Featured Company News - Energy Company CUI Global Resumes Distribution of GasPT at Snam Rete Gas in Italy
LONDON, UK / ACCESSWIRE / October 18, 2017 / Pro-Trader Daily looks at the latest corporate events and news making the headlines for CUI Global, Inc. (NASDAQ: CUI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=CUI. The Company announced on October 16, 2017, that its UK based wholly-owned energy subsidiary Orbital Gas Systems Ltd ("Orbital") has received notification from Socrate SpA (Socrate) indicating that the Italian energy authority and Snam Rete Gas ("SRG"), the national gas transmission Company of Italy have amicably resolved their tariff issue. Following this development, Socrate has renewed its order for the supply and distribution of the Company's GasPT analyzers. This order is part of the initial order for 400-units of GasPT analyzers given by Socrate for SRG's re-metering project where it expects to complete the installations by end of FY17. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the renewal of SRG project, William Clough, CUI Global President and CEO said:
"Resumption of the SRG project clears the way for completing the installation of our initial order and puts us on a path for additional orders under our fully-funded contract. We look forward to resuming deliveries in early-2018; to continuing our partnership with Socrate on our largest contract to date; and to redefining the industry's standards for fiscal monitoring of natural gas quality with our GasPT technology."
Nicola Giorgio Sorrentino, CEO of Socrate, added:
"The restart of this important project is a continuation of a long-standing relationship between SRG and Socrate. The project is only made possible by the unique nature of the GasPT analyzer and its ability to cost-effectively and efficiently monitor natural gas quality in the pipeline."
History
In February 2016, CUI subsidiary Orbital bagged a sole-source contract Socrate to supply a minimum of 3,300 to a maximum of 7,000 GasPT units to SRG over a period of three to five years. This contract was a part of SRG's re-metering project across its 33,000+ kilometers pipeline system. Orbital received the initial purchase order for 400 devices in February 2016 following which it delivered the first 50 GasPT analyzers units in the same month. Orbital completed the delivery of 400 devices at 50 units per month by October 2016. However, in October 2016, SRG suspended its project and Socrate ceased installation of the Company's GasPT units.
The decision to suspend the project was a result of some issues in calculating the complex gas transport tariff between Italian Energy Authority and SRG. The decision had nothing to do with Orbital's technology.
A revised Gas Transport Tariff Criteria for 2018-2019 was published by SRG in August 2017, which brings a resolution between Italian Energy Authority and SRG on the matter of tariff. Hence the renewal of the SRG project.
CUI and Orbital's journey during the period of project suspension
CUI has been awaiting the resolution on the matter of tariff for some time now and in the meanwhile, the Company has focused on the meeting the demand for the Company's energy products like its GasPT analyzer and has expanded its customer base and global footprint. The Company has forged partnerships with other energy Companies like ENGIE, a global energy leader. The Company has also been busy exploring opportunities for its odorizer technology. The Company recently entered the phase-2 of the UK's Future Billing Methodology Project. This project applies fiscal monitoring at a residential level and could ultimately result in orders of tens of thousands of the Company's GasPT units. The Company has garnered interests of a key OEM to the gas turbine power generation market in North America where GasPT is applicable both for fiscal monitoring and as a process control device. The Company is enthused by the fact that its GasPT product has been widely accepted in the industry and has a great future supported by multiple opportunities and the SRG project is a part of this journey.
About CUI Global Inc.
CUI is a publicly traded Company and headquartered in Tualatin, Oregon. The Company is dedicated to maximizing shareholder value through the acquisition and development of innovative Companies, products, and technologies. From Orbital Gas Systems' advanced GasPT2 platform targeting the energy sector to CUI Inc.'s digital 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.
About Orbital Gas Systems Ltd
Orbital is the largest natural gas systems integrator in UK and a wholly owned subsidiary of CUI Global, Inc. The Company has developed its portfolio of products, services, and resources over a 30-year period. The Company is a pioneer with its GasPT® and VE Technology®, and provides engineering, design, installation, and commissioning of industrial gas sampling, measurement and delivery systems to the global energy, power and processing sectors. Orbital's facilities are in both Europe and US including a 4.5-acre site in Europe with a 46,000 square feet area earmarked for manufacturing hall, office space, logistics center, R&D workshops, GasPT calibration lab and client “hot-desks”. The Company has a 13,000-square-foot facility at Houston's Energy Corridor, close IAH, HOU, downtown and the Galleria in the US.
About Socrate SpA.
Socrate was founded in 1984 in Milan, Italy and initially dealt with the distribution of liquid flow meters, flow computers, and other components in Italy. At present the Company offers quality products and a complete set of solutions that cover analytical process application needs on different types of systems such as and not limited to: Natural gas flow and quality metering stations, Sulphur recovery systems, Desulphurization systems, Petrol, and diesel blending, Oven combustion Control, Refining plants in general (ASTM measurements). The Company also offers products and complete system for the fire and gas sector.
Last Close Stock Review
At the close of trading session on Tuesday, October 17, 2017, CUI Global's stock price declined 7.67% to end the day at $2.89. A total volume of 225.49 thousand shares were exchanged during the session, which was above the 3-month average volume of 48.99 thousand shares. At Tuesday's closing price, the stock's net capitalization stands at $67.05 million.
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