18th Sep 2013 08:04
LONDON (Alliance News) - Systems design company Cyan Holdings PLC said Wednesday it had formed an exclusive partnership with Brazilian company Nobre de la Torre to collaborate on the development, supply and integration of Cyan's CyLec smart-metering technology in Brazil.
The companies will jointly develop hardware and software, and Nobre will arrange an initial two smart metering pilots with Brazilian electricity distribution companies, Cyan said in a statement.
No financial details were given for the tie-up.
Cyan also announced the appointment of a special advisor for Latin America. The company said that it had appointed Carlos Ferreira, who most recently was chief operating officer of Brazilian energy company CPFL Energia for two years, and previously was chief executive officer at Elektro Power Distribution Company for five years.
"We are very pleased to be partnering with Nobre. The total smart-grid market in South America is forecast to cumulatively reach nearly USD50 billion by 2023, and this agreement, in line with the company's strategy of building key partnerships in our target markets, offers a significant opportunity for Cyan," said Chairman John Cronin.
Shares in Cyan were trading up 7.8%, or 0.038 pence, Wednesday morning, at 0.528p.
By Philip Nye; [email protected]
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