CyanConnode secures order from Nordic Utility Firm
Francesca Morgan
Company News - 2 mins
14:03, 12th July 2019

Smart meter company, CyanConnode Holdings (CYAN) FOLLOW, has secured a further follow-on order for its radio frequency mesh technology from an existing customer.

The €489,000 order for CyanConnode’s hardware and software comes from an unnamed Nordic utility firm as part of their deployment of smart meters.

The order is a legacy product that the Nordic firm have utilised as an existing technology for over eight years, having received significant benefits including the optimisation of information on energy consumption, alongside improved customer service, CyanConnode explained. 

The AIM listed firm is expecting to recognise 50% of the revenues for the order in 2019, and 50% in 2020.

Shares in CyanConnode were up 7% following the news this morning.

Björn Lindblom, CyanConnode Chief Commercial Officer, commented: "I am pleased to announce this follow-on order for the expansion of an existing smart metering deployment in the Nordics.”

The Noric order reflects the company’s efforts to acquire business growth opportunities across the global market - earlier this week, on Tuesday, the firm announced follow-on orders from India and the UK.

Mr Lindblom commented further on the announcement, noting: “The order demonstrates our customer's confidence in CyanConnode's technology."

Follow News & Updates from CyanConnode here: FOLLOW

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