CyanConnode rockets after record $11.6m purchase order
CyanConnode scored its largest order to date for the Omnimesh IPv6-based smart metering solution on Tuesday with the receipt of $11.6m purchase from an Indian state-owned utilities firm.
The order is for Omnimesh IPv6-based hardware, perpetual software licenses and installation services, while CyanConnode is also in the process of negotiating a five-year support and maintenance contract.
Anil Daulani, managing director of CyanConnode, said: "We are very pleased to announce the company's largest order to date for Omnimesh. The product was launched in 2018 and this brings the total value of orders received for this new product to in excess of $16m, and demonstrates its suitability for the Indian smart metering market."
The key Indian market has contributed revenue to CyanConnode through contracts with state-owned utility customers such as Uttar Gujarat Vij Company and Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company.
Smart meters are devices that record the consumption of electricity and communicate it with the supplier to assist with billing and monitoring.
The AIM traded company estimated that the new contract will contribute revenues of approximately £0.7m in the second half of the year and brings its total order book to over $110m.
"The size and scale of this opportunity reflects the rapidly evolving Indian market as well as the ability of CyanConnode's tier one partners to offer highly innovative and workable solutions," said Daulani.
CyanConnode’s shares were up 41.48% at 9.55p at 1600 BST.