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| Date | 12 May 2022 |
| Time | 07:00:09 |
| Category | Miscellaneous |
| ID | 1844L |
12 May 2022
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Appointment of Saurabh Kumar as Adviser to CyanConnode
CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that it has appointed Saurabh Kumar as an adviser to the Company.
Saurabh Kumar is an internationally recognised authority on designing and implementing scalable, replicable, and impactful business models for promoting energy efficiency.
Mr Kumar is well known in the energy efficiency sector in India, having held senior roles such as Secretary of the Bureau of Energy Efficiency in the Union Ministry of Power and serving the United Nations in handling environmental issues for the Asia-Pacific region.
In May 2013, he was appointed as Managing Director (MD) of Energy Efficiency Services Limited (EESL), an energy service company of the Government of India. Under his leadership, EESL implemented the globally-lauded Unnat Jyoti by Affordable LEDs for All (UJALA) programme and Street Light National Programme (SNLP). He served in the role of MD until August 2020, when he was appointed as Group Executive Vice Chairperson of EESL, a position he held until September 2021.
As an adviser to CyanConnode, Mr Kumar will be working closely with the Board and senior management of the Company helping design business models and secure project finance for large scale smart prepaid metering projects in India. This all falls under the Government of India's advanced metering infrastructure (AMI) service provider (AMISP) model known as Design-Build Finance-Own-Operate-Transfer (DBFOOT) or Opex model.
John Cronin, Executive Chairman of CyanConnode, commented:
"I am delighted to have Saurabh on board at this exciting time for the Company. As the Indian smart metering market continues to scale up to deliver 250 million smart prepaid meters, large amounts of flexible funding and various different business models will be required to facilitate the roll out of large scale projects. I believe that having an adviser with Saurabh's knowledge and experience will prove to be invaluable for the Company."
Saurabh Kumar commented:
"I am pleased to be working with the CyanConnode team as India moves forward with its smart metering rollout. I have seen CyanConnode's technology and know that utilities in India will benefit significantly from implementing its solution.
Indian distribution companies are looking for service level agreements (SLAs) of greater than 99.5% and CyanConnode has a proven system in the market today (achieving the SLA metric of 99.5%). I believe that CyanConnode is well-placed to secure a significant share of the Indian smart prepaid metering market."
- Ends -
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Cenkos Securities plc - Nominated Adviser and Joint Broker Tel: +44 (0) 207 397 8900
Stephen Keys/ Charlie Combe
Arden Partners plc - Joint Broker Tel: +44 (0) 20 7614 5900
Simon Johnson (Corporate Broking)
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh AMI platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.
Through a global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing global demand for smart metering solutions.
For more information, please visit www.cyanconnode.com