Shares in CyanConnode Holdings PLC (AIM:CYAN) rose on Monday after the company announced a landmark £70 million smart metering contract in India - its largest yet and the first since it began operating as a lead provider.
The AIM-listed company said its Indian subsidiary, DigiSmart Networks, had been appointed by the Government of Goa’s Electricity Department to roll out around 750,000 smart meters across the state. The deal marks a shift for CyanConnode, which previously provided communications infrastructure as a subcontractor but is now taking on full project responsibility as an Advanced Metering Infrastructure Service Provider (AMISP).
The contract follows DigiSmart’s empanelment as an AMISP in mid-2024 and is expected to begin this quarter once final agreements with subcontractors are signed. The 10-year project will include a 27-month implementation phase followed by over seven years of support and maintenance.
CyanConnode will supply both RF and cellular communications systems, smart meters, and software services. Non-core elements of the deployment will be outsourced.
The company said it has sufficient funding in place to begin work, supported by a £5 million loan from its largest shareholder, Axia Investments, announced earlier this year. Its total order book now stands at approximately £180 million.
In early trading, the shares were up 6% at 13.77p, valuing the business at just shy of £50 million.