CyanConnode Holdings plc (LON:CYAN), a world leader in narrowband radio frequency (RF) mesh networks, has announced that it has signed a Memorandum of Understanding (MOU) with Alfanar, a leading engineering, procurement, and construction (EPC) player, to explore joint investment opportunities in Advanced Metering Infrastructure (AMI) projects.
The MOU sets forth the intention of both parties to establish investments in AMI projects on an opportunity basis, leveraging the core strengths of both companies at the group level. CyanConnode and Alfanar will jointly review tenders across targeted geographies and, subject to a positive outcome, establish joint ventures for the implementation of AMI.
This collaboration aims to facilitate and expedite activities related to project investments, in compliance with existing policies, rules, and regulations in the targeted regions. Both CyanConnode and Alfanar will invest in the projects upon satisfactory techno-commercial due diligence. While the MOU does not create a binding commitment, it is anticipated that a definitive agreement outlining the terms and conditions of the collaboration will be signed by both parties in due course.
John Cronin, Executive Chairman of CyanConnode, commented: “We are delighted to enter into this MOU with Alfanar, a company that shares our vision of harnessing technology and innovation to drive sustainable growth. This collaboration presents a unique opportunity for us to combine our expertise and resources to make a significant impact on the global AMI market.”
Mohammed Irfan, Chief Executive Officer, Alfanar India, commented: “The unique partnership approach with CyanConnode will enable us to evaluate and strategically tap into new markets, especially on the global landscape for increasing our spectrum of service offerings. We are confident that our joint efforts will lead to the successful implementation of AMI projects, ultimately benefiting our customers and stakeholders.”
This collaboration between CyanConnode and Alfanar reflects their shared commitment to explore new opportunities for expanding the global footprint in the smart grid sector. Working together to assess potential projects, both companies look forward to a fruitful partnership that drives growth and innovation in the advanced metering infrastructure industry.
