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LONDON - CyanConnode Holdings plc (AIM:CYAN) has secured a $5.25 million unsecured convertible loan note from Smart Sustainability Solutions Limited, a Middle Eastern climate technology company, according to a press release statement issued Friday.
The new funding will be used to secure Earnest Money Deposits (EMDs) required for Advanced Metering Infrastructure Service Provider (AMISP) tenders in India on which the company's subsidiary, DigiSmart Networks Private Limited, intends to bid.
This latest agreement follows two similar arrangements with the same lender completed earlier this year, which totaled $15 million. Smart Sustainability Solutions is a wholly owned subsidiary of a publicly listed Abu Dhabi-based global investment group.
EMDs are refundable deposits required when submitting bids under India's Revamped Distribution Sector Scheme (RDSS). These deposits demonstrate a bidder's commitment to proceed with projects if selected and are typically returned following the tender process, except in cases where a bidder withdraws or fails to complete contractual formalities after being awarded a contract.
In 2024, CyanConnode's Indian subsidiary DigiSmart was empanelled as an AMISP, enabling it to bid directly for smart metering contracts under the RDSS program.
CyanConnode, which provides IoT communication and smart metering solutions, is pursuing opportunities in India's expanding smart metering market through the RDSS program.
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