CyanConnode secures contract with Schneider Electric

CyanConnode will supply 152,000 of its Omnimesh modules, together with advanced metering infrastructure standards-based hardware, services, Omnimesh head-end software, a perpetual license and an annual maintenance contract.

The AIM-listed group said the supply of its Omnimesh modules was expected to commence within the third quarter of 2021, with all modules being supplied within twelve months.

Approximately 80% of revenue will be recognised during the first two years of the contract, with the balance of approximately 20% to be received during a further seven-year support and maintenance contract.

Chief executive John Cronin said: "We are delighted to have received this contract from Schneider Electric, which is testament to CyanConnode's technology and its ability to deliver projects on time and within budget.

"Omnimesh is agile, easy to deploy and will enable utilities to meet the Indian Government's target to convert all electricity meters into smart prepaid meters."

As of 0955 BST, Cyanconnode shares were up 9.45% at 11.0p.