CyanConnode receives follow-on orders from India and Toshiba
announced on Tuesday that it received follow-on orders from a leading Indian based smart metering and power infrastructure company as well as Toshiba UK for the company’s radio frequency mesh technology.
The UK based AIM listed firm designs and develops Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine communication.
It received an order for 4050 additional smart metering units from Uttar Gujarat Vij Company Ltd, after it initially ordered of 23,000 units in July 2017.
It also told investors that it received a follow-on order from Toshiba worth about £213,000, for service enhancements relating to the UK Smart Metering Implementation Programme, where about 200,000 SMET2 meters are being connected each month.
Shares in CyanConnode were trading 13% higher at 5.9p each following the announcement
John Cronin, CyanConnode Executive Chairman, said: "The additional units for the deployment at UGVCL further demonstrate the suitability of Omnimesh for the Indian market, which continues to present a vast opportunity for growth for CyanConnode.”
He cited a June 2019 Bloomberg article reporting that "India is considering a plan to install smart meters in every home and business as part of its ongoing effort to turn around the country's ailing power sector, according to officials with knowledge of the situation.".
Mr Cronin commented: “Following this report and Narendra Modi's re-election as India's Prime Minister, we expect to see renewed activity of the Smart Meters National Programme in H2 2019, resulting in further significant orders for the Omnimesh AMI platform.”
He added: "Solid progress is also being made on the roll-out of SMETS2 meters, and we look forward to giving further updates on global sales of our innovative smart metering solutions as the year unfolds."
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