Indian Subsidiary Achieves Key Milestones

17 July 2024

CyanConnode Holdings plc 

("CyanConnode" or the "Company") 

Indian Subsidiary Achieves Key Milestones with Site Acceptance Tests and Project Go-Lives

 CyanConnode Holdings plc (LSE: CYAN), a global leader in narrowband radio frequency (RF) smart mesh networks, is pleased to announce significant progress in its Indian operations through its subsidiary, CyanConnode Pvt. Ltd (CPL). CPL has passed multiple Site Acceptance Tests (SATs) across several key projects and has achieved "Go Live" status in one, marking a crucial milestone that enables the commencement of billing for deployed meters.  

The "Go Live" milestone is a critical achievement for any project as it signifies the transition to the billing phase, allowing for revenue generation. The SAT qualification process involves rigorous quality and performance testing of the meters and the communication network, ensuring the highest standards of operation.

Below are the highlights of the projects that have successfully passed SAT:

·    MP Jabalpur Project: CyanConnode's partner, M/S Montecarlo Limited, has received the "Go Live" certificate for SATs 3, 4, and 5 from Madhya Pradesh Poorv Kshetra Vidyut Vitaran Company Ltd (MPKVVNL), Jabalpur DISCOM. The project has been consistently meeting a billing service level agreement (SLA) of ~99% against the requirement of 98% SLA.

·    SBPDCL IntelliSmart and Genus Projects: The South Bihar Power Distribution Company Limited (SBPDCL) IntelliSmart Project in Bihar has received the "Go Live" certificate, successfully completing SAT 1. Similarly, CyanConnode has successfully completed the 5th consecutive SAT for the Bihar Genus project.

·    MGVCL IntelliSmart Project: The Madhya Gujarat Vij Company Limited (MGVCL) IntelliSmart project has successfully completed SAT 1 for 9,600 meters. This success demonstrates our expertise and capability to meet and exceed DISCOM expectations.

·    APDCL Project: SAT 20 for Assam Power Distribution Company Limited (APDCL) in Assam has been successfully completed, marking another significant milestone for CyanConnode in the region.

John Cronin, Executive Chairman of CyanConnode, commented: 

"I am extremely proud of the achievements of our team at CyanConnode. The successful completion of these Site Acceptance Tests and the Go-Live status in key projects are testaments to our commitment in delivering high-quality, reliable solutions to our clients. The recognition of our solution by utilities further strengthens our resolve to maintain high standards. These milestones not only pave the way for revenue generation but also reinforce our reputation for excellence in the smart metering industry. My heartfelt thanks and congratulations to the entire team for their dedication and hard work."

-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 5900

Simon Johnson / Louisa Waddell

Panmure Gordon (UK) Limited (Joint Broker)                                     Tel: +44 (0) 20 7886 2500

Rupert Dearden / Freddy Crossley

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.