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CyanConnode Holdings - New Order for Smart Metering Solution in Thailand

RNS Number : 1789Y
CyanConnode Holdings PLC
30 December 2019
 

 

30 December 2019

CyanConnode Holdings plc

("CyanConnode" or the "Company")

 

New Order for Smart Metering Solution in Thailand

 

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce an order in Thailand, a new territory, for 33,000 units from its Distributor and Technology Partner, The JST Group (JST). The end customer is Metropolitan Electricity Authority (MEA), a Thai state enterprise under the Ministry of Interior.

 

The Company has worked closely with JST and its partner Forth Corporation Public Company Limited (Forth), a telecommunication and electronics company that provides products and integration services in Thailand.

 

The purchase order relates to a smart metering deployment which includes CyanConnode's IPV6 Standards-Based Omnimesh Advanced Metering Infrastructure (AMI). Under the agreement CyanConnode will supply its hardware, head end system (HES) and an Annual Maintenance Contract (AMC). Hardware deliveries will commence in 2020, with deliverables for the integrated system commencing immediately.  The AMC will deliver a recurring revenue stream over an initial five-year period.  As part of the contract, CyanConnode will receive an upfront payment at the time of order of around $0.4 million, which is approximately 25% of the contract value.  On successful deployment the 33,000 units is expected to extend to a further 200,000 units. A kick-off meeting will be held in mid-January at which the full roll out plan will be agreed.

 

MEA, a state-owned energy utility group serving around 4 million customers in the city of Bangkok and two adjacent provinces, is deploying a Smart Metro Grid platform to improve power availability and reliability, as well as to analyse distribution losses, automate meter reading, and increase customer satisfaction.

 

CyanConnode will deploy its Omnimesh technology, which has been integrated into Forth's electricity meters and Oracle's meter data management solution, using the frequency bands of 442 and 447MMHz, allocated to the Thai energy utilities by The National Broadcasting and Telecommunications Commission (NBTC) of Thailand.

 

John Cronin, CyanConnode Executive Chairman, commented:

"We are delighted to be part of the consortium contracted to implement a smart metering deployment for MEA in Thailand.

 

CyanConnode's Omnimesh solution met all evaluation criteria and outperformed competitor solutions. This success demonstrates the suitability of Omnimesh for the global smart metering market.

 

We look forward to working with JST and Forth to deliver our Omnimesh Advanced Metering Infrastructure platform in Thailand."

 

 

John Stamp, JST Group CEO, commented:

"We are looking forward to working with our partners on this deployment which is the first in Thailand for our group of partners.  The collaboration will deliver value-added benefits to MEA and the broader energy market in Thailand, offering new and innovative solutions that enable energy security and sustainability."

 

Mr. Pongchai Amatanon, Managing Director, Forth, commented:

"As a leading provider of electricity meters and system integration, we are pleased to deliver CyanConnode's Omnimesh solution to MEA. The ease of integration and deployment of the technology, as well as CyanConnode's expertise in managing data communication across narrowband networks, were key considerations when selecting an AMI solution partner for this bid."

 

- Ends -

Enquiries:

 

CyanConnode Holdings plc                                                                         Tel: +44 (0) 1223 225 060

John Cronin, Executive Chairman                                                                 www.cyanconnode.com


Yellow Jersey PR (Financial PR)                                                                Tel: +44 (0) 20 3004 9512
Sarah Hollins/ Annabel Atkins                                                                      [email protected]

Arden Partners plc (Joint Broker)                                                             Tel: +44 (0) 20 7614 5900

Paul Shackleton / Dan Gee-Summons (Corporate Finance)

Simon Johnson (Corporate Broking)                                                      

 

About CyanConnode

CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication.  As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

 

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

 

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

For more information, please visit www.cyanconnode.com

 

About The JST Group

The JST Group is an independent group of wholly owned Thai service and supply companies, with over 40 years' experience in Thailand and South East Asia. JST has developed a flexible organization structure to provide locally-based and managed specialist services to meet emerging customer requirements.

 

For more information, please visit http://www.jst-group.com/

 

 

 

 

About Forth Corporation Public Company Limited

Forth Corporation Public Company Limited (FORTH) was established in 1989 and has registered capital amounting to Baht 1 million. The Company was established to research, develop and manufacture Private Branch Exchange (PBX) under the trademark of FORTH, Printed Circuit Board Assembly (PCBA) and electronic equipment manufacturing.

 

The Company increased capital and expanded into related-business e.g. telecommunication equipment manufacturing and distribution and digital electronic meter manufacturing, etc. In 2006, the Company was listed on the Stock Exchange of Thailand in 2006 and became the public company named Forth Corporation Public Company Limited.

 

For more information, please visit https://www.forth.co.th/en/


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: CyanConnode Holdings PLC

Price: 1.79

Market: AIM
Market Cap: £3.27 m
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