Cyanconnode scores £0.78m order as Sweden targets new smart-meters

The AIM-traded firm said the initial purchase is part of a larger order for the supply of an IPv6-based solution for smart meters based on perpetual software licenses and annual maintenance for an initial period of 10 years.

Roll out of the meters will start in the fourth quarter of 2018 after an initial 1,500-meter pilot, meaning that a proportion of the payment for the units will be recognised in the next financial year, the company said.

The purchase order follows an announcement by the Swedish government last week that a new generation of smart meters is now being introduced and must be in place by 01 January 2025.

As such, a total of 5m new meters, with new functionality such as hourly measurements and a user interface that enables customers to measure their consumption, will need to be installed.

HM Power and Cyanconnode have worked alongside one another for five years, with HM Power distributing products such as electricity meters integrated with the latter company’s IPv6-based solution to Swedish utility firms.

John Cronin, executive chairman of CyanConnode, said: "We are pleased to announce this latest order, further demonstrating the growing demand for standards-based solutions. HM Power is part of our global partner eco-system and our collaborative approach demonstrates the suitability of our technology to address evolving market requirements."

As of 1211 BST, Cyanconnode Holdings’ shares were up 0.98% at 10.35p.