Cyan raises £1.2M in a placing for wireless meter chips

Placing

Cyan Holdings plc has announced a placing of 80 million shares to raise £1.2 million for the commercialisation of its wireless utility metering products.

The company is about to ship 1,000 gas meter modules for two field trials, the first of which will be installed in China during June. The customer is a well established meter manufacturer with end customers which have requested and funded the field trials of Cyan’s mesh networking wireless meter reading solution. This enables all meters in a residential building to be read remotely.

Cyan also announced it is in advanced stages of negotiation to form a partnership with another manufacturer, providing access to the North American market, and says that the automated meter market is opening up in Europe also.

Kenn Lamb, CEO of Cyan, said, “Since our announcement of significant new orders at the end of March, activity levels have continued to grow. Initial order volumes will be dominated by gas meter products, but we are now seeing our first prospective electricity and water meter customers, as well as continued growth in activity with prospective lighting control customers.”