22 May 2024
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Empanelment of CyanConnode India Subsidiary as an AMISP
CyanConnode Holdings plc (LSE: CYAN), a global leader in narrowband radio frequency (RF) smart mesh networks, is pleased to announce that the wholly owned subsidiary of its Indian entity, Digismart Networks Private Limited (Digismart), has qualified and been certified to participate in the upcoming smart metering tenders as an Advanced Metering Infrastructure Service Provider (AMISP).
Following a rigorous testing process, Digismart has successfully demonstrated an end-to-end Advanced Metering Infrastructure (AMI) prepaid solution on its Omnimesh RF network. The certification, valid until 13 May 2026, was issued by REC Ltd. (a Public Sector Undertaking under Ministry of Power, Govt. of India) in recognition of Digismart's adherence to the specifications outlined in the Request for Empanelment. This certification enables Digismart to bid directly as an AMISP under the Revamped Distribution Sector Scheme (RDSS) for smart prepaid metering in India on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis.
This certification provides a strategic boost to CyanConnode in India, which is steadily increasing its footprint as the nationwide rollout of smart meters continues to gain momentum. CyanConnode's current order book stands at 6.6 million units, of which 3 million have already been dispatched. Through Digismart, the Company would be responsible for the end-to-end execution of smart metering projects, from meter supply to Meter Data Management (MDM).
This empanelment allows Digismart to engage directly in significant projects, further integrating CyanConnode's advanced RF technology into critical infrastructure projects across India.
John Cronin, Executive Chairman of CyanConnode, commented:
"The AMISP certification for Digismart is significant for CyanConnode as it puts us at the forefront of India's rapidly evolving smart metering landscape. Having been active in India for 15 years, and executing our first project a decade ago, we understand this country exceptionally well and are ideally placed to execute projects and meet the vision and standards set by the Government. We are now well-positioned to contribute to the modernization of India's energy management systems and further strengthen our presence in the market."
Ends-
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman www.cyanconnode.com
Strand Hanson Limited (Nominated and Financial Adviser) Tel: +44 (0) 20 7409 3494
James Harris / Richard Johnson / David Asquith
Zeus Capital Limited (Joint Broker) Tel: +44 (0) 20 3829 5900
Simon Johnson / Louisa Waddell
Panmure Gordon (UK) Limited (Joint Broker) Tel: +44 (0) 20 7886 2500
Rupert Dearden / Freddy Crossley
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 Advanced Metering Infrastructure (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.