CyanConnode receives order for 300k Omnimesh modules

(Sharecast News) - Narrowband smart mesh network technology company CyanConnode announced an order for 300,000 'Omnimesh' modules from IntelliSmart Infrastructure on Tuesday. The AIM-traded firm said the order would include the modules and Advanced Metering Infrastructure (AMI), standards-based hardware, Omnimesh head-end software, services, a perpetual licence, and an annual maintenance contract.

It said the order would be instrumental in the smart metering deployment for South Bihar Power Distribution Company (SBPDCL) in Bihar, India.

Fulfilment of the order would start in the fourth quarter of the 2024 financial year and was scheduled to be completed within 27 months under a design, build, finance, own, operate, transfer (DBFOOT) model.

Pivoting on the strategic framework agreement inked in February, the transaction marked the fourth order, bringing the total of Omnimesh modules ordered to 1.7 million, all secured within a five-month timeframe.

That aligned with the agreement's stipulation for three million modules.

After deployment, a support and maintenance contract would be active for seven and a half years following activation.

"We are delighted to announce a subsequent order from IntelliSmart, taking our cumulative order book for India to 5.3 million modules," said executive chairman John Cronin.

"We have successfully delivered around 2.1 million modules to the end of the second quarter, and anticipate the delivery of the remaining backlog of 3.2 million modules as per the projected timelines."

At 1531 BST, shares in CyanConnode Holdings were up 2.14% at 10.6p.

Reporting by Josh White for Sharecast.com.