CyanConnode to ‘grow exponentially’ driven by India Government’s smart meter rollout plans (LON: CYAN)

CyanConnode

John Cronin, Executive Chairman of CyanConnode.

“We commend the push by the Government of India to fast track the implementation of smart prepaid meters in the country. These meters are the best way forward to mitigate the high commercial losses faced by Discoms. Prepaid requires real time meter reading on a daily basis and we believe our RF communication is the right solution. CyanConnode is best placed to cater to this requirement as it is already delivering over 99.5% daily readings in its deployed projects in India. It also has a solution for every requirement such as long range RF for remote locations, a hybrid of RF and Cellular and our core RF solution through our unique Omnimesh technology. CyanConnode is already the second largest smart metering player in India in terms of its orderbook and deployments, and with the suitability of its Omnimesh technology to the requirements and ambition of the Government of India, this will only grow exponentially.”

Milan Radia, Research Analyst at Hardman & Co noted in their latest report dated 17 August 2021:  

India remains the largest country of activity in the smart metering market globally. The Indian programme to roll out 250 million smart meters has been gaining momentum. The Indian Discoms have seen a 15%-20% improvement in monthly revenue per customer moved on to smart meters, which represents a huge saving, given the scale of these distribution businesses. These types of compelling return on investment metrics can only help to accelerate the pace of smart meter deployments. CyanConnode’s position with respect to the Indian opportunity has been strengthening over time. In May 2021, the company announced a non-binding MOU with IntelliSmart, a partially state-owed entity that is at the centre of the smart meter rollout programme in India. Under the terms of the MOU, CyanConnode will utilise its hybrid RF/cellular technologies for existing and new IntelliSmart smart meter contracts, amounting to millions of units. Intellismart is one of the two most important players in the Indian smart meter market. While there are no official metrics on the completion rate for the Indian Smart Meter National Programme, based on contract awards and deliveries to date, we estimate that in excess of 80% of these have yet to be placed under contract.

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