16th Dec 2019 11:52
(Alliance News) - CyanConnode Holdings PLC on Monday said its partner Genus Power Infrastructures Ltd has secured an order from an undisclosed new customer.
The AIM-listed wireless communication technology provider said the order is for 142,000 units of smart metering deployment for government-owned utilities in South India.
Under the deal, CyanConnode said it will supply advanced metering infrastructure standards-based hardware, services, and head-end software, which includes a perpetual license and an annual maintenance contract.
The installation of the project is expected within the next fifteen months, CyanConnode said, with 80% of the revenue being recognised during the first two years and the balance being received during a further seven-year support and maintenance contract.
No financial terms of the deal were disclosed.
"As India begins to evolve into the world's largest smart metering market, utilities have begun to realise the benefits of CyanConnode's robust radio frequency mesh technology, and I therefore look forward to giving further updates in due course," said CyanConnode Chief Executive & Managing Director Anil Daulani.
Also on Monday, the company said it expects operating cost savings of GBP800,000 per year rather than GBP480,000, but this is due to delays in the award of contracts.
The stock was trading 14% lower in London on Monday midday at 1.62 pence a share.
By Evelina Grecenko; [email protected]
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