CyanConnode Holdings plc (LON:CYAN), a global provider of IoT communication and smart metering solutions, has announced that it has entered into a further US$5.25 million unsecured convertible loan note agreement with Smart Sustainability Solutions Limited, a Middle Eastern climate technology company, that is a wholly owned subsidiary of a publicly listed, Abu Dhabi based global investment group. The Loan Note follows two similar agreements with the Lender completed earlier this year, which together totalled US$15.0 million. This latest investment further underscores the Lender’s confidence in CyanConnode’s growth strategy.
In 2024, the Company’s Indian subsidiary, DigiSmart Networks Private Limited, was empanelled as an Advanced Metering Infrastructure Service Provider (AMISP), enabling it to bid directly for smart metering contracts under the Revamped Distribution Sector Scheme (RDSS).
The funds provided under the Loan Note will be used to secure Earnest Money Deposits (EMDs) for AMISP tenders on which DigiSmart intends to bid. EMDs are refundable deposits required when submitting bids under the RDSS, demonstrating a bidder’s commitment to proceed with the project if selected. The deposits are typically returned following the tender process, except where a bidder withdraws or fails to complete contractual formalities after being awarded the contract.
John Cronin, Group CEO of CyanConnode, commented:
“This additional funding represents another important step in our strategy to secure substantial AMISP contracts under India’s RDSS programme. It enables us to participate in significant tender opportunities and demonstrates the confidence our partners have in CyanConnode’s technology, capability and long-term vision for smart, sustainable energy management.
We are delighted to strengthen our partnership with the Lender and appreciate their continued confidence in our vision and growth trajectory.”
