According to a statement, CyanConnode’s customer in the energy management field is based in Eastern Europe and has operations in Bangladesh. The customer manufacturers up to 1.5 million smart meters per annum and a wide range of energy management solutions and appliances for the Bangladesh energy sector.
In addition, CyanConnode’s customer established a new utility firm which operates as an independent power producer providing electricity to some 4 million consumers in Bangladesh.
Under the $10 million contract, CyanConnode will provide its energy management customer with the company’s head end server software to operate the smart meters over a period of ten years.
CyanConnode and Asian smart meter market
CyanConnode will supply its smart meters for shipment to the customer’s facility in Bangladesh over the next 18 months.
Previously, CyanConnode signed smart meter supply contracts of $5 million and $4 million with the firm. The new deal brings the total number of smart meters CyanConnode has supplied the company with to 550,000 units.
According to a statement, this latest extension will enable the customer to meet the increased requirements of the geographic territory in Bangladesh.
In total, Bangladesh has 58 million energy consumers and utilities in the region are currently facing challenges on how to meet growing energy demands.
According to a research conducted recently by Northeast Group, smart meters are expected to help utilities in Bangladesh to optimise their revenue collection and improve the reliability of grid networks.
The energy market intelligence firm forecasts countries in South Asia including Bangladesh to invest up to $8.1 billion in smart grid technologies such as smart meters between 2016 and 2026. [CyanConnode IPv6 smart meter solution selected for deployment in India].
John Cronin, CyanConnode executive chairman, commented: “The size and speed of this further order from our partner for their smart meter deployment in Bangladesh highlights the significant opportunity in the region with the repeat order demonstrating the scalability of our business model.”