Cyan (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, announces that it has signed a Partnership Agreement with Dinsmore & Associates (“D&A”).
D&A will act as a business development partner to identify opportunities for Cyan’s smart metering, smart lighting and Machine-2-Machine (“M2M”) solutions across the sub-Saharan African market. D&A will meet with potential partners and resellers to present Cyan’s technology as well as assisting in the negotiation of commercial contracts with any opportunities that are taken forward.
Sub-Saharan Africa is set for continuous economic growth over the next decade and, in order to sustain this growth, requires significant investment in the power sector and rapid expansion of its electrification programs. As a result, the importance of electricity metering will increase as utilities seek to ensure financial sustainability through improved revenue collection. Cyan believes this will create a significant market opportunity for the Company, with spend on grid modernisation in South Africa forecast to reach $11 billion* over the next decade. D&A has already identified several near term partnership opportunities for smart metering and M2M solutions in this emerging target territory.
John Cronin, Executive Chairman at Cyan commented: “Cyan’s focus is on emerging markets and we were pleased when D&A approached us to help market Cyan solutions in sub-Saharan Africa. With a number of commercial and pilot projects deployed in India and Brazil, Cyan is looking to transfer its successful business model to other emerging markets that face the same economic and technological challenges.”
Paul Dinsmore, Director at D&A commented: “We are pleased to be partnering with Cyan to bring their solutions to the sub-Saharan African market. Cyan’s recent customer wins in India with Tata Power and Essel Utilities, as well as the teaming agreement with Vodafone, brought the Company to my attention. Based on our initial interactions we will target customers in South Africa and think this is the optimal time for Cyan to enter D&A’s local markets.”