HOUSTON, Aug. 9, 2018 /PRNewswire/ -- CUI Global, Inc. (NASDAQ: CUI) announced today that its wholly-owned energy division, Orbital Gas Systems ("Orbital" or the "Company"), has signed a Framework Agreement ("the Agreement") with Cadent Gas Limited ("Cadent"), the UK's largest gas distribution network. The Agreement aligns with Cadent's long-term infrastructure plans to provide for its customers in a low carbon economy through, in part, the use of new sources of distributed gas, and particularly, biomethane.
The Agreement enables Orbital to provide goods and services to Cadent, including its proprietary GasPT® and VE® Technology systems, as well as the provision of design, system integration, installation, technical support and training for many other systems in Gas Metering, Analysis and Telemetry. The Agreement follows Cadent's acceptance of Orbital's capabilities and solutions under Framework Agreement Lot No. 2 (install only) and Lot No. 3 (design, install, and upgrades).
Cadent operates four of the eight regional natural gas distribution systems in Great Britain to deliver natural gas and energy to 11 million customers via third party independent systems. The company was previously the gas distribution network to National Grid plc prior to its divestiture by National Grid in March 2017.
William Clough, CUI Global's president and CEO, stated, "This Agreement, together with the recent passage of the UK's Renewable Incentive Scheme, evidences a resumption of infrastructure spending with emphasis placed on the decarbonization of the country's domestic heat, transport and power generation. We were very pleased to see Cadent's long-term development plan published last year further elevate biomethane's role in the future direction of the UK energy industry. As Cadent embarks on a multi-year program to modernize its network, we are well positioned to meet their requirements with our innovative gas solutions and world-class integration capabilities."
Paul White, president of Orbital's UK division, added, "We are very pleased to be accepted on this Framework Agreement to be able to support Cadent. I am delighted with the dedication and attention to detail displayed by our team in securing this opportunity while also scoring the highest technically across all areas. We believe it offers avenues for Orbital to further deliver our integrated products along with innovative solutions, such as GasPT and VE Technology, to the UK market."
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 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.
SOURCE CUI Global, Inc.