Key MOU with Intellismart
CyanConnode Holdings plc
("CyanConnode" or the "Company")
Key MOU with Intellismart
CyanConnode, a world leader in Narrowband Radio Frequency Smart Mesh Networks, is pleased to announce that it has signed a MOU (Memorandum of Understanding) with Intellismart, (Intellismart Infrastructure Private Limited), a joint venture company formed by EESL, (Energy Efficiency Services Limited), and NIIF, (National Investment and Infrastructure Fund).
Intellismart is a Meter Asset Provider which deploys smart meters by funding CAPEX, which it then recovers through an OPEX model. Intellismart is focusing on expediting the deployment of 250 million smart meters across India and it can operate at scale by leveraging the expertise and capital of EESL and NIIF. Under the MOU, CyanConnode and Intellismart will work on existing EESL and Intellismart projects as well as new ones, in India and international markets .
EESL is promoted by the Ministry of Power (the Government of India) as a Joint Venture of four public sector undertakings, whilst NIIF is a collaborative investment platform for international and Indian investors, which is anchored by the Government of India and it manages over USD 4.5 billion of equity capital.
This collaboration will leverage CyanConnode's market-leading RF mesh technology as well as EESL and Intellismart's experience delivering innovative large-scale projects.
John Cronin, Executive Chairman, CyanConnode, commented :
" I am delighted to announce this MOU with Intellismart, which builds upon our existing relationship with EESL. Intellismart, supported by EESL and NIIF, have an in-depth knowledge of the Indian smart metering market and have significant experience operating smart metering OPEX models.
"CyanConnode Pvt Limited, our Indian subsidiary, continues to operate in line with expectations during this latest wave of Covid. My thoughts are of course with the Indian people during this difficult time.
I look forward to a successful, collaborative partnership with Intellismart in both India and around the world."
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 225 060
John Cronin, Executive Chairman www.cyanconnode.com
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 Intellismart Infrastructure Private Limited
To give a fillip to the Government of India's vision of converting all the conventional electricity meters to smart meters in the next few years, EESL (Energy Efficiency Services Limited, A Joint venture of PSUs of Ministry of Power, Government of India) along with NIIF (National Investment and Infrastructure Fund, a Government of India, sovereign fund) has formed a JV company - IntelliSmart Infrastructure Private Limited or "IntelliSmart". It will enable implementation of Smart meters through BOOT (Build. Own. Operate. Transfer) model to expedite the deployment, which shall replicate the EESL success so far on the same model. The focus of IntelliSmart would be to drive efficiencies for DISCOMs, improve revenue management, increase billing efficiency and consumer satisfaction.
Formed in 2019, the company, for the implementation of smart metering is functioning like a global Meter Asset Provider ("MAP"), which deploys smart meters for the utilities by funding the entire capex and recovers this via a lease model (PAYS - Pay As You Save in this case). Also, as an evolving knowledge sharing platform for digital solutions pertaining to the power and distribution sectors, IntelliSmart acts as a key player in introducing financial and operational efficiencies in this space.
The Government of India plans to install 25 crore smart meters in the next few years. With the replacement of 25 crore conventional meters with smart meters, billing read and collection efficiency can improve to 100 percent, and has the potential to increase DISCOM revenues by INR ~1,000 billion annually. With a focus on expediting the deployment of smart meters across the country, IntelliSmart is operating at scale by leveraging the expertise and capital of both the shareholders, EESL and NIIF. IntelliSmart is working collaboratively with all stakeholders to procure, deploy and provide operations and maintenance for the smart meter infrastructure.
For more information, please visit www.intellismartinfra.in
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