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."
Follow News & Updates from CyanConnode here:
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.
The UK intellectual property investment group believes this particular partnership will flourish, in part, thanks to UTEQ’s prime location in the “high-tech zone” of Queretaro, cultivating the region’s technology and innovation scene.
SP Angel research note on commodities and miners, featuring: Condor Gold (CNR LN) – Progress report on permitting IronRidge Resources* (IRR LN) – Zaranou license high-grade gold Petropavlovsk (POG LN) – H1 2019 production results Shanta Gold (SHG LN) – Ilunga underground mine achieved commercial production
BP is to expand its Brazilian biofuels business by combining it with a larger rival in a move that it said would help the transition to lower-carbon energy, British Airways is launching legal action to block its pilots from staging a potentially disruptive walkout this summer
SP Angel research note on commodities and miners, featuring: Galantas Gold (GAL LN) – Kearney Vein intersected on 1060 level of the Omagh mine Petra Diamonds (PDL LN) – Meets production guidance for year to 30th June Serabi Gold (SRB LN) – Production guidance maintained following Q2 results Tri-Star Resources* (TSTR LN) – SPMP report first antimony metal production