LONDON (ShareCast) - (Sharecast News) - CyanConnode announced on Monday that its milestone smart metering project in Goa, awarded in April, was now fully funded and would proceed without the need for additional capital from the company.
The AIM-traded provider of narrowband RF mesh networks said the project would be delivered through its Indian subsidiary, DigiSmart Networks, and a special purpose vehicle, GreenMeter Goa, established to oversee execution.

Under an innovative arrangement, a specialist subcontractor was appointed and all project funding was being sourced externally, allowing CyanConnode to accelerate delivery while preserving its balance sheet and retaining strategic oversight.

The project was part of India's national smart metering rollout, where CyanConnode had been empanelled as an Advanced Metering Infrastructure Service Provider (AMISP) through DigiSmart, enabling it to lead deployments using both RF and cellular technologies.

In a parallel development, Smart Sustainability Solutions had subscribed to a further $7.5m unsecured convertible loan note on the same terms as the facility announced on 20 May.

The new funding would support CyanConnode's working capital and business development efforts as it targets additional large-scale opportunities in India.

It said the proceeds of the earlier loan were used in part to repay a short-term facility from Axia Investments, which had been arranged in March.

"The award of the Goa contract marked a significant milestone for the group, and we are delighted to confirm that the contract is now fully financed through an innovative structure that protects our balance sheet while enhancing long-term value," said chief executive John Cronin.

"The additional loan note reflects the strength of our strategic relationships and provides us with the flexibility to pursue further large-scale opportunities across India as the national rollout accelerates."

At 1109 BST, shares in CyanConnode Holdings were down 0.31% at 8.1p.

Reporting by Josh White for Sharecast.com.

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