CyanConnode inks deal with Indian government venture Intellismart

Narrowband smart mesh technology company CyanConnode has signed a memorandum of understanding with Intellismart, it announced on Wednesday, which is a joint venture between Energy Efficiency Services (EESL) and the National Investment and Infrastructure Fund (NIIF).

The AIM-traded firm said Intellismart is a meter asset provider which deploys smart meters by funding capital expenditure, which it then recovers through an operational expenditure model.

It said Intellismart is focussed on the deployment of 250 million smart meters across India.

Under the memorandum of understanding, CyanConnode and Intellismart would work on existing EESL and Intellismart projects, as well as new ones, in both India and international markets.

EESL is promoted by India’s Ministry of Power as a joint venture of four public sector undertakings, while NIIF is a collaborative investment platform for international and Indian investors, anchored by the government of India and managing more than $4.5bn of equity capital.

The board said the collaboration would leverage CyanConnode's radiofrequency mesh technology, as well as EESL and Intellismart's experience with delivering large-scale projects.

“Intellismart, supported by EESL and NIIF, has an in-depth knowledge of the Indian smart metering market and significant experience operating smart metering opex models,” said executive chairman John Cronin.

“CyanConnode Pvt Ltd, our Indian subsidiary, continues to operate in line with expectations during this latest wave of Covid-19.

“I look forward to a successful, collaborative partnership with Intellismart in both India and around the world.”

At 1537 BST, shares in CyanConnode Holdings were up 16.67% at 8.4p.