Listed firm CyanConnode Holdings has announced that its Indian subsidiary, DigiSmart Networks, has been awarded a 拢70m contract to deploy around 750,000 smart meters.
The Cambridge-based firm, which is a global leader in narrowband Radio Frequency (RF) smart mesh networks, has grown its outstanding order book to 拢180m following the contract.
The news also comes just a month after the company secured a 拢5m loan from its major shareholder, Axia Investments.
In May and June 2024, DigiSmart announced it had been empanelled as an advanced metering infrastructure service provider (AMISP), enabling the company to bid for and lead smart metering projects in India, using both RF and cellular technology.
The project is anticipated to begin within the next few months and the implementation phase will last for 27 months, after which a support and maintenance period of 93 months will follow.
John Cronin, executive chairman of CyanConnode, said: 鈥淪ecuring our first major AMISP contract represents a pivotal achievement, and this landmark 拢70 million Goa smart metering LOI marks a significant milestone for the company.
鈥淭he contract validates our strategy, firmly establishes our credentials as an AMISP, and substantially enhances our ability to secure further tenders.
鈥淭his success is set to deliver a step change, accelerating CyanConnode鈥檚 future revenue growth and profitability.鈥�
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