CyanConnode Holdings plc
("CyanConnode" or the "Company")
CyanConnode wins Third Smart Metering Order with Larsen & Toubro
CyanConnode, the world leader in narrowband RF networks for Omni Internet of Things ("IoT") communications, announces a further purchase order from Larsen & Toubro ("L&T") to expand the deployment of CyanConnode's smart metering solution at Tata Power Mumbai ("Tata Power") with an additional 4,700 smart meters.
This third purchase order from L&T, for CyanConnode's Advanced Metering Infrastructure ("AMI") solution, is part of a larger framework agreement between Tata Power and L&T and follows previous orders of 10,000 consumer meters in Mumbai. The framework agreement will enable Tata Power to 'call off' further deliveries quickly over the next 12 months, without going through a full procurement process.
The purchase order is to provide hardware for the implementation of CyanConnode's narrowband RF mesh AMI solution, providing bidirectional communication between Tata Power's meter data management system and its consumers' meters. CyanConnode's communication platform enables automated meter reading, regular and accurate billing as well as providing customers with energy consumption information. The order is for the deployment of both single phase and three phase smart meters.
Tata Power continues to grow and now has over 2.6 million consumer customers, including over 660,000 in Mumbai. They have recently been awarded the distribution franchise for Jamshedpur circle from the Jharkhand State Electricity Board (JSEB).
John Cronin, CyanConnode Executive Chairman, commented: "This order is an encouraging sign of the progress CyanConnode is making in the Indian market. It demonstrates the success of the company's scalable business model, with its collaborative approach and commitment to transferring skills and experience to our partners in-country, as well as supporting Prime Minister Modi's 'Skill India' and 'Make in India' initiatives. We are confident that we have solutions that are providing customer value today, with our cost-optimised narrowband RF mesh solution, as demonstrated by the growing implementation at Tata Power. To ensure that we can continue to provide customer choice and value, we also offer standards-based solutions for rapid innovation of converged networks for applications in smart cities and IoT."
India continues to be a focus market and the Company is in a leading position with an established in-country team as well as a large partner eco-system. Smart cities are a key topic for Government and industry and CyanConnode continues to influence the market at all levels. In September, John Cronin presented at the Regulators & Policy Makers Retreat in Goa and received an Independent Power Producers Association of India Power Award for providing one of the industry's best smart metering innovations. Earlier this month members of the management team attended the UK Department of International Trade's delegation to India, led by Prime Minister May and participated in a Federation of Indian Chamber of Commerce and Industry held in Sweden, where Indian Power Minister, Piyush Goyal discussed his vision to make India 100 percent smart in the next 5-6 years.
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The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside information is now considered to be in the public domain.
Enquiries:
CyanConnode Holdings plc |
Tel: +44 (0) 1223 225 060 |
John Cronin, Executive Chairman |
www.cyanconnode.com |
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Cantor Fitzgerald Europe - Nomad and Broker |
Tel: +44 20 7894 7000 |
Andrew Craig / Richard Salmond |
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Beaufort Securities Limited - Joint Broker |
Tel: +44 (0) 20 7382 8300 |
Jon Belliss |
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Walbrook PR - Financial PR |
Tel: +44(0) 20 7933 8780 |
Paul Cornelius/Nick Rome |
[email protected] |
About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks that enable Omni IoT communications. Cyan's Ultimesh provides narrowband RF mesh network, optimised for exceptional performance and total cost of ownership and Connode's Panmesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of third party applications. The Group provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value.
For more information, please visit www.cyanconnode.com.
About Tata Power
Tata Power is India's largest integrated power company with a growing international presence. The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 10477 MW and a presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading. It has successful public-private partnerships in Generation, Transmission and Distribution in India namely "Tata Power Delhi Distribution Limited" with Delhi Vidyut Board for distribution in North Delhi, 'Powerlinks Transmission Ltd.' with Power Grid Corporation of India Ltd. for evacuation of Power from Tala hydro plant in Bhutan to Delhi and 'Maithon Power Ltd.' with Damodar Valley Corporation for a 1050 MW Mega Power Project at Jharkhand. Tata Power is serving more than 2.6 million distribution consumers in India and has developed the country's first 4000 MW Ultra Mega Power Project at Mundra (Gujarat) based on super-critical technology. It is also one of the largest renewable energy players in India with a clean energy portfolio of 3042 MW. Its international presence includes strategic investments in Indonesia through a 30% stake in the leading coal company PT Kaltim Prima Coal (KPC), 26% stake in mines at PT Baramulti Suksessarana Tbk ("BSSR"); in Singapore through Trust Energy Resources to securitize coal supply and the shipping of coal for its thermal power generation operations; in South Africa through a joint venture called 'Cennergi' to develop projects in sub-Sahara Africa; in Zambia through 50:50 joint venture with ZESCO for 120 MW Hydro which has become operational in 2016; in Georgia through AGL which is a joint venture with Clean Energy, Norway & IFC for development of 185 MW hydro project which is scheduled to be commissioned in 2016; in Australia through investments in enhanced geothermal and clean coal technologies and in Bhutan through a hydro project in partnership with The Royal Government of Bhutan. With its track record of technology leadership, project execution excellence, world class safety processes, customer care and driving green initiatives, Tata Power is poised for a multi-fold growth and committed to 'lighting up lives' for generations to come".
For more information, please visit www.tatapower.com
About Larsen & Toubro
Larsen & Toubro is a USD 15 billion technology, engineering, construction, projects, manufacturing and financial services conglomerate, with global operations.
The company is engaged in core, high-impact sectors - infrastructure, construction, defence, hydrocarbon, heavy engineering, power, aerospace, shipbuilding, electrical & automation, mining and metallurgy. Its integrated capabilities span the entire spectrum of 'design-to-deliver', and it offers turnkey EPC solutions in its major business lines. Its track record covers products, projects and processes executed to international benchmarks.
Electrical & Automation is a major business portfolio of Larsen & Toubro. The business basket of Electrical & Automation (E&A) contains low and medium voltage switchgear products, electrical systems, energy meters and automation solutions. Its products and solutions cater to industry, utility, building & home, infrastructure and agriculture segments.
For more information, please visit www.larsentoubro.com
