19th Aug 2014 10:23
LONDON (Alliance News) - Cyan Holdings PLC said Tuesday that its partner Nobre de la Torre Informatica Ltd had deployed a second pilot of its CyLec smart metering solution product in Brazil. Additionally, it said it has opted to take an order from a meter manufacturer customer in India off of its books.
The order was originally made in May 2012 and was worth over USD1 million, however, due to delays in the Tamil Nadu Electricity Board tender process this was pushed back to 2013. The delays continued, and the company said that "given the substantial period of time that has passed since the order was placed," the customer - Capital Power Systems Ltd - indicated it plans to cancel the order.
Whilst the order has not been formally cancelled, Cyan has opted to take the order off its books at this time, it said in a statement.
Nobre installed a small number of the CyLec units in March in the first trial with a unnamed utility. The first pilot showed that CyLec met the overall expectations of the utility customers, Cyan said. After this initial pilot Nobre began to design products fully integrated to Brazilian electricity metres, including three retrofit products.
The second pilot installed the products in three locations with different deployment challenges for smart metering technology, to evaluate the technology in the field.
"Nobre have developed innovative, cost effective smart metering solutions based on the CyLec solution. The success of these new pilots, in addition to the one they deployed earlier in the year, show that Nobre were an excellent choice of partner for Cyan in Brazil," said Executive Chairman John Cronin in a statement.
Shares in Cyan Holdings were trading down 0.4% at 0.363 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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