Purchase Order for 100,000 Software Licenses from HM Power
CyanConnode (AIM: CYAN), the world leader world leader in narrowband radio mesh networks, announces receipt of a purchase order for 100,000 Panmesh software licenses from HM Power Metering AB (“HM Power”) in Sweden for smart grid and Internet of Things (“IoT”) implementations.
The purchase order is expected to cover HM Power’s initial requirements for Panmesh software licenses and will be invoiced as the licenses are delivered to HM Power’s utility customers, as part of the rollout to replace existing smart meters in Sweden.
Sweden was the first country to install smart meters for its customers in 2009, with the full-scale installation of Automated Meter Reading/Advanced Metering Infrastructure systems reaching 5.2 million Swedish consumers.
John Cronin, CyanConnode Executive Chairman, commented: “This order further demonstrates the suitability of our Panmesh technology to deliver future-proofed customer value. Ease of implementation and deployment of CyanConnode’s narrowband mesh technology allows customers to build the network as they deploy the solution, supporting cash flow, up-time and end-to-end security. The sale of Panmesh software licenses include an ongoing recurring revenue stream from annual maintenance charges over a 10-year contract term.
Anders Hjort, CEO HM Power, commented: “The market is now implementing next-generation technologies to support both IoT sensor applications that enable smart grid solutions and advanced metering infrastructure solutions. Since 2000, HM Power has been a leading supplier of smart metering (AMI) solutions in Sweden. With a large customer base, HM Power is now well positioned to provide next generation smart meters and smart grid equipment. CyanConnode’s IPv6 Panmesh technology delivers flexible, cost-effective communications for single and multi-application networks.”
The Swedish-based system integrator, HM Power, provides smart metering and smart grid solutions to virtually all Swedish utilities. HM Power has an established customer base of approximately 650,000 smart meters and 30% of the Ring Main Unit and advanced fault indication equipment market in Sweden. HM Power has integrated CyanConnode’s IPv6 standards-based solution, Panmesh, with its smart grid equipment, electricity meters and other IoT products. Panmesh uses narrowband RF mesh technology and is designed to support single and multi-application networks, delivering a versatile solution with a low cost of ownership.