News blog
Cyan Holdings
- BY: Andrew Hore |
- POSTED: 31/05/2012 |
Cyan, which supplies wireless technology for lighting control and smart meters, has a chance of gaining business from the Tamil Nadu Electricity Board (TNEB) after one of its partners has been asked to undertake pilot installations.
The pilot covers 500 units and is the first that TNEB has requested. The partner is already a major meter supplier to TNEB.
Cyan’s technology is included in a number of tenders. TNEB will eventually replace 18m meters.
Cyan has already won a significant contract in India but a contract from TNEB should be much bigger.
This recent order for CyLec technology for smart meters is worth more than $1m (£630,000) and should be completed by the end of this year. Tamper detection and remote disconnect have been added to the technology. To put this order in perspective, last year’s total revenues of £460,000 were lower than the value of this contract.
John Cronin became executive chairman in March.
The balance sheet is reasonably strong thanks to the recent fundraising of £1.7m at 0.6p a share. Cyan is still losing money and cash is flowing out of the business.
At 0.49p a share, up 0.015p, Cyan is valued at £8.13m.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf
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