CyanConnode Holdings plc (LON:CYAN), a global provider of narrowband RF smart mesh networks for smart metering and IoT applications, has announced that its flagship smart metering contract in Goa, awarded in April 2025, is now fully funded and resourced without any further capital from the Group.
To drive efficient and rapid delivery, the Company’s Indian subsidiary, DigiSmart Networks Private Limited (DigiSmart), and the Special Purpose Vehicle (SPV) GreenMeter Goa Private Limited (GreenMeter), established to deliver the project, have appointed a specialist subcontractor under an innovative arrangement whereby all project funding is sourced externally. This forward-looking structure enables CyanConnode to accelerate execution, preserve its balance sheet, and retain strategic control over project delivery.
In parallel, and as a strong endorsement of CyanConnode’s position in India’s expanding smart metering market, Smart Sustainability Solutions Limited has subscribed to a further US$7.5 million unsecured convertible loan note, on the same terms as the loan note announced on 20 May 2025. This funding is intended to support the Company’s broader working capital and business development activities as it targets additional large-scale opportunities across India’s national smart metering programme.
The proceeds of the 20 May 2025 loan note were used, among other purposes, to repay in full the short-term loan facility from Axia Investments Limited announced on 19 March 2025.
John Cronin, Group CEO of CyanConnode, commented:
“In April and May 2024, DigiSmart was empanelled as an Advanced Metering Infrastructure Service Provider (AMISP), enabling CyanConnode to lead and deliver major smart metering projects in India using both RF and cellular technology. The award of the Goa contract marked a significant milestone for the Group, and we are delighted to confirm that the contract is now fully financed through an innovative structure that protects our balance sheet while enhancing long-term value.
The additional loan note reflects the strength of our strategic relationships and provides us with the flexibility to pursue further large-scale opportunities across India as the national rollout accelerates.”
