CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has received a Letter of Intent (LOI) from partner Genus Power Infrastructures Limited for a substantial order from a new end customer.
CyanConnode Holdings announces new order for smart metering project in south India
This LOI relates to a 142,000 unit smart metering deployment for one of the largest government-owned utilities in South India. The detailed contractual terms and scope of work for the order are being agreed.
Under this LOI, CyanConnode will supply Advanced Metering Infrastructure (AMI) standards-based hardware, services, and head-end software, which includes a perpetual license and an annual maintenance contract. The Company’s Omnimesh technology will provide a network canopy, enabling a hybrid RF smart mesh and cellular communication platform that is scalable to 200,000 smart meters. The installation of the project is expected within the next fifteen months, with approximately 80% of the revenue being recognised during the first two years and the balance being received during a further 7-year support and maintenance contract.
Anil Daulani, CEO & Managing Director of CyanConnode India, commented: “We are delighted to have received a LOI from Genus, which relates to an order they have received from a new end customer in South India.
“As India begins to evolve into the world’s largest smart metering market, utilities have begun to realise the benefits of CyanConnode’s robust RF mesh technology, and I therefore look forward to giving further updates in due course.”
JK Agarwal, Joint Managing Director of Genus, commented: “The partnership with CyanConnode brings together complementary products and a wealth of expertise in the smart metering / technology domain that will meet our customers’ needs and support the Indian government’s objectives.”
CyanConnode is a global leader in Internet of Things (IoT) communications.