CyanConnode has secured a transformative £70 million contract through its Indian subsidiary, DigiSmart Networks, to deploy approximately 750,000 smart meters across Goa. This landmark agreement not only marks the company’s first major project as an Advanced Metering Infrastructure Service Provider (AMISP) but also propels its total order book to an impressive £180 million, underscoring its pivotal role in India’s energy infrastructure modernisation.
The contract, sanctioned by the Government of Goa’s Electricity Department, positions DigiSmart as the lead consortium member responsible for delivering a comprehensive end-to-end solution. This encompasses the supply of smart meters, RF and cellular communications, cloud services, and a meter data management system. The project is slated to commence in the first quarter of FY 2026, featuring a 27-month implementation phase followed by a 93-month support and maintenance period.
This achievement follows DigiSmart’s empanelment as an AMISP in mid-2024, a strategic move that enabled the company to bid for and lead smart metering projects in India. Previously operating solely as a communications supplier, CyanConnode’s transition to a lead provider role signifies a substantial enhancement of its capabilities and market position.
Financially, CyanConnode is well-prepared to undertake this extensive project. In March 2025, the company secured a £5 million unsecured loan from its major shareholder, Axia Investments Limited, bolstering DigiSmart’s cash reserves and providing additional working capital. This financial backing ensures the project’s smooth initiation and execution.
The significance of this contract extends beyond immediate financial gains. It validates CyanConnode’s strategic direction and enhances its credentials as an AMISP, thereby increasing its competitiveness in securing future tenders. The company’s executive chairman, John Cronin, emphasised that this success is poised to deliver a step change, accelerating CyanConnode’s future revenue growth and profitability.
CyanConnode’s innovative technology, particularly its Omnimesh platform based on IPv6 narrowband RF mesh networks, plays a crucial role in this project. Designed to enable utilities to gather accurate and timely customer metering data, Omnimesh supports loss reduction programmes and enhances energy cost efficiency. This technology is instrumental in addressing India’s significant power loss challenges, which amount to approximately $32 billion annually due to inefficient infrastructure and metering issues.
With a proven track record in deploying smart metering solutions across various regions, including the UK, Iran, Bangladesh, and Europe, CyanConnode is well-positioned to contribute significantly to India’s ambitious goal of transitioning to smart prepaid electricity meters. The company’s commitment to local engagement is evident through its establishment of a local team in India and manufacturing facilities aligned with the ‘Make in India’ programme.
CyanConnode Holdings plc (LON:CYAN) is a world leader in the design and development of Narrowband RF mesh networks that enable Omni Internet of Things (IoT) communications.
