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.
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.