GBP1m Purchase Order

RNS Number : 8158C

Cyan Holdings Plc

22 January 2015

 

Cyan Holdings plc
("Cyan" or the "Company")

£1M order for public utility smart metering project in India

Cyan (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, announces receipt of a purchase order worth approximately £1 million from Enzen Global Solutions Pvt Ltd ("Enzen") for a large pilot project being implemented for Chamundeshwari Electricity Supply Corporation Limited ("CESC"), Mysore, Karnataka in southwest India.

HIGHLIGHTS

·     Cyan will supply over 21,000 smart meters and associated hardware and software

·     Cyan will act as Enzen's end-to-end solution provider for smart metering

·     First meters expected to go live before the end of 2015 and full rollout expected to complete in the first half of 2016

·     Cyan will manage the entire supply chain using local meter manufacturers

·     Cyan will provide facility management services for a period of 2 years post deployment

·     Cyan's management believes this is the first commercial implementation of Advanced Metering Infrastructure ("AMI") technology by a public utility for consumers in India

·     CESC distributes power to more than 1.5 million domestic customers in India

The purchase order from Enzen, worth INR 95 million (approximately £1 million), is for a project to be implemented for CESC.  CESC is a public utility with responsibility for power distribution to more than 1.5 million domestic customers across five districts of Karnataka: Chamarajanagar, Mandya, Hassan, Kodagu and Mysore. CESC is implementing an AMI solution designed to reduce the cost of meter reading and aggregate technical and commercial losses, as well as to improve peak load and power outage management.  Enzen is a global energy and environment company providing high-end solutions to the energy and utilities industries.

In April 2014, Enzen was awarded a contract to provide energy infrastructure solutions to CESC and Cyan will act as Enzen's end-to-end solution provider for the smart metering elements of the contract. Cyan will supply its 865MHz RF mesh communication network (including the modules, data concentrator units and head end software), a Meter Data Acquisition System and 21,824 smart meters. Cyan will manage the supply chain through local meter manufacturer partners. In addition, Cyan will provide facility management services to CESC in Mysore for a period of two years post deployment, which is expected to represent around 10% of the order value. The project is expected to go live in phases with the first meters installed, commissioned and live before the end of 2015 and the remainder live in the first half of 2016.

The project is the first of 14 smart grid pilots under the Smart Grid Task Force in India being funded by India's Ministry of Power to be rolled out. Cyan's management believes that this is the first commercial implementation of AMI technology by a public utility for consumers in India.

John Cronin, Executive Chairman, commented: "We are delighted to have our first commercial order for a public utility in India, following our two private utility project wins at Tata Power and Essel Utilities last year.  The order for the CESC project, one of the 14 smart grid pilot projects in India, will provide substantial credibility for Cyan's CyLec solution amongst government-owned utilities as well as the wider energy distribution market. Furthermore, it will act as an authoritative reference to opportunities in India and across Asia.

"CyLec has been developed to address the requirements of utilities in next-generation economies, of which India is one of the leaders; India has a growing population and 300 million without power* The Indian government has committed to spend billions of dollars on smart grid infrastructure, according to a new report from Northeast Group. The report forecasts that over the period 2015-2025 the cumulative spend will be $21.6 billion**. At present, India has 200 million legacy meters currently deployed and it is estimated it will install 130 million smart meters by 2021***. We look forward to building further on our market leading position and taking a significant role in this technological evolution."

*Source: http://www.hindustantimes.com/analysis/turn-the-light-on-innovation-and-investment/article1-1260113.aspx

**Source: http://www.prnewswire.com/news-releases/india-to-spend-216-billion-on-smart-grid-infrastructure-by-2025-300021970.html

*** Source: http://asian-power.com/sites/default/files/asianpower/print/APMay_2013_lr_12.pdf

Enquiries:

Cyan Holdings plc	Tel: [phone]
John Cronin, Executive Chairman	www.cyantechnology.com
Allenby Capital Ltd - Nominated Adviser and Joint Broker	Tel: [phone]
Jeremy Porter / Alex Brearley
Hume Capital Securities plc - Joint Broker	Tel:  [phone]
Jon Belliss
Walbrook PR - Financial PR	Tel:  [phone]
Paul Cornelius/Nick Rome	[e-mail]

About Cyan

Cyan is an integrated system design company based in Cambridge, UK. It provides a communication platform that enables the measurement and control of energy consumption for the metering and lighting markets, helping to reduce energy losses. Cyan's wireless mesh networking platform offers 'last mile' connectivity between millions of devices and enterprise software, supporting bilateral communications with the end customer.

For more information, please visit www.cyantechnology.com.

About CyLec®

CyLec® is a complete control and communication network for electricity metering. CyLec® uses wireless technology to enable the collection and delivery of data from and to a meter, such as energy profiles, instant readings and the sending of tariff updates. Priority data can also be sent back to the utilities such as information regarding tampering enabling the utility to take action immediately. 

About Enzen

Enzen is a global energy and environment company providing high-end solutions to the energy and utilities industries. It has become a partner of choice, successfully implementing projects for
global utilities across India, the United Kingdom and the United States.

For more information, please visit http://enzen.com/IN/Home

 

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