perpetual license, and a comprehensive
support and maintenance contract.
· This
order adds to the earlier order of 1 million Omnimesh Modules for
the Nagpur Smart Metering Project, further strengthening
CyanConnode's presence in Maharashtra.
Diverse Income Trust PLC
Separately, the Company was pleased
to note that Diverse Income Trust PLC, in their recent Half-Yearly
report, highlighted CyanConnode as a future potential global
winner. See below link for the full
report
https://www.londonstockexchange.com/news-article/DIVI/half-year-report/16893510
John Cronin, Executive Chairman of CyanConnode,
commented:
"I am delighted to announce these significant follow-on orders
from Montecarlo for prestigious smart metering projects in
Jabalpur, Madhya Pradesh and Nagpur, Maharashtra. Our earlier
deployments in Madhya Pradesh, particularly in Indore, set industry
benchmarks and became case studies for Distribution Companies
(DISCOMs) across India, achieving returns on investment within two
and a half years.
Securing repeat orders underscores the proven effectiveness of
our cutting-edge, standards-based technology and highlights our
deep expertise within India's rapidly growing smart metering
ecosystem. With these projects now secured in Madhya Pradesh and in
Maharashtra, our Omnimesh RF mesh network technology continues to
strengthen the backbone of India's smart metering
infrastructure.
We
work well with Montecarlo and we are confident this collaboration
will continue to flourish, further enhancing CyanConnode's leading
position in the industry."
- Ends
-
Enquiries:
CyanConnode Holdings plc
Tel: +44 (0)
1223 865 750
John Cronin, Executive Chairman
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
