22nd Jan 2015 08:18
LONDON (Alliance News) - Cyan Holdings PLC saw its shares rise by over a quarter early Thursday after it said it had won an order worth about GBP1 million for a smart metering project in southwest India, which it believes is the first commercial implementation of smart metering by an Indian public utility.
In a statement, the provider of wireless technology for utility meters and lighting control said it will provide over 21,000 smart meters and associated hardware and software for the pilot project being undertaken by Enzen Global Solutions Pvt Ltd for Chamundeshwari Electricity Supply Corp Ltd in Mysore, Karnataka.
It said the first meters are expected to go live before the end of 2015, with the full rollout to be completed in the first half of 2016. Cyan will manage the entire supply chain using local meter manufacturers, and will then provide facility management services for two years after the deployment.
"We are delighted to have our first commercial order for a public utility in India, following our two private utility project wins at Tata Power and Essel Utilities last year," Cyan Chairman John Cronin said in a statement.
"The order for the CESC project, one of the 14 smart grid pilot projects in India, will provide substantial credibility for Cyan's CyLec solution amongst government-owned utilities as well as the wider energy distribution market. Furthermore, it will act as an authoritative reference to opportunities in India and across Asia," he added.
Cyan Holdings shares were up 25.7% at 0.333 pence early Thursday, making it one of the best performing stocks on the AIM All-Share index.
By Steve McGrath; [email protected]; @stevemcgrath1
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