HOUSTON, May 17, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned Energy subsidiary, Orbital Gas Systems Ltd. ("Orbital UK" or the "Company"), was awarded a second contract valued in excess of $500,000 for a biomethane-to-grid unit by a major European industrial company. Orbital U.K. was awarded its first contract by the customer, an operator of biomethane-to-grid plants throughout Europe, in February 2017. The new contract calls for the provision of one biomethane-to-grid unit to be delivered in 2018.
This latest award underscores Orbital U.K.'s long-standing partnership with the customer that is founded in the customer's audit and assessment of Orbital U.K.'s technical, innovation, and support capabilities, as well as Orbital U.K.'s successful prior delivery of two biomethane-to-grid units and its reputation for project excellence – including a 100% success rate in meeting delivery deadlines – within the industry. The award confirms the Company's world class design, manufacturing, and technical support capabilities and facilities.
Orbital U.K. has seen the industry's interest in its biomethane solutions increase following the recent certification of its GasPT® analyzer by the U.K. regulator, Ofgem. The award also comes days after Orbital U.K. conducted an Open House/Work Shop to promote its GasPT and GasPTi technology for biomethane and other applications to leading U.K. energy industry participants.
Orbital U.K. president Paul D. White stated, "Receipt of this order represents continuing recognition from one of Europe's largest industrial companies of Orbital U.K.'s technical expertise in the field of biomethane-to-grid solutions. Our track record of achievements, world class facilities, as well as our ability to problem solve complex matters and innovative technologies have allowed us to develop this relationship. We look forward to expanding our footprint in the biomethane market with this and other customers as this exciting new alternative energy market develops."
CUI Global President & CEO William Clough commented, "Accelerated by growing government and industry support, the U.K. and western European countries are moving further away from traditional fossil fuel energy and towards more environment-friendly alternative energy sources. The recent certification of GasPT by Ofgem, our Open House/Workshop event, and our ongoing business development efforts position us to capture market share in the growing biomethane-to-grid industry that serves as practical and timely alternative to fossil fuels. Our expertise and unique ability to provide relatively inexpensive, low-maintenance analytic solutions puts us in an excellent position as this industry and demand for our services grow."
About CUI Global, Inc.
Delivering Innovative Technologies for an Interconnected World . . . . .
CUI Global, Inc. is a publicly traded company dedicated to maximizing shareholder value through the acquisition and development of innovative companies, products and technologies. From Orbital Gas Systems' advanced GasPT platform targeting the energy sector, to CUI Inc.'s advanced power platform serving the networking and telecom space, CUI Global and its subsidiaries have built a diversified portfolio of industry leading technologies that touch many markets. As a publicly traded company, shareholders are able to participate in the opportunities, revenues, and profits generated by the products, technologies, and market channels of CUI Global and its subsidiaries. But most importantly, a commitment to conduct business with a high level of integrity, respect, and philanthropic dedication allows the organization to make a difference in the lives of their customers, employees, investors and global community.
For more information please visit www.cuiglobal.com
About Orbital Gas Systems
Orbital Gas Systems, (Orbital) has offices located in the United Kingdom and Houston, Texas. For over 30 years, Orbital has developed its portfolio of products, services and resources to offer a diverse range of personalized gas engineering solutions to the gas utilities, power generation, emissions, manufacturing and automotive industries. Orbital's internationally recognized expertise in the natural gas industry, including bringing together the patented VE Technology® with the ground-breaking GasPT device, offers natural gas operators and users a comprehensive engineering array for the next generation of energy metering systems. Orbital is a wholly owned subsidiary of CUI Global, Inc.
For more information, please visit www.orbitalgas.com
Important Cautions Regarding Forward Looking Statements
This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The company may experience significant fluctuations in future operating results due to a number of economic, competitive, and other factors, including, among other things, our reliance on third-party manufacturers and suppliers, government agency budgetary and political constraints, new or increased competition, changes in market demand, and the performance or reliability of our products. These factors and others could cause operating results to vary significantly from those in prior periods, and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the company and its operations, are included in certain forms the company has filed with the Securities and Exchange Commission.
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