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CyanConnode receives follow-on orders for a further 10,400 smart meters for Tata Power Mumbai

CyanConnode Holdings plc (AIM:CYAN.L), the world leader in narrowband radio mesh networks, announces new purchase orders for 10,400 smart meters from Larsen & Toubro (“L&T”), which expand the deployment of CyanConnode’s smart metering solution at Tata Power Mumbai (“Tata Power”).

The latest purchase orders from L&T, for CyanConnode’s Advanced Metering Infrastructure (“AMI”) solution are part of a framework agreement between Tata Power and L&T (first announced in December 2016). The framework agreement enables Tata Power to ‘call off’ further deliveries quickly throughout the year without going through a full procurement process. These latest follow-on orders further strengthen the Company’s existing relationships with Tata Power and L&T.

CyanConnode will provide communications hardware and software for the implementation of its narrowband RF mesh AMI solution for 10,400 smart meters for Tata Power consumers in Mumbai, bringing the total orders so far to 25,100. CyanConnode’s AMI technology provides bi-directional communication between Tata Power’s meter data management system and its consumers’ meters, enabling automated meter reading, regular and accurate billing as well as providing customers with energy consumption information.

Tata Power continues to expand and now has over 2.6 million consumer customers, including over 670,000 in Mumbai. In 2016, they were awarded the distribution franchise for Jamshedpur circle from the Jharkhand State Electricity Board (JSEB).

John Cronin, CyanConnode Executive Chairman, commented: “These orders further demonstrate the progress our Company is making in the Indian market as well as the success of our scalable business model. We provide our partners with world class support, transferring our expertise to facilitate customer ownership and increase customer loyalty. The continuing expansion at Tata Power Mumbai validates the suitability of our optimised narrowband mesh network technology for the Indian market and provides a highly respected customer reference.”

“India continues to be a core market and CyanConnode is in a leading position with an established in-country team and partner eco-system. The Indian government’s approved UDAY scheme has a target to install 35 million meters by 2019.