Cyan Holdings surges after securing Iran meter contract

Shares in Cyan Holdings surged on Wednesday after the smart metering company said it has received an order for around £10m from telecommunications contractor Micromodje in Iran.

Cyan said the order, for a 360,000 unit smart electricity metering implementation, was larger than any purchase order it had received to date, “marking a step change in the company’s commercial progress”.

It said the units will be installed for high value, high demand customers that represent an estimated 25% of total national power consumption of Iran.

Micromodje’s order is for Cyan's CyLec Advanced Metering Infrastructure hardware solution and its proprietary Head-End Software.

Hardware shipments are expected to begin towards the end of the current financial year following the integration with a locally manufactured smart meter.

Executive chairman John Cronin said: “We are delighted to have secured this very significant order in Iran so quickly after our initial pilot deployment. This is a transformational point in Cyan's development.

“Not only is the order ten times larger any previous orders we have received, but this Iranian order also marks Cyan's entry into a new territory and demonstrates the compelling value of the Cyan solution for the Iranian market and emerging markets globally.”

At 1430 BST, Cyan shares were up 109% to 0.28p.