CyanConnode business wins ‘suggests record year for revenue and volume’ says Arden Research Director (LON:CYAN)

CyanConnode

CyanConnode Holdings plc (LON:CYAN) recently announced on 22 August that its subsidiary, CyanConnode India Pvt Ltd, has received its largest-ever order from its long-standing Partner, Genus. The order cements CyanConnode’s position as the largest provider of Narrowband Radio Frequency (RF) Smart Mesh Networks for Smart Metering in India. Prior to the order, 25 percent of Smart Meters in India were run on CyanConnode’s Communication network.

John Cronin, Executive Chairman of CyanConnode Holdings, commented, “This single order, for one million Omnimesh Modules, will almost double the number of modules we have deployed in India to date.”

In a recent interview, Anil Daulani, President – Global Sales, CyanConnode, noted, “Indian Utilities have realised the need for automated and smart metering systems. The sheer value addition Omnimesh brings to the smart metering market is simply astounding. It empowers the utilities on multiple fronts to achieve aspects that were previously considered unfeasible and impractical. With this solution, utilities are now able to significantly enhance customer experience and billing, while having a direct impact on reducing carbon emissions through a reduction of physical visits for manual reads and an increase in consumers adopting energy-efficient lifestyles. CyanConnode will continue to work towards building an efficient ecosystem for Smart Metering in India while aligning with the ‘Make in India’ initiative.” 

The latest order from Genus in India, comes hot on the heels of receiving an order for Cellular Gateways to provide smart communications for an Advanced Metering Infrastructure project located in the Middle East and North Africa (MENA) region worth USD 2.5 million.

Alex DeGroote, Director Research Technology, at Arden Partners, added, “CyanConnode has a very good market position in India, in particular, and good commercial momentum. CyanConnode has won a significant amount of new business in 2022/23 year-to-date, which suggests it will be a record year for revenue and volume.”

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