CyanConnode Holdings PLC on Monday said it has signed a memorandum of understanding with Alfanar to explore joint investment opportunities in advanced metering infrastructure projects.

CyanConnode is a Cambridge, England-based narrowband RF mesh networks provider. Alfanar is a Saudi Arabia-based company focused on manufacturing electrical construction products.

Under the agreement, both parties will jointly review tenders across targeted geographies and establish joint ventures to implement advanced metering infrastructure.

The collaboration aims to facilitate and expedite activities related to project investments. CyanConnode says it expects to sign a definitive agreement for the collaboration in due course.

‘We are delighted to enter into this MOU with Alfanar, a company that shares our vision of harnessing technology and innovation to drive sustainable growth. This collaboration presents a unique opportunity for us to combine our expertise and resources to make a significant impact on the global AMI market,’ said Executive Chair John Cronin.

CyanConnode Holdings shares were trading 3.0% higher at 17.13 pence each in London on Monday afternoon.

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