CyanConnode gets big order from IntelliSmart
Cyanconnode Holdings
9.80p
15:14 15/11/24
Narrowband radiofrequency and smart mesh network technology specialist CyanConnode announced receiving an order for 265,331 Omnimesh modules from Madhyanchal One Infrastructure on Monday, a subsidiary of IntelliSmart Infrastructure.
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The AIM-traded firm said the order included advanced metering infrastructure (AMI), standards-based hardware, services, Omnimesh head-end software, a perpetual licence, and an annual maintenance contract.
It said the procurement was geared towards facilitating a new smart metering deployment for Madhyanchal Vidyut Vitaran Nigam (MVVNL) - a utility entity situated in Lucknow, India.
The board said the order was the fifth under a strategic framework agreement initiated last February.
It said the delivery of Omnimesh Modules for the project was set to start in the first quarter of, with all hardware supply expected to conclude during 2025.
Furthermore, a support and maintenance contract would extend for seven and a half years post the project's go-live phase.
“We are delighted to announce a fifth order from IntelliSmart received under the strategic framework agreement,” said executive chairman John Cronin.
“CyanConnode's influence in India continues to grow as the nationwide rollout of smart meters gains momentum.
“This order takes our cumulative order book for India to 6.6 million Omnimesh modules, of which we have successfully delivered 2.8 million modules by the end of the 2024 financial year.”
At 0945 BST, shares in CyanConnode were up 1.73% at 7.88p.
Reporting by Josh White for Sharecast.com,