LONDON, UK: CyanConnode Holdings 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.”
CyanConnode 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.
Cyanconnode Holdings PLC
7.49 GBX +0.29 (4.03%)
26 May, 8:14 am GMT+1 · Disclaimer
LON: CYAN