CyanConnode Holdings plc (LON:CYAN), a world leader in narrowband radio frequency (RF) mesh networks, has announced that it has entered into a definitive framework agreement with a key partner to supply its advanced RF mesh communication technology in India. As a preferred partner, CyanConnode will provide 3 million smart meters together with Omnimesh RF modules, Advanced Metering Infrastructure, Standards-Based Hardware, Omnimesh Head-End Software and associated components, Perpetual License, design, installation, implementation, integration, training and support & Maintenance Contract..
The Framework Agreement underpins directors’ confidence in the market expectations for the financial year to 31 March 2024 and sets out the terms and conditions, including pricing, for future orders placed by the key partner.
This partnership marks a crucial endorsement of CyanConnode’s expanding footprint in India, with a robust pipeline of potential deals and current tenders amounting to approximately 100 million smart meters. The partnership showcases the Company’s continued growth and success, and has the potential to double its order book.
During the current financial year, CyanConnode has received orders for 2.3 million Omnimesh modules, reflecting significant progress. This is compared to the previous decade when it took almost ten years to win 1.3 million modules. The majority of these 2.3 million modules are expected to be installed over the next two years. Additionally, CyanConnode’s pipeline of opportunities and partnerships have significantly grown during the current financial year and our conversion rate continues to improve.
John Cronin, Executive Chairman of CyanConnode, said: “We are delighted to announce our selection as the preferred communications partner for the deployment of smart meters in India by a leading industry player. Our partnership will aim to establish a robust and efficient smart metering infrastructure in the country. We are committed to collaborating with our partner to drive innovation in the industry and provide the benefits of smart metering to the people of India.”