First of several expected India projects adds near-term revenue and accelerates ConnectM's global electrification roadmap
MARLBOROUGH, Mass., March 26, 2025 /PRNewswire/ -- ConnectM Technology Solutions, Inc. (Nasdaq: CNTM) ("ConnectM" or the "Company"), a high-growth technology company on the leading edge of the energy economy, today announced it has been awarded its first Home and Building Electrification (HBE) project in India through a strategic partnership with Zenith Energy Services Pvt. Ltd.
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The project, the first of many expected installations, was commissioned by Bharat Coking Coal Limited, a subsidiary of the $28 billion market cap Coal India Limited, and involves installations totaling 1.88 MW of rooftop solar in Belgaria Township, Jharkhand. Valued at INR 60.3 million (approximately US$725,000), this initial contract is scheduled for completion within three months and marks ConnectM's official entry into India's booming distributed renewable energy market.
ConnectM will deploy its proprietary Energy Intelligence Network (EIN), Omnichannel Marketplace, and AI-powered electrification platform to manage engineering design, procurement, vendor management, construction supervision, and equipment commissioning. The Company's full-stack, digital-first approach has been a proven differentiator in ConnectM's U.S. operations and is now being extended to global markets.
"This win validates our platform's ability to scale internationally," said Bhaskar Panigrahi, Chairman and CEO of ConnectM. "India represents one of the most dynamic electrification markets globally, and we're excited to bring our integrated, high-margin model into the region."
In tandem with the project execution, ConnectM India will co-develop IoT-enabled solar monitoring and analytics systems in collaboration with local R&D partners, supporting its long-term strategy to embed and sell AI-powered SaaS into global energy infrastructure markets.
This project carries significant strategic value for ConnectM and its shareholders. It marks the Company's formal entry into the Indian market, one of the world's fastest-growing rooftop solar regions, with projected CAGRs exceeding 20%. The engagement underscores the global scalability of ConnectM's vertically integrated, AI-driven electrification platform and validates demand for its end-to-end model beyond the U.S. The rapid deployment timeline positions the project to contribute near-term revenue as early as Q2 2025. Additionally, the initiative will advance ConnectM's technology roadmap by incorporating India-specific monitoring and analytics capabilities into its broader product ecosystem.
India's distributed energy sector—driven by industrial growth, favorable policy, and the electrification push—is a key pillar of ConnectM's international growth roadmap. This project is expected to be the first of multiple international engagements under the Company's HBE platform, as ConnectM scales across the Asian subcontinent and beyond.
About ConnectM Technology Solutions, Inc.
ConnectM is a constellation of companies powering the next generation of electrified equipment, mobility and distributed energy—thus enabling a faster, smarter transition to a modern energy economy. The Company provides residential and light commercial service providers and original equipment manufacturers with a proprietary Energy Intelligence Network platform to accelerate the transition to all-electric heating, cooling, and transportation. Leveraging technology, data, artificial intelligence, and behavioral economics, ConnectM aims to lower energy costs and reduce carbon emissions globally.
Bharat Coking Coal Limited (BCCL), a subsidiary of Coal India Limited, is one of India's foremost producers of prime coking coal, essential for the steel industry. Headquartered in Dhanbad, Jharkhand, BCCL operates over 36 mines—including both underground and opencast—across the Jharia coalfields. With an annual production exceeding 30 million tonnes and revenues surpassing ₹10,000 crore (approximately US$1.2 billion), BCCL plays a vital role in meeting the country's metallurgical coal demand. The company also contributes significantly to employment and regional development in eastern India.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "intend," "believe," "estimate," "continue," "project" or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the "Cautionary Note Regarding Forward-Looking Statements" section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact: Investor Relations Dave Gentry, CEO RedChip Companies, Inc. 1-407-644-4256 CNTM@redchip.com
