CyanConnode to deploy 750,000 smart meters in India
Image courtesy 123rf
UK-based CyanConnode has secured a £70 million ($92.8 million) contract to deploy approximately 750,000 smart meters in Goa, India.
The narrowband radio frequency (RF) mesh networking tech company’s Indian subsidiary DigiSmart Networks was issued a letter of intent (LOI) for the contract from the government of Goa’s electricity department.
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.
Previously, the Company operated solely as a communications supplier to the lead bidders for such projects. This announcement marks the Company’s first LOI as an AMISP.
Following a successful tender process conducted by the Government of Goa’s Electricity Department, the state cabinet approved the project, appointing DigiSmart as the lead consortium member responsible for installing the meters, communications (RF and cellular), cloud services and meter data management system.
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Said John Cronin, executive chairman of CyanConnode:
“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.”
The full work order is anticipated to be issued over the coming weeks with work then expected to start this quarter following network planning and the agreement of contracts with sub-contractors.
Under the contract, DigiSmart will project manage and deliver the solution. The company will directly supply meters, RF and cellular communications, its core services, and, for the first time, control the timing of implementation.
The project is anticipated to begin within the next few months, marking CyanConnode’s FY2026 Q1, complying with all requirements outlined in the country’s Revamped Distribution Sector Scheme (RDSS).
The implementation phase will last for 27 months, after which a support and maintenance period of 93 months will follow.
As announced on 19 March 2025, CyanConnode secured a £5 million unsecured loan from its major shareholder, Axia Investments Limited (“Axia Investments”). The loan supports DigiSmart’s cash reserves for the project and will also provide additional working capital.
With the contract, CyanConnode’s order book has grown to approximately £180 million ($238.6 million).
According to Proactive Investors, in early trading on the day of the announcement, CyanConnode’s shares were up 6% at 13.77GBX, valuing the business at just shy of £50 million ($66.3 million). Shares reached a high of 14.50GBX the same day.
