Listed firm CyanConnode Holdings has announced that its Indian subsidiary, DigiSmart Networks, has been awarded a £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 £180m following the contract.
The news also comes just a month after the company secured a £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: “Securing our first major AMISP contract represents a pivotal achievement, and this landmark £70 million Goa smart metering LOI marks a significant milestone for the company.
“The contract validates our strategy, firmly establishes our credentials as an AMISP, and substantially enhances our ability to secure further tenders.
“This success is set to deliver a step change, accelerating CyanConnode’s future revenue growth and profitability.”
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