CUI Global Announces the Award of further Innovation Contract
HOUSTON, May 3, 2017 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned United Kingdom ("UK") energy subsidiary, Orbital Gas Systems Ltd. ("Orbital"), has been awarded a further contract by DNV GL under the UK National Gas Network Innovation Competition.
The order will see Orbital work in partnership with DNV GL over a 36 month period to study the distribution of unconventional gases such as bio-methane within the UK regional distribution network. Orbital will be responsible for the installation of a number of sensor technologies, including the GasPT; this involves design, testing, installation, commissioning and maintenance at over 40 sites.
The project, split into phases, forms part of a wider industry consultation known as the 'future billing methodology' that aims to help unlock the delivery of low carbon gas to the consumer (Future Billing Methodology).
David Parkin Director of Network Strategy at National Grid Gas Distribution, said "OFGEM's decision to award National Grid Gas distribution funding for this innovation project reflects how serious the UK's gas grids are about delivering low carbon heat, as well as delivering a sustainable gas future which works for consumers as well."
Richard Law, President of Orbital UK stated, "Having worked successfully with DNV GL on several research and innovation projects, we are pleased to be chosen for this exciting project where we can demonstrate our technical expertise and innovative technology."
As explained by CUI Global's president & CEO, William Clough, "The GasPT was chosen by DNV GL for this exciting project due to, among other things, its speed and accuracy of response, along with its ability to monitor CV in real-time. If successful, the project could influence a policy change within the UK regarding CV measurement and billing for domestic (residential) customers paving the way for further deployment of the GasPT. As always, we are gratified to see our unique technology leading the way to a more accurate; more efficient; and, ultimately, greener solution to today and tomorrow's energy needs."
Further information regarding the industry consultation can be found at DNV/National Grid Future Billing Methodology Contract.
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 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. 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
Orbital Gas Systems (Orbital), a CUI Global Company, is the leader in innovative gas solutions, having more than 30 years of experience in design, installation and the commissioning of industrial gas sampling, measurement and delivery systems. Operating globally to energy, power and processing markets, Orbital manufactures and delivers a broad range of applications including environmental monitoring, gas metering, process control, telemetry, gas sampling and BioMethane.
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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