HOUSTON, April 14, 2020 /PRNewswire/ -- CUI Global,
Inc. (NASDAQ: CUI) ("CUI Global" or the "Company") today announced
that its wholly-owned subsidiary, Orbital Gas Systems Ltd.
("Orbital"), the leader in innovative gas measurement solutions,
has been awarded a contract by a major UK energy provider to
design, produce and commission its first-ever biomethane-to-grid
plants for the UK water industry.
The contract calls for the provision of an initial biomethane
Grid Entry Unit ("GEU") followed by a second unit, both to be
delivered in 2020. Each unit is valued at approximately
$550,000.
The client audited and assessed Orbital's technical, innovation
and support capabilities to create a long-term partnership in
providing biomethane solutions. The client awarded these contracts
on the strength of Orbital's 100% success rate in achieving
'gas-to-grid' deadlines and its world-class design, manufacturing
and technical support facilities.
This award follows on the heels of Orbital's acquisition of:
- A biomethane GEU upgrade project with an existing
customer;
- A comprehensive service contract to cover 9 GEUs (including
servicing GEUs built by other OEMs), based on our "best-in-class"
service team; and,
- A standalone propane enrichment system for a biomethane GEU in
France – our first biomethane
project in Western Europe.
In addition, Orbital is completing upgrade works on the
Poundbury Renewable Energy Plant – Commissioned in December 2012, Poundbury is the UKs first
full-scale Anaerobic Digester and Biomethane-to-Grid Plant,
providing renewable gas direct to the local community. The plant
provides enough renewable gas for 56,000 new-build homes in the
summer and 4,000 in the winter and was the first plant in the UK to
inject renewable gas directly into the local distribution network
on a full-scale basis. Orbital's GEU and proprietary technology
have been continuously operating in Poundbury since its
commissioning in 2012.
Orbital UK's Managing Director, Tony
Wimpenny, said, "These orders along with the project
portfolio demonstrate that the renewable energy industry in both
the UK and Europe continue to
recognize and value Orbital's technical expertise in the field of
biomethane and renewable energy production. We've identified the
green energy space as a strategic pillar of our growth plan,
in-line with toughening global governmental decarbonization
targets, leveraging our strength and reputation in this field."
Jim O'Neil, CUI Global's
Vice-Chairman & CEO, commented, "Orbital has consistently
demonstrated its excellence and technical know-how in this market
sector. Our track record of achievement, world-class facilities and
innovative technologies has enabled us to develop these
relationships. We are looking forward to enhancing our partnerships
and our presence in this exciting renewable/alternative energy
marketplace in 2020 and beyond."
"This water industry project will continue to showcase Orbital's
ability to provide more plentiful and more efficient energy
sources, while reducing carbon emissions and providing
environmentally sensitive energy solutions," Mr. O'Neil
concluded.
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 to create a diversified energy
services platform. CUI Global's Energy business, Orbital Gas
Systems is a leader in innovative gas solutions with more than 30
years of experience in design, installation and the commissioning
of industrial gas sampling, measurement and delivery systems
providing solutions to the energy, power and processing
markets. Orbital Gas Systems manufactures and delivers a
broad range of technologies including environmental monitoring, gas
metering, process control, telemetry, gas sampling and BioMethane.
As a publicly traded company, shareholders can participate in the
opportunities, revenues, and profits generated by the products,
technologies, and market channels of CUI Global and its
subsidiaries. But most important, 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: http://www.cuiglobal.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.
Investor Relations:
KCSA Strategic Communications
David Hanover
T: 212-896-1220
dhanover@kcsa.com
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SOURCE CUI Global, Inc.